NT8 account Money/risk management alert tools

[GussJ]

NT8 account Money/risk management alert tools

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Hi All,

Anyone aware of any Risk/money management tool/script for NT8?
I am looking for a customizable real time Money management tool with alerts to trigger based on various variable such as Account %risk,or Daily P/L drop more than 50% from PNL High you, Daily stop limit based on account percentage?
Or if you hit certain number of trades or ticks you get an alert....etc

Anyone familiar if there is such tool available for NT 8

Any feedback would be appreciated

Guss

[NinjaTrader_Kate]

Hello GussJ,

Thank you for your post.

I'm not aware of any particular NinjaScript addon that would do all of those things, but you might try looking on our publicly available User App Share - I searched for Risk and came up with quite a few addons. You might want to check those out:

https://ninjatraderecosystem.com/user-app-share-results/?fwp_usa_search=risk

Otherwise, perhaps one of our users will chime in with a tool they use.

Please let us know if we may be of further assistance to you.

The NinjaTrader Ecosystem website is for educational and informational purposes only and should not be considered a solicitation to buy or sell a futures contract or make any other type of investment decision. The add-ons listed on this website are not to be considered a recommendation and it is the reader's responsibility to evaluate any product, service, or company. NinjaTrader Ecosystem LLC is not responsible for the accuracy or content of any product, service or company linked to on this website.

[GussJ]

Hello GussJ,

Thank you for your post.

I'm not aware of any particular NinjaScript addon that would do all of those things, but you might try looking on our publicly available User App Share - I searched for Risk and came up with quite a few addons. You might want to check those out:

https://ninjatraderecosystem.com/user-app-share-results/?fwp_usa_search=risk

Otherwise, perhaps one of our users will chime in with a tool they use.

Please let us know if we may be of further assistance to you.

The NinjaTrader Ecosystem website is for educational and informational purposes only and should not be considered a solicitation to buy or sell a futures contract or make any other type of investment decision. The add-ons listed on this website are not to be considered a recommendation and it is the reader's responsibility to evaluate any product, service, or company. NinjaTrader Ecosystem LLC is not responsible for the accuracy or content of any product, service or company linked to on this website.

Thanks Kate

[ClickAlgo]

You may also want to take a look at this Add-On for NT8.

https://clickalgo.com/ninjatrader-risk-management

[Leafcutter]

I don't know if it's still up to date, but there is such a tool and it works great. I guess that's interesting for a lot of people. It's called "Guardian Angel Trader" and you can find it here: https://ninjatraderecosystem.com/sea...angel%20trader . At around 300 USD it may not be cheap at first glance, but it is absolutely worth the money. I just bought it myself after a pretty lousy day breaking all the rules and losing a lot of money. This tool knows no mercy: you can set it so that you can't turn it off without a second person. You can force yourself to stop after a self-defined number of losers for 10 minutes, for example. You can enter a daily loss, a maximum loss per trade, a maximum drawdown per day and much more. I did a long research, there is nothing like it. Anyone who trades with real money will have the price out pretty quickly. Support from the developer is great too, the installation didn't work right away for me, he helped me immediately.


Important: Don't confuse it with "Trader Guardian Angel" that you can find on youtube - that's supposed to be a scam!

ANd by the way - the software mentioned above - I tried it out - it looks good and is much cheaper - but it doesnīt have the features you need when you want to discipline yourself. i.e. you can turn it off easily and go an trading although you shouldnīt.

[forwardres]

Today there are a large number of applications that will help you with this problem. Probably everyone has bad days when you lose a lot of money and can not stop. I work as a manager in a large company and earn extra money on trading. And when I lose a lot of money, I get nervous and make mistakes. Once I got so scared, I deleted the entire database here https://www.iinsight.biz/; I was lucky I saved the document. Everyone has bad days, so I try to take it easy now. I advise you to do the same!

