Hello traders and broker reps I am still searching for a Global stop loss risk management tool Ideally within IB but if not then other broker / other platform Please PM to discuss further Is there any software risk management tool or service at retail level within IB (futures) where an account owner can manage the account risk independent of the 3rd party trader! Let me explain The functionality I am looking for is> - Lets say a 3rd party trader is going to trade my futures account under a LPOA via his api LINKED TO MY IB account. Lets say account has 10,000 in it and I want "ALL positions closed IF net liquidity goes down to a pre determined level " say 9200 I call it "Global Stop loss level" - If this stop loss is hit then I want The account to be halted so no new trades can be placed without me authorizing it - If such facility is available how would it work with slippage - If such facility is available how would it work in case of a black swan event. - The positions may go overnight not just day trading. - I want to set this GSL independent of the trader and the trader should not be able to change it. somewhat similar to this FXCM tool https://www.fxcmapps.com/apps/close-trades/ - Can I restrict the account so that it only trades one specific instrument in this case ES futures and trader by accident can't trade anything else. - I want this feature as set and forget so I dont have to watch what the trader is doing 24/6
Hire and risk management and compliance team. Why would it even cross your mind to seek for such an order? Program something to monitor account balances. Risk management isn’t a hands off deal, otherwise major firms wouldn’t staff entire floors with risk managers.
NinjaTrader allows you to code this easily. Let's say you connected to IB, you load your script on 1 min or 3 sec or what ever chart, and ping on FirstTickofBar IB to get current balance, and if it falls below a level in your script parameters, you tell strategy to close all positions. Example, if(Account.Get(AccountItem.CashValue, Currency.UsDollar)<9000){ add logic to close all posiitons }
The traders algo is designed for IB ( APi I think) and reluctant to change it! also What I am looking for has to be such that the trader can't change it at his end!