Risk Control

Hey Guys,

Is there a way to lock my Daily Loss Limit from the moment I save?

Right now, it locks you out if hit, but on occasion (and I doubt I’m the only one), I raise my daily loss limit intra day before I hit it and I always end up regretting it.

It would be great if there was an option (with warning) to Lock from the moment I hit save.

I think this would help a lot of people.

Yes !! Awesome feature, you are not the only one. In fact I am using it daily.

2 Likes

Do yourself a favor, Make a trading Plan. Follow your plan ( it’s yours you can change it :upside_down_face:) . Please do Yourself a favor , Go to TOV Settings ( top right corner),Security , Privacy Mode tab, and enable it. THIS will drive you crazy at first, but will hide your current P/L and Balance from your main screen and remove the uncontrollable urge (and distraction from what matters most…TRADING) to change your loss limit before it gets hit. Let it get hit THEN change your plan for the future after the fact rather than before the fact and regret it daily. Focus on TRADING not on LOSING. I hope this works for you as it did me. Believe in yourself , control risk first profits second.

ps. You can see your current P/L by going to REPORT tab half way down the right side gutter . This will help you break the habit of focussing on the wrong things

2 Likes

Thank you Dennis for the advice, this makes a lot of sense.
I will start with this starting this week.

I, too, would like this setting to be possible. I think many more would find it extremely helpful. I totally upped my P/L ever since having my equities broker set up a hard daily stop I could not remove. I hope Tradovate is able to do the same for all of us. If anything, it would be more advantages for them to keep us in the game for as long as possible, hence more commissions.

2 Likes

Yes! Thank you Trader J.

Tradovate please make this happen. :pray:

1 Like

Yes 1000% agree . We should have a feature where you can set you parameter after the marker close and but once the market is open from 9:30am est -4pm est. You should not be able to modify parameter at all. This feature will save us for sure. Including contract size.

2 Likes

Great idea Ritual!

As traders we do most of our damage during one small window of time.

The daily loss limit is good… but since you can modify it mid session, it becomes not as useful.

1 Like

This should be a simple if else condition to add the conditions to lock risk settings should only be if the trader is trying to increase during the lockout times. I found myself having to lower my risk setings today and thought that if it was locked completely i wouldnt be able to do that.

1 Like

Interesting idea, I’ve never wanted to Lower my risk settings!

I know personally when I’m on tilt I’ll increase my loss limit and at that’s when I need to be locked out the most!

1 Like

Today i had to lower my risk settings to the normal level from yesterdays tilt increase lol

1 Like

Lol, this is what I’m talking about! I’ve been there.

I just wish I could lock it, set it and forget it.

As long as I can tamper with it mid session, it’s USELESS!

2 Likes

A trading plan only works when you are level headed. That’s why the best prop firms control the risk management for their traders. The traders themselves cannot just adjust it whenever they feel like it. This is security for them. The best traders in the world have blown huge accounts due to a bad day.

Risk parameters that can be locked for the session are 100% needed. Set them when you are clear headed and then when your emotional they can save you from yourself.

1 Like

Yes! This guy gets it!
I’m disciplined 99% of the time, but that 1% can really set you back.

C’mon Tradovate, let us LOCK risk settings for the day. I’m actively looking at other brokers where I can do this.

1 Like

DOES ANYONE MONITOR / RESPOND TO THESE REQUESTS? This topic has been mentioned on multiple posts about the need to lock the risk settings ‘BEFORE’ hitting limits to prevent changing them when nearing your limits…

Why is there not even one response from Tradovate on any of these posts. If it’s not going to be considered at least let us know.

1 Like

Please see my reply to another thread. This is possible using a power of attorney. You have to ay pro data fees.

Hans we all know and are aware of how the risk function works.

The problem is that you can change it once it you get close to hitting it.

So I reality you never end up getting locked out and it makes the risk controls ineffective.