[GussJ]

Thanks forwarders
can you name a few or provide the links if possible. Thanks in advance

[xiinteractive]

I don't know if it's still up to date, but there is such a tool and it works great. I guess that's interesting for a lot of people. It's called "Guardian Angel Trader" and you can find it here: https://ninjatraderecosystem.com/sea...angel%20trader . At around 300 USD it may not be cheap at first glance, but it is absolutely worth the money. I just bought it myself after a pretty lousy day breaking all the rules and losing a lot of money. This tool knows no mercy: you can set it so that you can't turn it off without a second person. You can force yourself to stop after a self-defined number of losers for 10 minutes, for example. You can enter a daily loss, a maximum loss per trade, a maximum drawdown per day and much more. I did a long research, there is nothing like it. Anyone who trades with real money will have the price out pretty quickly. Support from the developer is great too, the installation didn't work right away for me, he helped me immediately.


Important: Don't confuse it with "Trader Guardian Angel" that you can find on youtube - that's supposed to be a scam!

ANd by the way - the software mentioned above - I tried it out - it looks good and is much cheaper - but it doesnīt have the features you need when you want to discipline yourself. i.e. you can turn it off easily and go an trading although you shouldnīt.

I have looked at the VLT Guardian Angel Trader (GAT) many times, but they do not have a free trial and all sales are final. As much as I would like to try it and have no problem with the price they are asking, I just cant bring myself to do so without a reasonable amount of time to test the software. I spent 30 years in software engineering, and in my experience, there is no such thing as software without bugs/defects. The functionality looks great in the videos, .. but the lack of a free trial period and the "all sales are final" thing makes it a no-go for me until their terms become more friendly toward a potential customer and show their confidence that I will be satisfied with their product.

[GussJ]

I have looked at the VLT Guardian Angel Trader (GAT) many times, but they do not have a free trial and all sales are final. As much as I would like to try it and have no problem with the price they are asking, I just cant bring myself to do so without a reasonable amount of time to test the software. I spent 30 years in software engineering, and in my experience, there is no such thing as software without bugs/defects. The functionality looks great in the videos, .. but the lack of a free trial period and the "all sales are final" thing makes it a no-go for me until their terms become more friendly toward a potential customer and show their confidence that I will be satisfied with their product.

Hi
I ended up building a much broader tool (Trading performance toolkit) to mange the overall trading performance which includes, psychology, mindset, journal, alerts and circuit breakers settings.
I also offer free trial.
feel free to check it out and get back to me if you have any questions.

https://mailchi.mp/tradingperformancehub/trading-performance-toolkit

Hope you find it useful.

all the best
Gus

[Nevyn]

Hi
I ended up building a much broader tool (Trading performance toolkit) to mange the overall trading performance which includes, psychology, mindset, journal, alerts and circuit breakers settings.
I also offer free trial.
feel free to check it out and get back to me if you have any questions.

https://mailchi.mp/tradingperformancehub/trading-performance-toolkit

Hope you find it useful.

all the best
Gus

Does this have a positive lockout, so I cant change setttings to prevent going on tilt?

[GussJ]

Does this have a positive lockout, so I cant change setttings to prevent going on tilt?

Yes, you can have a daily profit alerts or platform locking mechanism once a daily profit is reached, you can also set your Daily loss limit to a positive number manually (manually trailing stop ) once you are in green for the day, so once you hit that number it locks the platform

Hope that helps

[xiinteractive]

Does this have a positive lockout, so I cant change settings to prevent going on tilt?

I dont see a price any where on the new page you listed. What is the price of it?

[Leafcutter]

