NT8 account Money/risk management alert tools

[xiinteractive]

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.

Sir:
Many of your points are correct that the trader must take control of his/her own risk, there is no replacement for self control, etc., and I couldnt agree with you more on those points.
I do 100% disagree with you on the parts of your post that are a bit judgemental in nature. I would disagree with statements like "or quit trading" and some similar things others have said like "Do it this way or dont trade" or "If you cant do this then trading is not for you".
Trading is an equal opportunity endeavor in the sense that almost anyone can find a way to do it. Everyone enters it from a different place economically, intellectually, educationally, psychologically, etc and many people have life situations or physical/mental conditions that impact their trading in negative ways. Some get it quickly and others take a long time. But EVERYONE gets to take as long as they want to learn it.... or as long as it takes. Harsh words dont help people.
I wear a seatbelt when Im driving my car because no matter how defensively I drive, the unexpected can and will happen. Risk mitigating tools are common in our industry and exist on many platforms and some brokers have them built in. Much of what you say about risk management is true and we all know it, but some of your comments are harsh and unnecessary, sir. maybe consider reserving those kinds of personal opinions and comments for a less public venue where you have some level of personal relationship with the recipients and where it is more appropriate for the venue. Just my opinion.

[Leafcutter]

Sir:
Many of your points are correct that the trader must take control of his/her own risk, there is no replacement for self control, etc., and I couldnt agree with you more on those points.
I do 100% disagree with you on the parts of your post that are a bit judgemental in nature. I would disagree with statements like "or quit trading" and some similar things others have said like "Do it this way or dont trade" or "If you cant do this then trading is not for you".
Trading is an equal opportunity endeavor in the sense that almost anyone can find a way to do it. Everyone enters it from a different place economically, intellectually, educationally, psychologically, etc and many people have life situations or physical/mental conditions that impact their trading in negative ways. Some get it quickly and others take a long time. But EVERYONE gets to take as long as they want to learn it.... or as long as it takes. Harsh words dont help people.
I wear a seatbelt when Im driving my car because no matter how defensively I drive, the unexpected can and will happen. Risk mitigating tools are common in our industry and exist on many platforms and some brokers have them built in. Much of what you say about risk management is true and we all know it, but some of your comments are harsh and unnecessary, sir. maybe consider reserving those kinds of personal opinions and comments for a less public venue where you have some level of personal relationship with the recipients and where it is more appropriate for the venue. Just my opinion.

Please donīt call me "Sir" - Iīm just a guy who also walks through the Valley of ****...and I think the journey will never end because although a lot of "gurus" try to sell it as a a leisurely walk in spring where you can get rich quickly - it is what it is...harder than anything I could imagine and I believe it will never be easy - at least for me. I think that you know what Iīm talking about I honestly didnīt want to offend you or someone else and I have no desire to judge anyone...for how would I have the right to do so? And I know exactly what you mean. I also can't stand these black and white statements that you read over and over again and I used to always think: How do you want to know that and who gives you the right to claim that? When I wrote this yesterday, I was frankly surprised at myself. Not because I wasn't behind it, but because I was and am completely convinced that it is actually the case.You are 100% right that everyone has to find their own individual path and that everyone has different talents and abilities or perhaps none at all. I e.g. B. I believe that I am the worst trader ever, I have even often referred to myself as the anti-indicator because the exact opposite of what I thought was likely always happened and that is often still the case today, except that It's relatively clear to me today why that is the case and what to do when this happens. Trading is a loser's game - what you win, someone else must lose and vice versa.The only way (for me) to get this under control is to manage the risk and at least in my experience this is not possible with strict rules like you are told always and everywhere and that is why a strict risk management tool was not helpful for me personally. It's happened to me more than once that when I was taken out for the day, the next trade I wanted to take would have gone so well that I was really annoyed. So I realized (for myself) that NO ONE can take this responsibility away from me, and certainly not any software.I believe there are exactly two types of traders: traders who eventually give up and traders who eventually become profitable for what reason ever. You already know all this because you've read it 100 times elsewhere, right? To get to the point: Maybe in your case it is the case that a risk management tool will help you. If so, great. It didn't do anything for me, although I was completely enthusiastic about it about four years ago when I wrote the post above, but realized a little later that I was just trying to hand over a responsibility that I can't give up. That's just what I wanted to express with my post yesterday and hoped it would help. But that doesn't have to mean that such a tool can be of immense help to many others. I really didn't want to be dogmatic or smart-mouthed.

[xiinteractive]

Please donīt call me "Sir" - Iīm just a guy who also walks through the Valley of ****...and I think the journey will never end because although a lot of "gurus" try to sell it as a a leisurely walk in spring where you can get rich quickly - it is what it is...harder than anything I could imagine and I believe it will never be easy - at least for me. I think that you know what Iīm talking about I honestly didnīt want to offend you or someone else and I have no desire to judge anyone...for how would I have the right to do so? And I know exactly what you mean. I also can't stand these black and white statements that you read over and over again and I used to always think: How do you want to know that and who gives you the right to claim that? When I wrote this yesterday, I was frankly surprised at myself. Not because I wasn't behind it, but because I was and am completely convinced that it is actually the case.You are 100% right that everyone has to find their own individual path and that everyone has different talents and abilities or perhaps none at all. I e.g. B. I believe that I am the worst trader ever, I have even often referred to myself as the anti-indicator because the exact opposite of what I thought was likely always happened and that is often still the case today, except that It's relatively clear to me today why that is the case and what to do when this happens. Trading is a loser's game - what you win, someone else must lose and vice versa.The only way (for me) to get this under control is to manage the risk and at least in my experience this is not possible with strict rules like you are told always and everywhere and that is why a strict risk management tool was not helpful for me personally. It's happened to me more than once that when I was taken out for the day, the next trade I wanted to take would have gone so well that I was really annoyed. So I realized (for myself) that NO ONE can take this responsibility away from me, and certainly not any software.I believe there are exactly two types of traders: traders who eventually give up and traders who eventually become profitable for what reason ever. You already know all this because you've read it 100 times elsewhere, right? To get to the point: Maybe in your case it is the case that a risk management tool will help you. If so, great. It didn't do anything for me, although I was completely enthusiastic about it about four years ago when I wrote the post above, but realized a little later that I was just trying to hand over a responsibility that I can't give up. That's just what I wanted to express with my post yesterday and hoped it would help. But that doesn't have to mean that such a tool can be of immense help to many others. I really didn't want to be dogmatic or smart-mouthed.

totally agree. That said, I have a trader friend who has encouraged me to get the Guardian Angel Trader because I have these TILT days occasionally.. he used it religiously for a while and it helped him avoid the occasional big red days that wipe out many days or even weeks of good trading. But what he also told me was that he doesnt use it much any more because using it helped him create the exact discipline that you speak of. He says that he probably would have been able to do it without GAT, but has no idea how long it would have taken him. Yes it is a crutch, but its also much like a Stop Market Order. Some people trade without Stops because they have developed the risk management discipline that they are highly successful without using them. I guess its the same thing for the Guardian Angle Trader and other tools like it... they take some of the self-control responsibility for us, and in the process, we develop it for ourselves.... but I think I will still wear my seat belt when Im driving.

[Mr Bread]

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.

Hi Guss, is your software still available, your email address on your site doesn't seem to work.

Thanks Bread

[GussJ]

Hi Guss, is your software still available, your email address on your site doesn't seem to work.

Thanks Bread

Hi,
Yes its still available which email address are you using?
pls use email me at [email protected]
Thanks