Configuration of the Emotional Manager parameters for NinjaTrader 8
In this article
🎯 Template Name
This field allows you to assign a unique name to each template. This will help you easily identify which rules it contains and for which account or type of trading you want to use it. For example, you can create a template called “Funded account”, “Conservative trading” or any other name you find easy to recognize.
📈 Available Instruments
- Enabled: Keep this function enabled if you want to allow trading only in certain instruments. You must put all the instruments you do want to use on the list, and any instrument not included will be locked automatically. This function is useful to prevent you from accidentally trading a market that is not part of your strategy or that you have not yet tested properly.
- Disabled: Keep this function disabled if you want to be allowed to trade all instruments.
🕒 Trading Hours
- Enabled: You must manage all schedules using NEW YORK time. Keep this function enabled if you want the platform to allow trading only on certain days and within certain time ranges. Any day or time that you have not added will be locked automatically.
If you have an open position when one of the permitted time ranges ends, the Emotional Manager will close the position and lock the account until the next enabled time range. However, if you enable the “Do not lock or close positions” option, the position may remain open. In that case, the manager will wait for you to close it and apply the lock immediately afterward. - Disabled: Keep this function disabled if you want the account to be able to trade on any day and at any time, without time restrictions.
📰 News
- Enabled: Keep this function enabled if you want trading to be locked a certain number of minutes before a news event and enabled again a certain number of minutes after the news event has occurred.
You will also be able to decide what should happen if there is an open position when the lock begins. If you enable the “Close open positions when locking for news” option, the Emotional Manager will close open positions when the lock starts. If you keep that option disabled, positions that are already open may continue without the manager closing them. - Disabled: Keep this function disabled if you do not want to restrict your trading based on news.
💔 Maximum Loss per Trade
🔒 LOCKS THE ACCOUNT FOR ONLY 1 MINUTE.
- Enabled: Keep this function enabled if you want to limit how much money you can lose on each individual trade, regardless of the accumulated profit or loss you have during the day.
Within this parameter, you will be able to choose the analysis method:- While the trade is open: The Emotional Manager will analyze the trade while it remains open. If the loss reaches the configured limit, it will close the position automatically and lock the account for 1 minute.
- After the trade is closed: The Emotional Manager will not take temporary losses into account while the trade is open. It will wait for you to close the trade and review its final result. If the loss reaches the configured limit, it will lock the account for 1 minute.
- Disabled: Keep this function disabled if you do not want to limit the loss on each individual trade.
💰 Maximum Profit per Trade
🔒 LOCKS THE ACCOUNT FOR ONLY 1 MINUTE.
- Enabled: Keep this function enabled if you want to limit how much money you can earn on each individual trade, regardless of the accumulated profit or loss you have during the day.
Within this parameter, you will be able to choose the analysis method:- While the trade is open: The Emotional Manager will analyze the trade while it remains open. If the profit reaches the configured limit, it will close the position automatically and lock the account for 1 minute.
- After the trade is closed: The Emotional Manager will not take temporary profits into account while the trade is open. It will wait for you to close the trade and review its final result. If the profit reaches the configured limit, it will lock the account for 1 minute.
- Disabled: Keep this function disabled if you do not want to limit the profit on each individual trade.
📉 Maximum Daily Loss
- Enabled: Keep this function enabled if you want the account to remain locked for the rest of the day after losing X amount of money. This limit is calculated using the balance the account had at the start of the trading day as a reference and remains the same throughout the day.
Within this parameter, you will be able to choose the analysis method:
Example:- While the trade is open: The results of trades you have already closed, as well as the profit or loss of any trade that remains open, will be taken into account. If the limit is reached while there is an open position, the Emotional Manager will close the position and lock the account for the rest of the day.
- After the trade is closed: Only the final results of trades that have already been closed will be taken into account. Temporary losses on an open trade will not activate this parameter. That trade will be analyzed only after it has been closed.
- You have configured this parameter at $300 and your balance at the start of the day is $25,000.
- Your maximum daily loss will take effect when your balance reaches $24,700.
- You then close a trade with a profit of $1,000 and your balance increases to $26,000.
- However, your limit will remain $24,700, because this parameter is always calculated using the day's starting balance.
- Disabled: Keep this function disabled if you do not want to limit the account's daily loss.
🔄 Dynamic Maximum Daily Loss
- Enabled: Keep this function enabled if you want to limit how much the account can lose from the highest closed balance it has reached during the day. Unlike the normal maximum daily loss, this limit can move up when you close trades at a profit.
