Account Protector
- Thread starter Enivid
- Start date
- Watchers 187
Hi Enivid - thank you again for your active participation.
Question - in the Daily/Profit Loss (<=,>=) currency units ..... is this used for say if I want to make $200.00 profit per day and $300 loss per day? Will this work with Equity Trailing Stop? If profit is $200.00, what would would be a good setting ($200.00)?
Thanks!
Question - in the Daily/Profit Loss (<=,>=) currency units ..... is this used for say if I want to make $200.00 profit per day and $300 loss per day? Will this work with Equity Trailing Stop? If profit is $200.00, what would would be a good setting ($200.00)?
Thanks!
It counts all your profit - both realized and floating for the day.
It's separate and different from the equity trailing stop. Equity trailing stop works on equity and independently on the day/time the profit or loss was incurred. It also always has only one action - close all positions.
Thank you!
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Good day Enivid -
Wondering what actions would I need to set?
I want my daily profit to be $225.00, daily loss max $300.00. I would like to do trail stop - meaning if my profit hits $225.00 it will continue to trail but not go below $225.00. Do I need to increase my profit to $300.00 in order for this to work? If a balance is needed, you may use 10K as an example.
So, which actions and what setting for equity trail stop?
The equity trailing stop works without actions and is continuous - it doesn't work in steps. Also, it's really unclear what you want to happen when your profit hits $225. What does it mean "not go below $225"?
I thought the equity trailing stop works with "equity" - for example - lets say I am in a trade - I set the profit to be $225.00 in AP, however the trade continues in profit so I do not want AP to close trade, however it would follow the trade in profit but would secure the $225.00 in case trade went negative. Make sense hopefully?
If you set equity trailing stop to 225, it will work like this (let's consider $10,000 starting equity):
1. Your equity stop-loss will be immediately set to $9,775. This means that if the equity goes down to that level, the AP will close all trades.
2. If your equity starts growing , the equity stop-loss will also move up. E.g., if your equity goes to $10,100, the equity stop-loss will move up to $9,875.
3. If your equity reaches $10,225, the equity stop-loss will be at $10,000.
4. To "secure" $225 profit, your equity needs to go to $10,450. Once the equity is at that level, the equity stop-loss will be set to $10,225. Then if the equity starts going down, all your trades will be closed when equity reaches $10,225.
Please let me know if you this cleared things up with the equity trailing stop for you.
Hi Enivid. Thank you so much for such a wonderful tool. I tried out so many protectors that just don't match up to this at all.
I am relatively new to trading and so please forgive me for the following question. Lets say I have multiple charts open, with another bot, finding trades for me. I then want to use your Protector, to:
1) Disable autotrading if a maximum loss is breached = I know how to do this
2) Close trades when a specific forex pair trades reaches a floating loss of $500. So say I have 3 different pairs running with open trades, some are in profit but I have 2 trades for Gold for example that hits a floating loss of $500 and only want to have those trades closed but keep the other trades running and also keep the bot running to potentially go on to open better Gold trades.
Is there a way I can set the Protector so I can get to my Point 2 above?
Many thanks
I am relatively new to trading and so please forgive me for the following question. Lets say I have multiple charts open, with another bot, finding trades for me. I then want to use your Protector, to:
1) Disable autotrading if a maximum loss is breached = I know how to do this
2) Close trades when a specific forex pair trades reaches a floating loss of $500. So say I have 3 different pairs running with open trades, some are in profit but I have 2 trades for Gold for example that hits a floating loss of $500 and only want to have those trades closed but keep the other trades running and also keep the bot running to potentially go on to open better Gold trades.
Is there a way I can set the Protector so I can get to my Point 2 above?
Many thanks
Yes, use three separate APs with a floating loss condition and a filter to a specific pair. There should be only one action - close all trades. It will be filtered using the pairs from the filters.
EDIT: Of course, test this on demo first!
Thank you for the above. Can't get this to work but this is what I have done:
1) Separate random chart opened with another AP inserted
2) Filters, selected "Include listed trading instruments only" and xauusd in the list of included/excluded trading instruments
3) Conditions - "Floating loss rises to currency units" = 450
4) Actions = vlose 100% of All positions volume
I watched the floating loss for xauusd surpass $450 dollars but the trades did not close
I must be doing something wrong?
1) Separate random chart opened with another AP inserted
2) Filters, selected "Include listed trading instruments only" and xauusd in the list of included/excluded trading instruments
3) Conditions - "Floating loss rises to currency units" = 450
4) Actions = vlose 100% of All positions volume
I watched the floating loss for xauusd surpass $450 dollars but the trades did not close
I must be doing something wrong?
Looks to be correctly configured. Are you sure your XAUUSD is called XAUUSD without any suffixes or prefixes? Could you please also show the screenshot of the trades? Also, is this MT4 or MT5?
Sure the trades are shown below. Price has moved quite a bit but this was over $450 in floating loss at one point. I am using MT4. Using the AP for prop firm funded account.
But did it trigger? Was there any output in the Experts tab? Or it just did nothing?
I've just tried a similar setup and it worked fine for me...
I deleted the AP on that chart and opened a new one and did everything again, and this time it worked. Which is good. Thanks for all your help.
Hi Enevid. I have another question for you. I don't think this would work, but is there a way to use the AP to enable autotrading of other charts with another bot on at a specific time. I don't think that would work would it because you have to enable autotrading in the first instance? Not sure that makes sense, apologies.
AP can be used to enable autotrading at a specific time. However, it will enable autotrading for the entire platform, not for a specific chart.
Thats perfect and what I want. I have a couple of other charts with another bot. I want them and the AP to function from the same time each day. However, if I set a chart with another AP, to enable autotrading using the timer, I have to select the autotrading button on mt4 is toggled on right? This will then start autotrading the other charts with my other bot which I don't want. Thanks
AutoTrading doesn't need to be enabled for the AP to be able to enable AutoTrading on timer.