Hi, as I have posted this report about the "Guardian Angel Trader" AddOn, I meanwhile have to say that I finally didnīt use the software for a long time. Donīt get me wrong - it worked very well and as far as I know the vendor updates and improves it regularly and it really makes it nearly impossible to go on trading via your blocked account till you fill in the required password that only your person of trust should know so that you need this person to unlock your account. The issue that happened to me was that my person of trust has forgotten the required password and this was not funny as it was a huge effort to reset it. I donīt know if this is still a problem. Since then I didnīt use this or a similar software anymore and today I have changed my mind about these kind of risk management tool completely.
Today my humble opinion is: If YOU are not able to discipline yourself in terms of the maximum risk you HAVE to learn it or quit trading. Yes it hurts to lose more money then you should have lost and it HAS to hurt badly- otherwise you will never learn to overtake control. Maybe such a tool as the "Guardian Angel Trader" can provide you from this experience but I believe that experiencing the feelings after having lost far more than you wanted (maybe svereal times) is essential for your personal development into a profitable trader. Trading is 90 percent or more a mind game - there is no shortcut, even if you keep looking for it. And in the end such a tool canīt completely prevent you from doing nonsense because it canīt provide you from convincing your person of trust that your account has to be unlocked...
The bottom line is that it is ALLWAYS you who is responsible for the risks that you take, no software, no third person, not even some kind of demon who seduced you to take that ****ty trade that you should have exited far earlier. BUT exactly This ****ty trade that leaves you end up screaming on the floor as it cost you the value of a two weeks holiday lets you learn the lesson that you need. This I can tell you from now more than 10 hard, hard years in trading...there is NO shortcut NO Holy Grail and NOTHING that CAN predict the market. It is all about risk management so you have to learn it or will never be profitable.

[GussJ]

Hi, as I have posted this report about the "Guardian Angel Trader" AddOn, I meanwhile have to say that I finally didnīt use the software for a long time. Donīt get me wrong - it worked very well and as far as I know the vendor updates and improves it regularly and it really makes it nearly impossible to go on trading via your blocked account till you fill in the required password that only your person of trust should know so that you need this person to unlock your account. The issue that happened to me was that my person of trust has forgotten the required password and this was not funny as it was a huge effort to reset it. I donīt know if this is still a problem. Since then I didnīt use this or a similar software anymore and today I have changed my mind about these kind of risk management tool completely.
Today my humble opinion is: If YOU are not able to discipline yourself in terms of the maximum risk you HAVE to learn it or quit trading. Yes it hurts to lose more money then you should have lost and it HAS to hurt badly- otherwise you will never learn to overtake control. Maybe such a tool as the "Guardian Angel Trader" can provide you from this experience but I believe that experiencing the feelings after having lost far more than you wanted (maybe svereal times) is essential for your personal development into a profitable trader. Trading is 90 percent or more a mind game - there is no shortcut, even if you keep looking for it. And in the end such a tool canīt completely prevent you from doing nonsense because it canīt provide you from convincing your person of trust that your account has to be unlocked...
The bottom line is that it is ALLWAYS you who is responsible for the risks that you take, no software, no third person, not even some kind of demon who seduced you to take that ****ty trade that you should have exited far earlier. BUT exactly This ****ty trade that leaves you end up screaming on the floor as it cost you the value of a two weeks holiday lets you learn the lesson that you need. This I can tell you from now more than 10 hard, hard years in trading...there is NO shortcut NO Holy Grail and NOTHING that CAN predict the market. It is all about risk management so you have to learn it or will never be profitable.

I couldn't agree with you more, nothing will replace self discipline and facing ones inner demons when it comes to trading success and performance.
But some tools can be helpful to develop self awareness and self discipline to overcome our inner needs and shift ones mindset to become a better self aware traders.
It's all about detecting those behavioural and emotional patterns that don't serve us well.
Hence I developed the Trading performance Toolkit, which is mainly focused on helping traders to develop their trading process and mindset in order to keep them on top their mental game of trading, starting with daily mental preparation, intraday reminders for self check, Journaling thoughts feelings and emotions, a daily report card , plus other features to limit account damage to help traders stop trading before they get hijacked by their emotions and ruin their trading account.

TPT is a total holistic solution for developing traders developed by by myself with over 25+ years of trading expense to help traders over come their trading challenges using various tools and techniques to accelerate their learning curve.
There is not one size fits all, thats why TPT has multiple tools and features to accommodate all types of traders.

Hope that give you a better view, s it is not designed mainly for the locking features, which are available with other Add ons, even with some brokerage accounts.

Feel free to give it a shot, we offer 2 weeks free trial.

Hope that helps to clarify things.

[GussJ]

I dont see a price any where on the new page you listed. What is the price of it?

we have different options for price, depending on your needs, you can even lease it. feel free to contact me directly after testing it and see what fits your requirements.

Thanks