Limiting time when risk rules can be changed

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.

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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.

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Sounds like a personal issue! Make your own rules and follow them or defeat YOURSELF :money_mouth_face:

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@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

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Hello Ccresz

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.
Good trading
Dennis

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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.

Mark
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 ?

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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

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I agree with both sides, but I think the choice should be done by each one

still waiting on this feature this request has been added several times

In no way was he blaming Tradovate for breaking his rules. He was making a suggestion to make the platform more robust. Furthermore, I have traded for some of the largest prop houses in my younger days, these firms have dedicated risk managers/departments setup for all of their traders. We are all human, we make mistakes, these mistakes are magnified under stress, exactly what traders undergo while trading, especially newer ones. These firms found, by using these tools, they actually were able to take failing traders and turn them into highly profitable ones and good traders into even better ones. Having risk settings set broker side have been preached by one of the largest futures traders of all time “Bigfoot” as well Dr. Brett Steenbarger trading coach/performance coach of many top traders/prop houses. Lastly, pretty much most reputable platform/brokers like Rithmic, Edgepro, Lightspeed, DAS offer such features because even from a selfish business standpoint of just looking out for commissions it actually is more advantageous to keep a trader going than let them blow up in an avoidable situation. If anything, his suggestion is not blaming Tradovate yet helping it become more robust and competitive in the Futures trading marketplace.

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We absolutely need this 100%. What is the point of setting risk parameters that can be changed at any time. If your max loss is $100 and your at -$85 the temptation to go change the Max loss to $150 is too tempting sometimes even for the best of us.

In the morning before any trading when you have a clear head you should be able to choose what Risk you want for say the next 20hrs+, set it, and then have those locked in with 100% inability to change until the expired time you set for.

The entire reason for setting Risk Parameters is because you can do so when you are clear headed and then they save you from yourself when you are not. Some of the best traders in the world have blown 8 figure + accounts due to one day of not being clear headed and not having risk parameters in place to save them from themselves. I don’t pretend to be better than any of them.

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still waiting on this feature this cant be difficult to add and I would think would actually increase their return business for me last time i deposited funds the illusion of being able to win everyday caught up to me i had several days where i was close to the lockout changed the lockout amount before i was locked out and turned the day around as usual this method works until it doesnt and ended up giving back all gains plus some. So at this point Im trading evaluations because if i cant truely limit my losses incases of emotional instability why risk large amounts of money? This feature is needed its not a lack of discipline as any psychologist will tell you