Daily loss limit set through BM

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Daily loss limit set through BM

Post by jseaton357 » Tue Aug 03, 2021 6:07 pm

Since there are few brokers that offer daily loss limits, it would be nice to allow BM users to set their own daily loss limit on the software side. 

As an example SC has this feature.  Here is an example of how a broker like Tradovate does it: How do I set a Daily Loss Limit on my account? – Tradovate LLC (zendesk.com) 

Daily loss limits are a fail safe feature that are deal breakers for some of us, but for those who love trading through BM the number of brokers that both connect to BM + offer daily loss limits are few if any (I just posted a separate post asking if any such brokers exist). 
The idea is to prevent accidental losses, not necessarily to protect bad traders from their own bad habits b/c a trader may elect to immediately raise or remove/reset the loss limit once it is implemented anyway.

Below are examples of how daily loss limits would have prevented disasters:
Today I accidentally traded NQ instead of MNQ and since I don't look at actual $ P/L live I did not know my otherwise small acceptable loss was 10x the size.  Another example was I entered an order wrong for overnight session and woke up to find myself wrong sided in a trade.  You may be a good trader and still suffer catastrophic losses due to "fat fingers" or "brain farts" or any number of reasons.  BM PLEASE help protect your users from blowing out their accounts so they can remain solvent and continue to afford to subscribe to BM!  What comes around goes around so it's good for long term business!