It is important to keep in mind that a temporary profit on a trade that is still open will not increase the maximum balance used as a reference. The limit will only be updated after the trade has been closed.
Within this parameter, you will be able to choose the analysis method:
Example:- While the trade is open: The Emotional Manager will monitor the account while there is an open trade. If the loss on that trade causes the account to reach the dynamic limit, it will close the position and lock the account for the rest of the day.
- After the trade is closed: The Emotional Manager will wait for the trade to be closed to check the result. Temporary profits or losses on an open trade will not activate this parameter.
- You have configured this parameter at $300 and your balance at the start of the day is $25,000.
- Initially, your dynamic maximum daily loss will be at $24,700.
- You then close a trade with a profit of $1,000 and your balance increases to $26,000.
- The limit will automatically update to $25,700. From that point on, the account may lose a maximum of $300 from the $26,000 reached.
- Disabled: Keep this function disabled if you do not want to set a dynamic maximum daily loss for the account.
💸 Maximum Daily Profit
- Enabled: Keep this function enabled if you want the account to remain locked for the rest of the day after earning X amount of money. This limit is calculated using the balance the account had at the start of the trading day as a reference.
Within this parameter, you will be able to choose the analysis method:
Example:- While the trade is open: The results of trades you have already closed, as well as the profit or loss of any trade that remains open, will be taken into account. If the limit is reached while there is an open position, the Emotional Manager will close the position and lock the account for the rest of the day.
- After the trade is closed: Only the final results of trades that have already been closed will be taken into account. Temporary profits on an open trade will not activate this parameter. That trade will be analyzed only after it has been closed.
- You have configured this parameter at $500 and your balance at the start of the day is $25,000.
- Your maximum daily profit will take effect when the account balance reaches $25,500.
- Disabled: Keep this function disabled if you do not want to limit the account's daily profit.
📅 Maximum Weekly Loss
- Enabled: Keep this function enabled if you want the account to remain locked for the rest of the week after losing X amount of money during that period. The trading week begins on Sunday at 6 in the evening, New York time.
Within this parameter, you will be able to choose the analysis method:
Important: If you stop protection and then start it again, the accumulated weekly loss or profit will reset and begin being calculated again from zero.- While the trade is open: The results of trades closed during the week, as well as the profit or loss of any trade that remains open, will be added together. If the limit is reached, the Emotional Manager will close the position and lock the account for the rest of the week.
- After the trade is closed: Only the final results of trades that have already been closed will be taken into account. Temporary profits or losses on an open trade will not activate this parameter.
- Disabled: Keep this function disabled if you do not want to limit the account's maximum weekly loss.
🏆 Maximum Weekly Profit
- Enabled: Keep this function enabled if you want the account to remain locked for the rest of the week after earning X amount of money during that period. The trading week begins on Sunday at 6 in the evening, New York time.
Within this parameter, you will be able to choose the analysis method:
Important: If you stop protection and then start it again, the accumulated weekly loss or profit will reset and begin being calculated again from zero.- While the trade is open: The results of trades closed during the week, as well as the profit or loss of any trade that remains open, will be added together. If the limit is reached, the Emotional Manager will close the position and lock the account for the rest of the week.
- After the trade is closed: Only the final results of trades that have already been closed will be taken into account. Temporary profits or losses on an open trade will not activate this parameter.
- Disabled: Keep this function disabled if you do not want to limit the account's maximum weekly profit.
🔢 Total Trade Limit
- Enabled: Keep this function enabled if you want the account to remain locked for the rest of the day after having CLOSED X trades. This parameter counts any closed trade, regardless of whether it ended as a winner, loser or neutral.
- Disabled: Keep this function disabled if you do not want to limit the total number of trades you can make during the day.
📊 Maximum Number of Contracts per Trade
🔒 LOCKS THE ACCOUNT FOR 1 MINUTE AND CLOSES ALL OPEN TRADES IN THE ACCOUNT.
- Enabled: Keep this function enabled if you want to set the maximum number of contracts that can be used in each trade.
It is important to clarify that the Emotional Manager cannot prevent an order with more contracts than permitted from being executed. If you exceed the limit, the trade may open, but the manager will detect it immediately, close all trades that are open in the account and lock it for 1 minute.
By default, the main quantity you configure will be used as the limit for both mini and micro instruments. However, if you enable the “Set a different quantity for micros” option, you will be able to configure two different limits: the main quantity will apply to mini instruments and the additional quantity will apply to micro instruments.
Example: You can set a maximum of 3 contracts for mini instruments and a different maximum of 10 contracts for micro instruments. - Disabled: Keep this function disabled if you do not want to set a maximum contract limit per trade.
