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| Awesome + SS version https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=5447 |
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| Author: | billv [ Mon Sep 09, 2019 3:59 am ] |
| Post subject: | Awesome + SS version |
I was only referring to using manual trade recovery but this requires manual trading skills and it will not necessarily prevent draw downs. This particular strategy is dangerous, there is no doubt about that but it can work. Here is an Awesome example. https://www.myfxbook.com/members/Bbottr ... t2/2813379 Market situations like the one we are experiencing today are rare, but can occur and they can blow our accounts. What can we do to survive? There are many methods we can use for trade recovery. I will explain one which doesn't require many manual trading skills and which could help us avoid deeper draw downs and margin calls. 1. The big draw downs are due to the many open market orders and those reduce our available margin and we could potentially suffer a margin call so it is important to have as few open orders as possible. 2. I Use the iexposure + break even indicators to Identify the pairs which have the most open trades. 3. If a pair has many opened orders in 1 pair and some orders are in good profit, I would close the most profitable trades plus a few of the least losing trades. As a rule of thumb, if we took $100 profit, we can afford to close several losing trades up to -$100. 4. Replace the smallest losing trades which we have just closed with pending orders but leave a space of 20 pips or so from current price 5. Add more funds to the account 6. Wait for automatic trade recovery It could work but it could also potentially make it harder for the live account to recover because it would stop the account from placing new pending orders. |
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