Cobra Trading is dedicated to serving day traders to the best of our ability; our focus is on passion, platforms, and, most importantly, people. Sometimes, this means establishing some limits and creating hard stops for traders who need them.
We have talked about the importance of risk management and how trading automation can help you avoid stress. However, sometimes these tools are simply not enough to protect you.
You can create a max loss rule in day trading for yourself and ask for your broker’s help in upholding it. That means when you hit a certain threshold, be it a number of trades, a total loss dollar amount, or a certain number of losses, you are prevented from trading for the rest of the day.
Cobra Trading can set up this rule for you. Our goal is to help you stop trading on those days when you can’t stop by yourself.
Moreover, we are committed to maintaining these max loss rules for you. When you ask Cobra Trading to set up the max loss for you, you’ll need to acknowledge your awareness of its preventative function. That implies if you have a bad day and decide to suspend the rule immediately by reaching out to us, it will not be changed on the same day. This way, you are guaranteed your frustration in the moment will not affect the big picture that you see for yourself in day trading. It can also help you break the cycle of doing “just one more trade” and actually put a stop to your bad day.
We want to help you preserve your account and reach your goals. The max loss rule helps you survive the learning curve and outlast the stock market turbulence. It allows you to step away from the screen and take a breather instead of resuming a losing streak. This tool protects your trading process from yourself and helps prevent you from making emotion-driven decisions.
Reach out to us today if you’re interested in setting up a max loss rule for your account. Our customer service experts will be happy to assist you with this inquiry or any other questions you may have about day trading.