Which broker can force maximum loss?

H

hurricane_sh

No matter how hard I try, I just couldn't control my daily maximum loss, any brokers can do this? Monitor my account, and when the loss exceeds a pre-defined amount, liquidate everything and lock my account until the next day.

I mainly trade index futures such as MES.
 
You have to stop trading right away.

You have to address the ROOT CAUSE, and
not avoid the root cause.
bandage solution will not help.

Go fix the discipline problem first.
Go address the mind management / control problem.

When you are ready, proceed to trade.
 
I can't, I just can't. If I can eliminate the huge loss days, I would be a winning trader. Why can't I use a tool to help me? Automate trading goes further than this.
 
hurricane_sh said:
I can't, I just can't. If I can eliminate the huge loss days, I would be a winning trader. Why can't I use a tool to help me? Automate trading goes further than this.
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as mentioned, STOP trading right away.

don't try to sweep the problem under the carpet.
fix the root cause, and don't attempt to fix the symptom.

if the root cause cannot be fixed, you might have to give
up trading totally.

There are lots of reading materials in psychology sessions.
go focus on those materials rather than
focusing on a better trading platform.
 
maxinger said:
fix the root cause, and don't attempt to fix the symptom.
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That's an ideal situation, but life is not perfect. If a software can help me prevent it from happening again, it's still a solution. And it can be more reliable than self-discipline.
 
hurricane_sh said:
That's an ideal situation, but life is not perfect. If a software can help me prevent it from happening again, it's still a solution. And it can be more reliable than self-discipline.
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unfortunately, your solution will not work.

your left brain (the analytical part) must be in tip-top condition.
your right brain (the emotional part) must also be in tip-top condition too.

all the best mister.
 
hurricane_sh said:
No matter how hard I try, I just couldn't control my daily maximum loss, any brokers can do this? Monitor my account, and when the loss exceeds a pre-defined amount, liquidate everything and lock my account until the next day.

I mainly trade index futures such as MES.
More...

Why don't you just set a hard stop-loss at a certain price point so when the price reaches that price point, your position gets liquidated? You don't need a broker to do that. You can easily do that yourself. Enter a stoploss order at a price below/above which would result in a loss that you think the instrument is trending opposite of the direction that you originally thought when you entered the trade.

If you don't even have the discipline to do that, then you shouldn't be trading. Sorry to be blunt. Personally I believe you need to stop trading altogether until you have developed solid trading plan/system that is consistently profitable. Looks like you are still trading at the seat of the pants and not really in a well thought-out plan.
 
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Switch from absolute numbers to relative numbers. Ie. use percentages...
Use options, also for hedging, ie. limiting the risk.
Give up daytrading, switch to longer timeframes, like week, 2 weeks etc.
 
No you can't offload this responsibility. A broker will margin call you but that will be the end of your capital. You have to learn how to manage your money and risk better. No shortcuts.
 
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