You guys have the ability to set risk rules for yourself, and you have a lock which locks you out of your account once you break a risk rule. However, if you can change the rules whenever you want, this makes the lock almost pointless. If you get irrational and see you’re about to break a rule you can simply turn the rule off. You need to implement a restriction for when you can and can’t change your risk settings. For example, you can choose to only be able to change your risk settings on Saturday. Or during market close 17:00-18:00 EST. Your risk rule settings are fantastic but for those who want to lock themselves out of their account, this is absolutely a necessary completing feature.
I’d love to see this implemented.
Could you add to the risk setting an option that will not allow you to change risk setting intraday even if no risk settings are hit. I find myself changing the risk setting if I know I’m about to hit it.
Sounds like a personal issue! Make your own rules and follow them or defeat YOURSELF
@Dennis_Bergeron so you never break your rules?
This kind of feature would be useful for people who are good but not perfect, and will help control those days where your mind plays games, and for those who are perfect, it doesn’t hurt to have the extra safety net.
Not to mention the fact that many new traders come into the platform and they could become lifetime traders but they end up blowing up their accounts and blaming the broker, so this feature could give Tradovate better user retention
To answer your question to me…Yes I have broken my rules, and had to teach myself to not do that because it will hurt ! If you intend to trade for YOURSELF you need to learn the first RULE: there is no risk manager looking over your shoulder you are it. We all have to stand on our own and not rely on someone else to protect us from ourselves. Make your rules YOURS.
I agree with your premise, but if the issue is whether or not this feature should be added, anyone should agree that it will help people not blow up their accounts. With this feature, you are setting your own rules. The difference is that you don’t need to exert the willpower toward obeying your rules. Sure, the traders saved by this feature will not exercise their own willpower and discipline, and thus never learn the hard lessons which teach you discipline. But if a trader can be successful and faces less huge losses, that’s a positive regardless of whether they use a tool on their platform to guard them from their own inadequacies or not.
The whole thing is do you need a babysitter or are you going to make your OWN rules and follow them. Your trading plan demands you follow Your rules ( which you can change any time You choose) or do you plan to trade some one else’s rules. If you are willing to break your rules that you make you shall never be able to stand on your own. All errors in judgment, and losses will always be somebody else’s fault. Learn from your mistakes and change your rules as you deem appropriate. Stop requiring someone to blame for your bad decisions on. Tradovate has given you the tools to learn with don’t ask them to hold your hand too. Is it your fault or the umpire’s that you swung at 3 bad pitches in a row ?
This should definitely be implemented, custom restrictions and if the user agrees to it then let it be. For most us this will be game changing as the only thing holding us back is self control, no matter what you preach statistically strick risk settings are going to get you further than “self control” we all have lives and different emotions experienced on different days that no matter what you preach will eventually affect your trading decisions and lead you to break your rules or settings
I agree with both sides, but I think the choice should be done by each one