I was wondering if their was any software availiable to limit the max drawdown based on the rules of my system. For example: I use IB and my max drawdown rules for my one of my accounts is -$1500 on any given day, problem is that i have broken this rule twice now and even though i ended positive on both days i would rather have a program which halted my trading. This will ensure unlimited upside on any given day but limited downside - over the long run i see this as very worthwhile. Anybody have any advice, or would i have to create my own program?? I was thinking of having some sort of 5 hour reset period e.g. when max drawdown is reached positions are liquidated and system is shutdown with some sort of password reset or timed reset on opening the IB window. Also, the same software might be more beneficial if i could create rules based on position size e.g. number of contracts traded can be no more than certain percentage size of my account. Im hoping something is out there for this kind of thing otherwise i will have to do it myself Any help will be much appreciated.
Well i just downloaded button trader - that has a max drawdown and many risk management functions so i think this is exactly what i was looking for.