Risk Parameters to Create Better Traders: Please Comment Below

[foxprop99]

Fact: 90% of day traders lose money.
Fact: It is in Bookmap's best interest for us to be successful traders and become lifetime customers.
Thesis: Offering an extensive "Risk Parameters" function would help many traders improve their results, creating lifetime customers and attracting new customers.

Many retail traders suffer from the same problem: We are human.  We avoid pain at all costs.  We move our stops to avoid the pain of solidifying a loss.  We move our targets to avoid the pain of giving back a winner.  We "tilt" or revenge trade to try to get back to breakeven.  We add to losers.  The list goes on and on.  Trading can make an emotional mess out of the best of us.

Rithimic offers basic Risk Parameters through their RTrader application.  It helps, but is very limited in its scope.  A few brokers offer risk management options, but to my knowledge, there isn't an excellent option out there. 

Bookmap could be the first firm to really support their traders with a comprehensive Risk Parameters function.

Here are some ideas that I know would really help me:

Daily Loss Limit---Liquidates positions, orders and disables trading on specified accounts until the next session.

Daily Profit Target---Liquidates positions, orders and disables trading on specified accounts until the next session.

Loss Limit for Individual Trade---Liquidates position disables trading on specified account for the amount of time set by the user (to avoid immediate reentry).  This could be from 0 minutes to the start of the next session.

Profit Target for Individual Trade---Liquidates position disables trading on specified account for the amount of time set by the user (to avoid immediate reentry).  This could be from 0 minutes to the start of the next session.

Frozen stop loss---this would make it impossible to move a stop loss once in a trade.  Flattening the trade would still be an option, in case of a mistake.  

Frozen profit target---this would make it impossible to move a profit target once in a trade. Flattening the trade would still be an option, in case of a mistake.  

Max size---ability to limit the number of contracts.  For example, a beginning trader might not want to exceed 2 MES while learning the business.  A more advanced trader might not want to exceed 1 ES.  As we know, once we are triggered, all bets are off.  Prop firms know this and offer more contracts so we blow more accounts.

Inability to add to a losing position---potentially a helpful option for those who have this bad habit.

Inability to trade during specified hours of day---helpful for those who don't want to trade the ETH/open/close.  

Autoliquidation at specified time---helpful for prop traders who must close all positions at the end of day or lose their accounts.

Ideally, these orders would be on the exchange, in case of power outage/internet failure/etc.


There should be an option for any changes that are made to these Risk Parameters to become effective in the following session, or immediately.  Disabling immediate changes would prevent a triggered trader from changing the parameters and making emotional mistakes.


Of course, we should all have the discipline to follow our own risk parameters.  However, history proves that many of us bend our own rules and make a mess out of things.  External risk parameters would protect us from our emotions and force us to develop the habits of successful traders, instead of emotional traders.  I think that it would be a major game changer for many traders.

This feature could be offered exclusively to Global Plus customers, enhancing the value of the package and attracting more customers.

This feature would help new traders understand the importance of risk management.  In my opinion, risk management is the very first thing a new trader should learn.

Forum Members: If you agree with any of this, please comment to this thread so that Bookmap knows that others are interested.  If there is enough interest, they are more likely to follow through.

Bookmap: Please take this request seriously.  It would add an incredible value to Bookmap and would lead to many more successful traders/lifetime customers.  
 

[xavier505lucero]

Wow this is well thought out and detailed enough to make the programming for this implementation pretty easy and straightforward. It would be very helpful to have these features to make it an even more robust platform to actually trade from (which I currently do not). If these features were implemented I would seriously consider trading on Bookmap. 
Thank you for this post & I as well, hope these features are added & well documented & video tutorials detailing how each feature works. This would be gold for us retail traders.

[midav341]

Hey! Thank you for your detailed request! We understand that this feature is valuable. You are right that we prioritize based on the number of similar requests. Unfortunately we lack of resources to implement all requests. Let's find out how many traders are interested and we will consider the implementation.

[tajhklivingston]

i'm definitely interested in something like this for sure.

[yqbsipmhzhr]

I'm also very interested, that would be great

[mlabazov]

Hi,

Thanks for your ideas.
We will add them to our backlog and prioritise.

We will keep you posted about the progress.

[kader_meguedad]

+1