Looking for a broker with account rules

W

whitetanman

Something I can choose the options for myself of:

-$250 market exit and lock me out for the day.
+$500 Lock me out for the day.
+300 but retrace to <$200 lock me out for the day.

The first two being of most priorty.

Anybody heard of a broker that has those kinds of features?

I know they probably don't think it is in their interest, but in the long run it really is.
 
I think most brokers have a daily max down, at least the direct access daytrading brokers. The other features I don't think you'll find... and really, you have to learn to sit on your hands.
 
We all have our demons.

I have a bud who trades 50-100 contracts at a time. He actually calls his broker if he has a 50K+ day to shut him down.

He'll throw in the towel on his own though, when necessary.
 
Quote from whitetanman:

Something I can choose the options for myself of:

-$250 market exit and lock me out for the day.
+$500 Lock me out for the day.
+300 but retrace to <$200 lock me out for the day.

The first two being of most priorty.

Anybody heard of a broker that has those kinds of features?

I know they probably don't think it is in their interest, but in the long run it really is.
More...

Strategy Runner offers everything but the +$300 but retrace to <$200. Any firm offering SR should be able to set this up for you. I'm sure there are other platforms with similar functionality (SR is the only one I'm familiar with that does).

Best regards,
 
Quote from whitetanman:

Something I can choose the options for myself of:

-$250 market exit and lock me out for the day.
+$500 Lock me out for the day.
+300 but retrace to <$200 lock me out for the day.
More...

I really like your 1st and 3rd rules, but you might be better off without #2. Instead of locking yourself off on a day when things are going great and you're reading the market very well, it could be better to just do something like #3 (e.g. +500 but retrace to <$400 lock out for the day).

That will allow you to keep building on your great winning days as long as things are going well, and I bet you will have some +500 days that turn into +1000 days and even maybe a +2000 day every now and then. A few of those should more than make up for those days where +500 turns into +400.

Just something to think about.
 
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