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Direct MessagesDate/Time: Fri, 19 Apr 2024 07:35:31 +0000
[User Discussion] - Improvement Suggestion: Alert on reaching Daily Loss Limit
View Count: 2025
| [2020-05-18 02:43:34] |
| j4ytr4der_ - Posts: 914 |
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I like the Global Profit/Loss Management feature, but as far as I can tell it will not notify you in any way that you have hit the limit. It would be nice to have an alert of some sort displayed (or maybe audible) when this limit is reached, so the trader would clearly know straight away know why any orders suddenly don't seem to work.
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| [2020-05-18 09:41:54] |
| nosast - Posts: 290 |
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I would second that. If you hit your loss limit you get forced out of your position but you don't really know why it happened. Some sort of notification before and when it actually got hit would make lots of sense. Also some sort of indication in DOM or Control bar would be nice. green / orange / red or something. |
| [2020-05-31 15:04:33] |
| fxzen - Posts: 14 |
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I would also like this, I came across this while trying to figure out how I would accomplish getting a visual line on the charts to show where the maximum loss is while in a trade. Still digging for now, if anyone has a suggestion on how to do this via studies, or just a "Not possible without programming" would be appreciated. Thanks Date Time Of Last Edit: 2020-05-31 15:04:54
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| [2020-05-31 15:10:41] |
| j4ytr4der_ - Posts: 914 |
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@fxzen I think you're looking for something different. The "Global P&L Management" feature is designed to act as your risk manager, not allowing you to blow out your account. What you want is for each trade to indicate where your stop is, at least that's what it sounds like to me. Check out using Attached Orders with the Trade Window. I get lines on every trade for my stop & target (bracket OCO orders). Sounds like it would do the trick for you.
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| [2020-05-31 15:22:43] |
| fxzen - Posts: 14 |
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@j4ytr4der Thanks for the input, Yeah, what i'm trying to achieve is risk management. I'm currently trading someone else's money, with a strict daily loss rule. In my own account I can simply decide a trade on its own merits, but in this case if i'm running out of runway it makes a difference on how I handle the trade. I use bracket orders, but I continually move the SL/TP. My stops are mental, the one on the bracket is an emergency order in case I lose internet or something else happens. My trades are in seconds, so I have no time to calculate where my stop should be in respect to total loss for the trade i'm in. I could technically use the NET Open P/L functionally, but having to continually glance at a number doesn't work well for me. I think i'm probably a rather unique use case here Date Time Of Last Edit: 2020-05-31 15:23:11
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| [2020-05-31 16:13:39] |
| j4ytr4der_ - Posts: 914 |
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Ahhh ok, gotcha. I actually don't think you're super unique, a mentor of mine trades the same way (super short-term scalper with only catastrophic stops actually in the market). In this case yeah it does sound like you want to use the DPLM on top of your existing brackets. Here's hoping they can add the alert we're looking for when we happen to hit the lock point! =)
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| [2020-06-16 18:24:51] |
| fxzen - Posts: 14 |
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Hi All, Just wanted to post a follow up that I found exactly what i'm looking for in the Chart DOM. If I add the column "Profit and Loss" (Trade >> Customize Chart DOM Columns) I can see where my total profit and loss is for the current trade at all levels. This is even better then what I was originally looking for. Hope this helps someone else! |
| [2020-06-16 19:15:21] |
| j4ytr4der_ - Posts: 914 |
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Glad that gets you what you wanted, although my original request was totally different. I specifically don't want to see P&L at all since it will often cause my "Lizard Brain" to go into overdrive one way or the other (I remove or hide P&L everywhere I possibly can). I only want to focus on trading well, period... so I just want an alert that tells me when I've hit my max loss and my account has been auto-locked so I know it's time to step back and re-evaluate, without having to keep track along the way. Maybe they'll sneak it in one of these days. =)
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| [2020-06-16 20:40:47] |
| j4ytr4der_ - Posts: 914 |
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Actually I've come up with a somewhat OK workaround. If you put a Spreadsheet System Alert study on a chart, the spreadsheet will track your P&L. Therefore it's pretty simple to create a Color Bar (or Background) Based On Alert Condition that tracks a loss number on the spreadsheet and begins coloring the chart in the event you drop below that level. In my case, I then overlaid this bar color change onto my DOM, and made the thickness set to 999, and now my entire Volume Profile turns hot pink in the even I hit my loss limit. Pretty much impossible to miss, and I can set an audible alert too if I really want to. But for now this will do the trick I think. Need to make sure it resets itself each day, I think it should but I only just set this up and the market is closed right now so... will see later. Anyway, this might be useful to someone else so here it is. I do love how flexible a toolbox Sierra Chart is. =) |
| [2020-06-16 22:38:20] |
| fxzen - Posts: 14 |
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Ok great, thanks for the update. I used to try and cover up my P&L all the time, just wanting to focus on the trading. I found it made me super paranoid not having any idea where I stood! Maybe that's a good thing or a bad thing... Thanks for sharing that idea, i'd still like to have the overall warning too, as the P&L column is only for an active trade, so I will give this a shot too |
