Max loss limit IN the software?

[muhstonks]

I know the actual website offers a DAILY max loss limit. I'm looking for a "trade max loss limit" in the software. Also, I'm using a prop firm, otherwise I'd just use the daily max loss on the website and reset it.

You're womderint, why not just use a regular stop in ATM? Let me explain

I do regularly move my normal stop loss depending on how a trade advances, however, there are the rare moments of underestimation/deer in headlights where "things get away quickly".

Basically, I would like a "silent" max loss limit that kicks in after a certain dollar loss. Something set in the software. It doesn't need to close trading for the day, just cut the trade out whether I like it or not.

Does this make sense?

[NinjaTrader_Clayton]

Hello muhstonks,

Thank you for the message.

What you are requesting could technically be done with a mix of manual OCO orders and at least one Stop Market order. From my interpretation of your question so far, here is an example of how something like this could be achieved:

• I click on the Buy Market button to submit an order that fills almost immideately. Now I'm long 1 contract.
• Now, right-click on Chart Trader or the SuperDOM > Click "OCO order" to turn on Manual OCO order placement
  • Click to place my first more "favorable" stop. This could be a Stop Limit or Stop Market order, but for the example it would make the most sense for this to be a Stop Limit since have said this is the initial stop you want to have.
  • Then, click to place a Stop Market order at your "Trade Max Loss Limit" price as you would call it.
  • Finally, right-click and turn OFF Manual OCO Order placement

This is a Stop Market order specifically in this example because once a Stop Market order is triggered, it will then do its best to fill as soon as possible regardless of price.

• It could still experience slippage as that is an inherent part of market orders, but it would still eventually fill for sure and exit your position
• Then since it was part of the OCO pair with the closer Stop Limit order, it would cancel that and stop it from trying to fill
  • If it gets to the point where the 2nd/further Stop was active, it implies that the market was moving so fast that it blew threw your Stop Limit Trigger Price and final Stop Limit order price so it is currently in an "Activated and trying to fill" state.
  • But, it wouldn't fill unless the market came back to your Limit price or better and remained there long enough for that order to make it to the front of the line and get filled

This would work pretty closely to how you have suggested.

However, I can also think of a few other order handling and order of operations things that could possibly be optimized by having this as a Native settings so please use the link below to also submit this as a feature request if the workaround suggested above doesn't work for you:

• Feature Request Form

Please let us know if we may provide any further assistance.

[muhstonks]

Hello muhstonks,

Thank you for the message.

What you are requesting could technically be done with a mix of manual OCO orders and at least one Stop Market order. From my interpretation of your question so far, here is an example of how something like this could be achieved:

• I click on the Buy Market button to submit an order that fills almost immideately. Now I'm long 1 contract.
• Now, right-click on Chart Trader or the SuperDOM > Click "OCO order" to turn on Manual OCO order placement
  • Click to place my first more "favorable" stop. This could be a Stop Limit or Stop Market order, but for the example it would make the most sense for this to be a Stop Limit since have said this is the initial stop you want to have.
  • Then, click to place a Stop Market order at your "Trade Max Loss Limit" price as you would call it.
  • Finally, right-click and turn OFF Manual OCO Order placement

This is a Stop Market order specifically in this example because once a Stop Market order is triggered, it will then do its best to fill as soon as possible regardless of price.

• It could still experience slippage as that is an inherent part of market orders, but it would still eventually fill for sure and exit your position
• Then since it was part of the OCO pair with the closer Stop Limit order, it would cancel that and stop it from trying to fill
  • If it gets to the point where the 2nd/further Stop was active, it implies that the market was moving so fast that it blew threw your Stop Limit Trigger Price and final Stop Limit order price so it is currently in an "Activated and trying to fill" state.
  • But, it wouldn't fill unless the market came back to your Limit price or better and remained there long enough for that order to make it to the front of the line and get filled

This would work pretty closely to how you have suggested.

However, I can also think of a few other order handling and order of operations things that could possibly be optimized by having this as a Native settings so please use the link below to also submit this as a feature request if the workaround suggested above doesn't work for you:

• Feature Request Form

Please let us know if we may provide any further assistance.

Thanks Clayton

So this would require still a multi-click process per trade correct? No way to save this as one click ATM strategy? Basically, two stop losses per trade? I know it's redundant, but you brought up another good example of how it could be useful (ie a stop limit and a stop market if the limit fails)

I'm surprised there isn't a simple in-software max loss option. something like (if unrealized P/L = X....market exit ALL trades). Would be very beneficial for users with prop firms which don't offer custom max loss control

[jabowery]

You can use ninjascript to auto close out trades at a prespecified max loss