Does anyone have any ideas on outsourcing money management? By that I mean some kind of external circuit braker to prevent one from losing more than a predefined amount.
After years of trading I’ve come to the conclusion that I cannot trust myself to stick to my money management rules 100% of the time. I am not ashamed of that. I am a very disciplined person, but I believe most people will go on tilt at some point, even if for only a short time, and the damage can be huge.
I actually think it’s irresponsible for a retail trader to have control over their own money management. You need a risk “department” to cut you off when you overstep predefined limits.
I need some external way to stop me from draining my bank account when I get on tilt. Some way to physically stop me when I am unable to stop myself.
Some online casinos offer a function where you can set a daily or weekly deposit limit. If you want to change that limit it may take a day or a week to get authorized, by which time you may have calmed down. It’s not perfect, but it’s something.
I can’t find a forex broker that offers such a service, understandably, as it’s not in their interests to stop you depositing funds. Perhaps you know of one?
Does anyone have any ideas on how I might create a daily or weekly deposit limit? I have made enquiries with my bank, but they are unable to place a limit on deposits to a particular account (my broker).
Another alternative might be to give power of attorney to a family member and set up some kind of daily deposit function, but mixing family and money like this is not generally a good idea.
Any Ideas would be appreciated. If I can’t sort this out I think I will have to stop trading.