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Enforced trading plan


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Hi, after filling out the recent survey I have an Idea for an innovation for IG markets which I believe will help day traders, both professional and beginners.

This is similar to what you would see in many funded trader programs.

I think IG should have a trading plan section where you can input data from your trading plan to enforce restrictions on your own trading,

this level of risk management is commonplace among proprietary trading firms, where they often have a risk manager and also have hard risk limits built into their platforms,

Lightspeed is one such platform that has hard risk limits built in.

I believe this should be fundamentally built into the account settings so that it works across all platforms.

I believe there should be a way to input:

  1. Daily stop loss
  2. weekly stop loss
  3. maximum position risk (to enforce trades to be sized correctly)
  4. maximum drawdown on profit over a certain amount
  5. an option to limit trading hours 
  6. an option to limit number of trades per day

all of these options of course should be disabled by default

These limits should not be changeable within a period of 48 hours, meaning if you change a limit it will take 48hours to process the change

I believe this would help beginning traders to focus on proper risk management from the outset, and positively reinforce IG markets position as a respected market leader.

If professional traders with firm resources need help with managing risk it is only natural that many retail traders would fail at this task without proper resources or tools to enforce these limits them selves.

I believe if IG markets is looking for innovative ways to improve their platform then this is an area which is most practically beneficial to traders and should not take considerable resources to create.

Just my 2 cents. 

  • Like 2
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27 minutes ago, KJM34 said:

Hi, after filling out the recent survey I have an Idea for an innovation for IG markets which I believe will help day traders, both professional and beginners.

This is similar to what you would see in many funded trader programs.

I think IG should have a trading plan section where you can input data from your trading plan to enforce restrictions on your own trading,

this level of risk management is commonplace among proprietary trading firms, where they often have a risk manager and also have hard risk limits built into their platforms,

Lightspeed is one such platform that has hard risk limits built in.

I believe this should be fundamentally built into the account settings so that it works across all platforms.

I believe there should be a way to input:

  1. Daily stop loss
  2. weekly stop loss
  3. maximum position risk (to enforce trades to be sized correctly)
  4. maximum drawdown on profit over a certain amount
  5. an option to limit trading hours 
  6. an option to limit number of trades per day

all of these options of course should be disabled by default

These limits should not be changeable within a period of 48 hours, meaning if you change a limit it will take 48hours to process the change

I believe this would help beginning traders to focus on proper risk management from the outset, and positively reinforce IG markets position as a respected market leader.

If professional traders with firm resources need help with managing risk it is only natural that many retail traders would fail at this task without proper resources or tools to enforce these limits them selves.

I believe if IG markets is looking for innovative ways to improve their platform then this is an area which is most practically beneficial to traders and should not take considerable resources to create.

Just my 2 cents. 

Hi @KJM34

Thank you very much for sharing your valuable & useful feedback. Here at IG we want to make sure your suggestions or feedback help shape our direction and future.

I will forward this to our development team.

 

All the best - MongiIG

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Cheers i

12 minutes ago, MongiIG said:

Hi @KJM34

Thank you very much for sharing your valuable & useful feedback. Here at IG we want to make sure your suggestions or feedback help shape our direction and future.

I will forward this to our development team.

 

All the best - MongiIG

Cheers I think this will help get asic of their back also, I know it has been a nuisance period for the level 3. So everybody wins 😁

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