Risk Management Tools

As a trader who frequently averages into positions, I often find it difficult to maintain proper risk management as my position size changes throughout the trade. It would be greatly helpful if there was an option to set a per-contract or per-position total risk amount which could be set as a stop or trailing stop. For example, the trader could set a $50 per-contract risk for /MNQ, giving $50 total risk for one contract, $100 for two contracts, etc. Also, the trader could enter /MNQ with one contract with a per-position risk of $250 which would remain constant even as the trader added contracts to the position. This could also work the same as the trader scaled out of the position.

Another feature that would help to manage risk more broadly is a user-defined loss limit for all open positions. For example, the trader could set a $500 loss limit which could close all open positions. This could even be configured as a trailing max drawdown. For example, the trader could set a trailing max drawdown of $200 so that if open P/L reached $1,000 but pulled back to $800, all open positions would be closed.