🚫 Losing Trade Limit
- Enabled: Keep this function enabled if you want the account to remain locked for the rest of the day after reaching a certain number of closed losing trades.
You will also be able to set a minimum amount for a trade to be considered a loser. If you set the minimum amount to zero, any trade that ends with a negative result will be counted. If you set a higher amount, only trades whose loss reaches at least that value will be counted. This allows you to avoid counting a trade that ended almost at break even as a significant loss. - Disabled: Keep this function disabled if you do not want to limit the account's number of losing trades.
🏅 Winning Trade Limit
- Enabled: Keep this function enabled if you want the account to remain locked for the rest of the day after reaching a certain number of closed winning trades.
You will also be able to set a minimum amount for a trade to be considered a winner. If you set the minimum amount to zero, any trade that ends with a positive result will be counted. If you set a higher amount, only trades whose profit reaches at least that value will be counted. This allows you to avoid counting a trade that ended almost at break even as a significant profit. - Disabled: Keep this function disabled if you do not want to limit the account's number of winning trades.
⏳ Post-Loss Waiting Time
🔒 LOCKS FOR X MINUTES.
- Enabled: Keep this function enabled if you want trading to remain locked for a certain number of minutes after closing a losing trade. This pause can help you avoid continuing to trade out of revenge.
You will be able to indicate how many minutes the lock should last and after how many losing trades it should apply. For example, you can configure it to activate after every losing trade, after every 2 losing trades or after the number you choose.
You will also be able to set a minimum amount for a trade to be considered a loser. If you set the value to zero, any trade closed at a loss will be counted. If you set a higher amount, trades that lose less than that value will not activate this rule.
Finally, you will be able to choose the scope of the lock. If you enable the “Lock all instruments when this rule activates” option, the waiting time will lock all instruments. If you keep that option disabled, the lock will apply only to the instrument in which you closed the losing trade. - Disabled: Keep this function disabled if you do not want to set a waiting time after closing a losing trade.
⏳ Post-Profit Waiting Time
🔒 LOCKS FOR X MINUTES.
- Enabled: Keep this function enabled if you want trading to remain locked for a certain number of minutes after closing a winning trade. This pause can help you control overconfidence and avoid quickly giving back what you have already earned.
You will be able to indicate how many minutes the lock should last and after how many winning trades it should apply. For example, you can configure it to activate after every winning trade, after every 2 winning trades or after the number you choose.
You will also be able to set a minimum amount for a trade to be considered a winner. If you set the value to zero, any trade closed at a profit will be counted. If you set a higher amount, trades that earn less than that value will not activate this rule.
Finally, you will be able to choose the scope of the lock. If you enable the “Lock all instruments when this rule activates” option, the waiting time will lock all instruments. If you keep that option disabled, the lock will apply only to the instrument in which you closed the winning trade. - Disabled: Keep this function disabled if you do not want to set a waiting time after closing a winning trade.
✅ Rules Checklist
- Enabled: Keep this function enabled if you want to require yourself to review your plan's rules before opening each new trade. You will be able to create different trade types and set different rules for each of them.
After enabling this parameter, you must go to the “Rules checklist” button on the Emotional Manager's main screen and then select “Create/edit trades” to configure the trade types and their respective rules.
Before opening a trade, you will need to go back to the Rules Checklist screen and manually confirm that you have met all the rules of at least one of the trade types you created. If you do not correctly complete the rules of any trade type, the account will not allow you to enter a new trade.
When the trade ends, the checklist will reset automatically. Therefore, you will need to complete it again before making the next trade. - Disabled: Keep this function disabled if you do not want to have to manually confirm compliance with your rules before each trade.
🔒 ATM Order Lock
This function allows you to lock the movement of your ATM strategies' stops or targets. If you try to make a movement that is locked, the Emotional Manager will automatically return the order to its original position.
Attention: movements will remain enabled during the first 5 seconds from the start of the trade. This helps avoid incompatibilities with other systems that need to place or initially adjust ATM orders.
- Enabled: Keep this function enabled if you want to prevent yourself from manually moving stops, targets or both types of orders after the first 5 seconds.
You will also be able to choose which type of movement you want to lock:- Movement in favor of the trade: Prevents the order from being moved toward a price that improves or provides more protection for the trade.
- Movement against the trade: Prevents the order from being moved toward a price that reduces protection, increases risk or worsens the trade.
- Both movements: You can lock movements in favor of and against the trade if you do not want to allow either of these modifications.
- Disabled: Keep this function disabled if you do not want to lock these movements and prefer to manually adjust your ATM strategies' stops and targets.
