Cyrus7 » Mon Jan 19, 2015 6:53 am wrote:thank you very much Steve for your endless effort and the ongoing updates of this machine!

..what do you think of an option to handle the start of the week a little bit easier? I usually avoid trading the first minutes after the market open and like the idea SpiderX used in his Hurst Trader very much (useMondayStartHour).

SteveHopwood » Mon Jan 19, 2015 10:31 am wrote:

Cyrus7 » Mon Jan 19, 2015 6:53 am wrote:thank you very much Steve for your endless effort and the ongoing updates of this machine!

..what do you think of an option to handle the start of the week a little bit easier? I usually avoid trading the first minutes after the market open and like the idea SpiderX used in his Hurst Trader very much (useMondayStartHour).

Turn off ea's for the first few minutes of the week. Why complicate what is actually a simple thing?

Kimmy » Mon Jan 19, 2015 11:07 am wrote:I was very excited to find an EA called Equity Sentry .........this EA is an account manager EA and monitors the Equity balance of your account and can be set to close all trades, open & pending, plus also turn off all EAs on the platform. The trigger for this can be when the Equity reaches a certain level, either as a percentage of the account or in pips or money amounts.
Great !....wanting to trade the early hours after Tokyo opens (i live in UK) this was exactly what I was looking for ...a trade manager that will look at the Equity balance, so that the floating balance is taken into the calculation, and then will close all trades and pendings when it reaches the specified level and then will switch off HGB so that he does not trade again until I switch him back on.

I set this all up last night and Sentry did indeed close all trades, including pendings, and then switched off HGB when my account reached the specified amount of £50.
Unfortunately it wasn't quite quick enough for HGB ....so ....all with exactly the same time stamp....HGB managed to sneak in and reopen trades that Sentry had just closed before shutting everything down. ....(a sell Wave signal for GBPJPY)

Is there a way to make this work or is it not possible ? ....will the mighty HGB refuse to be controlled ?

any suggestions very greatly appreciated !!


p.s. lost my live account in the SNB massacre last week....many thanks to traders that offered great advice and support ...what an amazing community spirit we have in here ....thanks guys !!

Kimmy wrote:I was very excited to find an EA called Equity Sentry .........this EA is an account manager EA and monitors the Equity balance of your account and can be set to close all trades, open & pending, plus also turn off all EAs on the platform. The trigger for this can be when the Equity reaches a certain level, either as a percentage of the account or in pips or money amounts.
Great !....wanting to trade the early hours after Tokyo opens (i live in UK) this was exactly what I was looking for ...a trade manager that will look at the Equity balance, so that the floating balance is taken into the calculation, and then will close all trades and pendings when it reaches the specified level and then will switch off HGB so that he does not trade again until I switch him back on.

I set this all up last night and Sentry did indeed close all trades, including pendings, and then switched off HGB when my account reached the specified amount of £50.
Unfortunately it wasn't quite quick enough for HGB ....so ....all with exactly the same time stamp....HGB managed to sneak in and reopen trades that Sentry had just closed before shutting everything down. ....(a sell Wave signal for GBPJPY)

Is there a way to make this work or is it not possible ? ....will the mighty HGB refuse to be controlled ?

any suggestions very greatly appreciated !!


p.s. lost my live account in the SNB massacre last week....many thanks to traders that offered great advice and support ...what an amazing community spirit we have in here ....thanks guys !!

SteveHopwood » Mon Jan 19, 2015 11:19 am wrote: Thing with an EA is this; it does what it is coded to do. So, if it spots a trading opportunity and there is not already a trade in place, it yells, "Yippppeeeee. Time to party." and sends a trade.

Do you have the source (.mq4) file? I can modify it if so, so that it will communicate with HGB in the same way my basket manager and trade closure scripts do.

macman » Mon Jan 19, 2015 11:45 am wrote:
Have a look at the dashboard over at http://www.stevehopwoodforex.com/phpBB3 ... =89&t=4046, as this offers a close function for HGB, using a customized version of MPTM ( Steve's legendary trade manager)

Best of luck

Kimmy wrote:Many thanks for the suggestion Macman I appreciate it.....i have just been studying the customized version of the MPTM and as far as i can tell it still doesn't give an option for a closure triggered by the Equity Balance ......?

It has surprised me that not more traders want to use the Equity balance as a reading for closing trades
cheers
Kim

macman » Mon Jan 19, 2015 2:14 pm wrote:
Hi,

Yes, AFAIK the dashboard will stop trading when a % loss of the account has been hit, which I have tested and found works perfectly.

The problem with an Equity balance hard close is you GUARANTEE a loss - which is probably why not many traders will use it. Basically you cut your options to zero.

I teach a method of setting up an equity balance warning when using an EA - if your equity warning balance point gets hit - goes over your acceptable risk profile - go to the charts and take corrective action on the pair(s) causing the abnormal draw-down. It may be the account will recover without any manual intervention, or maybe a zero hedge is needed or some other action.

Where this all falls down of course is if you can't trade manually in the first place - if you try and rely blindly on an EA I GUARANTEE you will lose money long term.

Best of luck