Question about the Daily Loss Limit in Account Risk Settings

[masilver]

I have a bot that trades once per day. I'd like to lock out my account once it is done trading.

Can I do this with the Daily Loss Limit? Could I set it to $1? Since the bot can lose up to $80, would my account get liquidated once my Unrealized PnL goes below $1? Or do I have to exit the existing trade with a loss for the account restrictions to kick in?

[NinjaTrader_BrandonH]

Hello masilver,

Thanks for your post.

To clarify, are you talking about the 'Daily Loss Limit' option in the Account Risk Settings on the Client Dashboard?

If so, the way the 'Daily Loss Limit' option works in the Account Risk Settings is when your Daily Loss reaches the amount you selected, all of your working orders will be canceled and your positions will be liquidated. Your account will be unable to place trades for the remainder of the day's trading session (through 3:45 PM CT) unless this value is increased or disabled.

This means that when you set the Daily Loss Limit option to $1, once you reach a Daily Loss Limit of $1, all of your working orders will be canceled and your positions will be liquidated. You would not be able to place trades for the remainder of the day's trading session unless you increase or disable this Daily Loss Limit value. Note that the loss limit will include all fees and commissions as well as realized and open P&L, and this value is monitored in real-time.

More information about the Client Dashboard 'Daily Loss Limit' risk setting could be found on this webpage: https://support.ninjatrader.com/s/ar...language=en_US

Please let me know if I may assist further.

[Leeroy_Jenkins]

That's can be pretty handy for algo traders. If I hit this daily loss, am I gonna receive email or notification from iOS app?

[NinjaTrader_BrandonH]

Hello Leeroy_Jenkins,

Thanks for your note.

You will not receive a notification from the iOS app or email notification when the set Daily Loss Limit is reached.

Any trades that are attempted to be placed after the Daily Loss limit is hit will simply be rejected until you increase or disable this Daily Loss Limit value.

Please let me know if I may assist further.

[JesseCulver]

The Daily Loss Limit is letting me place trades after hitting the limit. It lets me enter, then closes the position and charges me the commission for entry and exit and I lose money on the entry and exit price.

[NinjaTrader_BrandonH]

Hello JesseCulver,

Thanks for your note.

When the Daily Loss Limit set in the NinjaTrader Dashboard is reached, no entry order would be placed. Any orders submitted after the Daily Loss Limit is hit will return as rejected and no entry order or exit order would be placed.

Please answer the following questions so I may accurately assist.

• What NinjaTrader platform are you using when you see this behavior occur? (Desktop, Web, or Mobile)
• If you are using NinjaTrader Desktop, what is the version number you are using? This could be seen by going to Help > About. Please provide the full version number (ex: 8.X.X.X)
• What is your Daily Loss Limit value set to in the NinjaTrader Dashboard?
• What is the value noted on the Realized PnL column of the Accounts tab of the Control Center?
• Do you see a message appear when trying to place and order that states "<Account>, Your account is currently set to liquidation only..."?

Further, please provide me a screenshot of the Daily Loss Limit value you set, a screenshot showing the Realized PnL column in the Accounts tab of the Control Center, and a screenshot showing the position and charges that you are referring to so I may investigate further.

• To send a screenshot with Windows 10 or newer I would recommend using the Windows Snipping Tool.
  • Click here for instructions
• Alternatively to send a screenshot press Alt + PRINT SCREEN to take a screenshot of the selected window. Then go to Start--> Accessories--> Paint, and press CTRL + V to paste the image. Lastly, save it as a jpeg file and send the file as an attachment.
  • Click here for detailed instruction

I look forward to assisting further.

[adamdominikneill]

Are there any plans to provide the risk features please like maximum daily loss to prop accounts such as Apex? I had this with Rithmic but since moving to NT8.1 and NT/ Tradovate Apex accounts I can't access this functionality it seems.

[NinjaTrader_ChelseaB]

Hello adamdominikneill,

NinjaTrader is not able to make changes to brokerage servers of other brokerages.

Please contact your broker to find out if you are able to enable this brokerage side functionality.

[adamdominikneill]

Hi,

I don't understand what the issue is with making this functionality available? To be clear, NinjaTrader owns Tradovate. The functionality is available via Tradovate but not for demo accounts. Since Apex uses demo accounts for its prop firm as part of its evaluations and PA accounts, we just need NinjaTrader to make this functionality available on Tradovate for demo accounts.

It has nothing to do with the broker, Apex has confirmed that they are not involved with this, it's NinjaTrader's responsibility to make this functionality available via Tradovate.

Thanks
Adam

[NinjaTrader_ChelseaB]

Hello Adam,

NinjaTrader does not create or have access to these accounts. We cannot apply these kind settings to accounts we cannot access.

[adamdominikneill]

Hi, sorry, I'm confused, you don't need access to these accounts because the setting I am talking about is not on the brokerage/ prop account-side. I assume that I am correct in saying that you own Tradovate now? If so, you just need to allow simulated accounts (i.e. non-live accounts) to have the same risk settings currently available to live accounts in Tradovate, regardless of which prop account is used. The option is greyed out in Tradovate for non-live accounts, but it is available to live accounts. It has nothing to do with the account specifics, as Apex has confirmed that it has nothing to do with Apex, it is a setting that you guys need to switch on to allow non-live/ demo accounts to be able to have the maximum daily loss functionality in Tradovate that live accounts currently do. That way I can use this when trading in NinjaTrader.

Thanks
Adam

[bltdavid]

Wouldn't it be better to just code a MaxDailyLoss feature directly into the Strategy?

It's the opposite of MaxDailyProfit ... which is also a useful feature.

Another useful feature for your Strategy coding is MaxDailyTrades.
(Ie, set this to 1 would solve OP's problem)

I use '0' to mean unlimited.

Just my 2˘.

[NinjaTrader_BrandonH]

Hello Adam

Thanks for your note.

As stated by my colleague Chelsea, NinjaTrader does not have any access to the accounts in question so we would not be able to provide the Maximum Daily Loss and Maximum Daily Profit settings to these types of accounts.

You may consider implementing bltdavid's workaround for this into a custom strategy if you are using a custom strategy for trading.

Let me know if I may assist further.

[adamdominikneill]

To be honest, I still don't understand what having access to accounts has got to do with a setting that NinjaTrader has decided to leave switched off on the Tradovate platform for sim accounts!! It has nothing to do with having access to the accounts, you just need to allow Tradovate (which you own) to behave in the same way it currently does for non sim accounts to sim accounts. Why do you need access to the accounts? It is a binary decision for all sim accounts regardless of provider. Apex doesn't have access to this setting as it doesn't own Tradovate thus it is not privvy to this setting, it is up to you as owners of Tradovate to open up this setting for sim accounts.

I really don't know how many times I have to rephrase my point. This is so frustrating!

[NinjaTrader_ChelseaB]

Hello adamdominikneill,

We appreciate your feedback and will pass your notes to our developers.

At this time, our team can assist a client with enabling this for a NinjaTrader Brokerage Live account. We do not have the ability to assist with enabling these for accounts with other brokerages such as combine accounts. This means, even if the functionality were to exist, we would not have any way of being able to enable it, as our teams cannot access these accounts. The brokerage this account is with, even with simulation, has full control and access to which features are enabled on the account.

I highly recommend you create a demo with the NinjaTrader Brokerage for this functionality.

https://account.ninjatrader.com/register