Direct Access Brokers who manage risk?

So did the other guy, it cures the symptom not the disease. As I said a Prop firm can freeze the acount for the day after a loss of whatever you designate. Maybe some do what you want but at the end of the day it makes no difference as for all this trouble you may as well enter a stop loss yourself (again that simple). No need for you to explain what happened in BSC and my point is still valid. You mean to tell me no one on wall st. ever had a clue these things could be illiquid? well that is part of the Risk Management as well as their overleverage (that they did not take care of).

Just learn to enter Stop Losses and you will solve your problem. You are still looking for someone to police you and the Daytrade firm aint gonna do it to the extent that you want. People blow out their accounts all the time and the Prop Shop pretty much lost nothing.
 
Maverick made a good point reagrding his ratio. It is like Venture Capital they lose on 80% of their investments and make up the rest on 20% of them (horrible ratio). the best baseball players have maybe .33 average (33%). You would be in the Hall of Fame with that what sounds like a horrific ratio. But if you keep the losses small and have a few good winners overall you come out ahead.
 
I agree with the OP. It would be nice if IB had something like this. There have been times when i have gotten down a little, and made some dumb trades/overtraded out of frustration and ended up down a lot. I think something that essentially locks you out of your account for an hour or two if you are down some predetermined amount or % is a good tool to have.

Also, the psychological effects of losing a lot in a day can be tough to overcome, so if this is a way to help prevent a big down day, i would be all for it.

You might want to check out ButtonTrader. They are an IB frontend that has this, but I dont think they really "lock you out" of your account like a prop firm would. I am considering using something like this.

Here is another thread talking about this-
http://www.elitetrader.com/vb/showthread.php?s=&threadid=115813
 
I think most BD's software today have the feature for risk management purposes for Prop desks or Hedgefunds who have multiple accounts traded by employees. But if a subaccount gets locked out someone else at the firm would have an administrative account to trade that subaccount or unlock it. I think it would be stupid for a BD to lock out a retail customer from his account, that is just a lawsuit waiting to happen.
 
I agree that I really liked the risk management tool at Transact for daily losses but I used to trade professionally too. Most professionals hold positions too and this daily loss limit does not work with that trading strategy. Still it is a great tool for day trades. Unfortunately, I cannot trade at Transact anymore because their platform is too unreliable. I trade with Zen fire and also TT. I never have the problems with them going down.
 
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