Order quantity limits, position size limits daily loss limits and daily profit limits

[tradertom2012]

Hi when i was at the Topsteptrader combine learning my craft, i had to work within a "rule's" based system ie. i could not trade over a set amount of contacts per trade, i couldnt exceed a certain position size, i had to work with a daily loss limit and i had set profit targets.

These rules were to save me from myself. To stop me from over trading, doubling down on losers, revenge trading and all the other bad habits that pop their ugly head up quite often.

I would like the ability to hardwire these rules into my NT8 platform so to help with my live trading discipline.

How can i do it? Any suggestions? I've contacted several NT8 programmers who all say it cant be done. Im not sure but i suppose they specialise in strategy development not platform development. i dont know.

I notice that limits can be set for demo accounts under control panel - right click account - edit account, but its not possible for live accounts. Why is this?

I really want the ability to set limitations as explained above and am willing to pay for the development of such a tool.

Any advice please???

[NinjaTrader_Jesse]

Hello tradertom2012,

Adding rules like what you described would generally not be possible for manual trading because you cannot intercept orders before they are sent to the broker. The live account cannot be edited because the platform does not control that, your broker does. Any rules to be imposed would need to be at the connection level happening on the brokers end or within the brokers API. These are not items that can be added from NinjaScript.

You could make a strategy or addon with custom buttons or a custom UI which you have logic that delegates if the commands you make could be used before submitting an order. If you are using the built in tools to manually submit orders then you would just need to keep track of those rules based on what you learned and trade the way you want on your own. In a real trading environment there are not going to be any convenience rules created by a teacher or combine, you are trading for yourself at that point so those rules would not exist.

If you are in contact with external developers you could try to rephrase your question, potentially something like "Could you make a custom Addon with a custom user interface that uses these given rules before allowing the addon to submit an order." You may also mention, "I don't want to use the existing order entry tools but have a custom order entry tool developed which uses these rules". An addon developer could reference items from the account to do rule based trading based on the live account values. By submitting the orders from your own custom tool instead of one of the built in tool that gives the ability to say yes submit the order or no its breaking X rule, dont submit the order.



Please let me know if I may be of additional assistance.

[tradertom2012]

thank you Jesse

[bltdavid]

The live account cannot be edited because the platform does not control that, your broker does. Any rules to be imposed would need to be at the connection level happening on the brokers end or within the brokers API. These are not items that can be added from NinjaScript.

To wit,
does it seem worth it for the OP to contact their broker directly
and ask about what kinds of broker-imposed rules can be enabled
for their account on the broker's end?

I mean, Rithmic supports the limits he mentions (I think both TS
and Leeloo use Rithmic for data feed & order routing), because
that is THE source of underlying risk management tools & rules
that both TS & Leeloo systemically impose upon all their traders.

Perhaps OP should inquire if their broker has access to the same
Rithmic-based broker-only risk management tools that both TS
and Leeloo are using?

Perhaps OP could ask NinjaTrader Brokerage about such limits
being enabled for his own account?

Perhaps OP can change his NTB account from Continuum to
Rithmic (last I knew, to use Rithmic requires a monthly fee of
$10 extra per month) and then the kind NTB folks could enable
those same Rithmic risk mgmt rules on his NTB/Rithmic acct
that the TS and LL folks use on their trader accts?

You never know until you ask!

Good luck!