- Position and Order Management Upon Lost Connection or Power Failure
- Built in Risk Management
- Set Max Position Limit
- Data or Broker Controlled
- Studies or DLL
- Web Based Position & Order Management
- Non-Sierra Chart Best Practices
- Sierra Chart requests for more settings
- ◀️Previous Module: @Simulated Trading (SIM)
- ▶️Next Module: @Quoting & Trading Micro or Correlated Symbol
Position and Order Management Upon Lost Connection or Power Failure
Depending on the trading service used by the user, Server Side OCOs may be available. This means if a user submits orders they are held at the server level and will remain open until canceled or filled.
To enable this feature:
Global Settings > General Trade Settings > Use Server Side OCO Orders
Built in Risk Management
Set Max Position Limit
To set a fixed position limit:
- SC Menu: Global Settings > Symbol Settings
- Use Global Trade Position Limit box is checked and add a number value
- OK
Data or Broker Controlled
[Not financial advice]
- some brokers offer a fixed daily stop loss that cannot be lifted the same day, users may want to contact their brokers to discuss options
- some data providers offer risk management tools (such as Rithmic. See trader risk parameters)
Studies or DLL
- some studies may offer soft risk management tools such as Locking trading, coloring backgrounds, or audio alerts. Again, this is only a barrier and not fixed the way a broker stoploss is
- Risk manager screen study. This is a chart with multiple overlaid studies for:
- profit / loss values
- daily loss limit warning
- daily loss limit trigger alert
- position quantity
- trading entries and exits
User can keep track of those metrics or live stream to an accountability partner. The paid study is available HERE:
Web Based Position & Order Management
It is possible to use a web-based trading panel. Testing out these features of sending orders and trades using the web-based panel is best practices for risk, since it adds a method to make critical changes in the event of client-side power loss or client-side infrastructure issues.
Web Trade Account Data and Order Entry (requires log in):
Non-Sierra Chart Best Practices
- Account number and phone number to broker trader desk accessible at all times
- Secondary method to close positions (second computer, mobile app, or other)
- Computer can connect to hotspot if needed through mobile device
- Backup power brick backup for computer. Typically a few minutes of power available.
Sierra Chart requests for more settings
There are existing support board threads of users asking for more risk parameters, consider joining the discussion in the Sierra Chart support board.
◀️Previous Module: Simulated Trading (SIM)
▶️Next Module: Quoting & Trading Micro or Correlated Symbol
Back To Handbook Home
Sierra Chart Master Handbook - UnofficialPlease be aware that the information contained in this handbook is not intended to be and should not be taken as financial advice. The creator is not a financial advisor and the materials provided should not be relied upon in making any financial decisions. Any actions taken based on the information contained in this handbook are taken at the reader's own risk and the creator will not be held liable for any losses or damages resulting from such actions.
In addition, the creator is not a registered broker or financial advisor in the United States and the materials contained in this handbook do not constitute financial advice or a recommendation to buy or sell any financial instrument. The creator does not endorse or recommend any particular investment strategy and the reader should not rely on any information contained in this handbook as the basis for making any investment decisions.
Furthermore, past performance is not indicative of future results and the reader should be aware that trading futures, crypto, stocks, and NFTs carries a high degree of risk and the possibility of significant losses. The reader should carefully consider their financial situation and seek independent financial advice before making any investment decisions.
The creator of this handbook is not an expert and the materials contained within are provided for educational and entertainment purposes only. No material contained in this handbook suggests a specific method or strategy for investing or trading, and under no circumstances should anything contained in this handbook or any related materials be considered as financial advice.
Please also be aware that some pages within this handbook may contain affiliate links that pay the creator a small commission at no additional cost to the reader. The inclusion of these links does not constitute a recommendation or endorsement of the products or services being advertised and the reader should carefully evaluate the suitability of any product or service before making a purchase.
By accessing and using the materials contained in this handbook, the reader acknowledges and agrees to the terms of this disclaimer and releases the creator from any liability for financial losses or damages resulting from the reader's use of the materials contained within. It is possible to lose more than the value of a trading account. Nothing within this handbook is advice or a recommendation to the reader. Any damages or losses following changes the reader makes to Sierra Chart after reading material within this handbook the creator should not be held liable. This handbook is NOT created by Sierra Chart and is not an official handbook to Sierra Chart. Each purchase only grants the user associated with the email provided on checkout for lifetime access. Trading is risky.