Many retail brokers will frozen your account if you lose more than x%. Etrade is one. Tdameritrade also. Liquidations only
With Tradovate, you can set Daily Loss Limit, Weekly Loss Limit, Trailing Max Drawdown, and Max Position Size. You can choose to be allowed to change the settings if they are hit or completely lock the account until the end of the current trading session. Tradovate runs this service in Google Cloud, so you do not have to worry about risk calculation running locally on your machines.
Thanks for the info. The "all-in-rates" link on this page is broken, what's the total fee of trading one MES contract? Also, I can only use your own trading platform, right?
Sorry about the link, we will update that. Here is a link to our pricing page. - https://www.tradovate.com/pricing/ If you go Membership Free (no commitments), the commission is $0.25 per side with an all-in cost of $0.61 per side. There are no order routing fees, no inactivity fees, no licenses to buy. You only pay if you trade. The most economical solution is using our software. We have a desktop install version for Windows and Mac, a web version, and a mobile version. You can use them all free and they have complete full functionality (not a limited free version). You can also hook Tradingview to your Tradovate account.
Have you tried asking your broker? Some brokers have the function but not available unless you send them an email. That's what I did with mine. I recommend setting your max SL a little higher to avoid overtrading only. If you set it too low and take a few unlucky losses in the morning you will just end up asking your broker to opt out.