Hooks for Risk Management strategies

[FaaastEddy]

Hi,

I am interested in implementing risk management techniques while placing trades in Chart Trader. Is there an API that I can use that will allow for limits to prevent over trading? (contract size, daily limits, etc). What I picture is an event before trade is sent to the broker where I can hook into and apply limits and reject the trade if limits are exceed. Is there such an APi or another approach to implement something like this?

Thank You

[NinjaTrader_Gaby]

Hello FaaastEddy,

Thank you for your post.

It may be possible for your broker to impose a daily loss or profit limit directly on your brokerage account, rejecting orders after the daily loss/profit limit is reached. If your account is with NinjaTrader Brokerage, you can apply these settings to your account via the Account Dashboard.

Support Article: How Do I Set a Daily Loss Limit on my Account?

If your account is not with NinjaTrader Brokerage, contact your broker and inquire if this is available to you.

It is possible to control manual trading through the use of a NinjaScript Add On. By submitting orders through the add-on via custom button clicks, or other manual or automatic interactions, the add-on logic can determine if an order will be submitted or not submitted in relation to a loss limit or profit trigger with the account cash values.

Use AccountItemUpdate to keep track of the account cash values. You can use Flatten() to flatten the account on an instrument once your daily loss or profit trigger has been met.

Help Guide: NinjaScript > Language Reference > Add On > Account > AccountItemUpdate

Help Guide: NinjaScript > Language Reference > Add On > Account > Flatten()

This sample script demonstrates adding buttons to a chart for placing orders.

https://support.ninjatrader.com/s/article/Chart-Order-Buttons

Please let us know if you have any further questions.