Does Ninja Trader have an option to lock you out of your account once you hit a configured net loss for a trading session? If anyone knows, I'd appreciate it. ps - I don't trust my own risk management...if you couldn't tell. Thanks.
I use Ninja. No it does not have that feature bcuz it is the wrong way to manage your trading account. Stop loss orders and/or halting your trading(then analyzing what mistake(s) you made) after consecutive losses are what help keep you from blowing out your account and keep you in the game..... If you don't trust your own risk management then you really have no business trading in the first place until you develop a risk mgmt strategy that you CAN trust. Don't take it personally but you don't seem mentally ready to trade with real money. U need to go back to trading on simulation mode until you find or develop risk controls that work in a non emotional, mechanical way so you dont second guess yourself when its time to stop trading.
No offense, but I've been trading for 9 years, and am very good. Always looking to tweak/fine tune some things I know I should work on.
Also, as an fyi it's relatively common for prop shops and the like to stop your account out for the day at a specific $ amount. This is what I had my boss do for me at my old firm.
Your boss shouldn't have to do it for you, its called self discipline. If you lose more then 2%(gen speaking) of your account on any given day then you should stop trading and find out why you lost on those trade(s). Those who fail to learn from their mistakes are condemned to repeat them !!!
If I had no self discipline I wouldn't be a profitable trader over a 9 year span. Having someone/something else stop me out makes me a better trader, and knowing that is just one component of why I've been successful. I don't need advice, didn't ask for any. Simply asked if NJ had a function I would be interested in.
Asking a trading program to freeze your account after certain amount of $$ losses is like asking a car's computer to freeze the ignition if you get more than one speeding ticket totaling more than $300 in one day. Cmon, are you serious??
That might be one of the most asinine comparisons I've ever read. Again, 9 years of consistent profitability and your advice is to hop on a sim. Ha, gtfo. My firm of 70, in which I was the 3rd top performer, consisted of one trader who had lost 3-6 months of profits in one day, three times over. Yeah, maybe if he knew what I know...which is for someone to manage my risk, he could have been a better trader. However, because of his talent, and risk taking, he more than likely never needs to work another day in his life at the age of 25. This despite of his "self discipline." Let me ask you a question...why do the most successful firms in the world employ a risk manager? There's a simple answer, and then there's your answer. Pick.
I call BS. If you have been consistently profitable for 9 years, why would you change anything so drastically? No way a hothead who revenge trades and needs to be locked out from controlling his own money is profitable. Oh, and yes you did ask for advice. You posted here. If you just wanted to know how the product worked, go to NinjaTrader's own boards and search / ask. Their support is the best I have ever seen for free software. Sounds like you just had a bad day. Don't take it out on us.
Wow, completely wrong, and more than likely less seasoned than me. Read my OP. It's not a drastic change, it's a simple question, that a lot of successful traders want an answer for. I am a modest guy who makes a better than average living, while trading futures. Sometimes people who don't understand it, don't get it first take. It's part of the business.