| [2020-06-27 18:15:21] |
| j4ytr4der_ - Posts: 914 |
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On this note, I found another way to get the alert we're after. I wanted an alert when I've hit a certain loss level, net of commissions. Turns out this is pretty easy to do with a Spreadsheet System for Trading study. I put my RoundTrip comsissions in cell AB3, and then put this formula in an alert column (Cell R3 in my case): =J10 + J11 - (J35 * AB3) This just adds the open P&: to the closed P&L, subtracts commissions, and then I can set the alert within the Spreadsheet System study to do whatever I want when this is true. In my case I als added some logic to automatically flatten and cancel any additional orders that attempt to place after this is true, just in case I were to do something stupid like completely ignore the alarm (and the hot pink screen!) and trade anyway. I like this better than the Global P&L Management because it's specific to the chart/account being traded in this moment rather than global across the entire platform. It's also very easy to adjust the amount on the fly without dealing with the settings dialog for GPLM. Seems to work nicely! I'm finding that having a Spreadsheet Trading System open for just about any chartbook is incredibly useful and almost a necessity. |
| [2020-06-27 18:38:19] |
| User379468 - Posts: 508 |
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j4ytr4der_, thank you for sharing, I've also needed something like this. How else do you use the spreadsheet trading system? I sent you a DM request. |
| [2020-06-27 19:29:26] |
| j4ytr4der_ - Posts: 914 |
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So far I'm setting it up for a whole variety of alarms I typically want, since doing it this way gives me much greater flexibility than using the basic Alerts feature of SC. Normally you can have an alert on things like Order Filled, Stop hit, Target hit, etc. Trouble is, you will get the "Order Filled" alert on ALL orders, when what I wanted was entries only. I also wanted a profitable stop being hit, to be considered a "target hit" and only a true losing stop-loss being considered a "stop hit". With a Spreadsheet System, I can do all of this and so much more. Combined with using free software to create spoken-word alerts for just about everything I want to keep track of, I've got a great setup that essentially talks to me to tell me everything that's happening at all times. I'm really happy with what the Spreadsheet System can do even outside of automated trading! |
| [2020-06-27 23:00:56] |
| j4ytr4der_ - Posts: 914 |
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Oh also, I don't see a DM request from you. Try again? I set up a second account once before I understood how things worked around here, maybe you sent it to that one.
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| [2020-06-28 10:19:49] |
| binaryduke - Posts: 353 |
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Use this study and build an alert on it based on what you want to see (e.g. approaching your limit, etc). Trading Information Windows: Trading: Profit/Loss Text Study |
| [2020-06-28 14:38:56] |
| j4ytr4der_ - Posts: 914 |
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Hmmmm I could swear that was one I played with last year and it only displayed the text, but I couldn't fetch that data from anywhere in order to use it. I'll have to give it another look... thanks!
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| [2020-06-28 14:41:07] |
| binaryduke - Posts: 353 |
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You're right. Trading: Daily Profit/Loss gives you a subgraph.
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| [2020-06-28 14:45:25] |
| j4ytr4der_ - Posts: 914 |
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Ah ok, bummer. I just checked the P/L Text study again and saw no subgraphs as I had remembered and was thinking you'd figured out some super brilliant trick for coaxing data out of that study! LOL
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| [2020-06-28 21:20:37] |
| User379468 - Posts: 508 |
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entries only. I also wanted a profitable stop being hit, to be considered a "target hit" and only a true losing stop-loss being considered a "stop hit". With a Spreadsheet System, I can do all of this and so much more. I've also always wanted these, how do you do this? |
| [2020-06-29 00:13:51] |
| j4ytr4der_ - Posts: 914 |
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I plan to share the chartbook once I'm confident there are no potential glitches. But if you don't want to wait... you just have to set up the conditions you want to track, in the spreadsheet on "alert columns" so anything from O to Z I believe. I'm using O, P, Q, R. O tracks what I consider "winning exits", P is "losing exits", Q is "Trade Entries" and R is a "lock" column that triggers when either my profit or loss limits are hit, or at certain times of day (when the market is closed, basically) and then automatically flattens and cancels any position that attempts to open while locked (and it turns the screen bright pink so I'd have to be a complete idiot to ignore it LOL) I'm happy to share mine, but frankly you'll gain a valuable wealth of understanding of how SC works, if you can put the time in to figure out how to set it up yourself. It took me several days with lots and lots and lots and lots of searching the forum and reading the docs for answers to various things. |
| [2021-03-18 22:46:57] |
| User379468 - Posts: 508 |
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If still not possible within the Daily Loss Management feature, what would be the best way to set up alerts that can pop up text, or change colors for reaching different levels of daily running PnL across all symbols being traded, not per chart? Would it work better through ACSIL, or a Spreadsheet System?
Date Time Of Last Edit: 2021-03-18 23:45:12
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| [2021-03-18 23:54:03] |
| j4ytr4der_ - Posts: 914 |
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I'm doing it in a spreadsheet system. I'm sure it would work better through ACSIL if you know how to code for it, I just don't so I'm doing what I can.
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