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Thread: Need "Account Manager" not to overtrade

  1. #1
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    Default Need "Account Manager" not to overtrade

    I am looking for an EA or something similar to manage the number of open trades.
    Example: I have 10 charts open with 10 EAs attached. Eventually the EAs will open positions, but my account balance is not high enough to run the risk of more than 3 positions. The instrument I am looking for should not allow the 4th trade to open. Only if one of the first 3 trades closes, number 4 may open the trade, if condition is still valid, of course.
    Is there anybody out there with an idea how to do that?
    Thanks and happy trading

  2. #2

    Default Multi Purpose best MM EA free

    Best one around and totally free.

    Multi-purpose trade management ea @ Forex Factory

  3. #3
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    Default

    Quote Originally Posted by ex4ex View Post
    I am looking for an EA or something similar to manage the number of open trades.
    Example: I have 10 charts open with 10 EAs attached. Eventually the EAs will open positions, but my account balance is not high enough to run the risk of more than 3 positions. The instrument I am looking for should not allow the 4th trade to open. Only if one of the first 3 trades closes, number 4 may open the trade, if condition is still valid, of course.
    Is there anybody out there with an idea how to do that?
    Thanks and happy trading
    Hmm.. I think what you need doesn't exist.. The EAs itself must detect that you do not have enough equity or doesn't want so many positions open..

    I think you should split your EA into different accounts and manage each separately to be safe..

    Not even the Multi-Purpose Trade Manager will save you from multiple bad positions.. but it's a good place to start and it might help if you can manage to get the basket trading option to recognize all your open trades..

  4. #4
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    hmm you can try to add this code into your EA source code:

    int ordtotal = OrdersTotal();

    if(ordtotal <= 3)
    {
    //Allow bots to continue
    }

    If you want something more advanced that takes into consideration of current free margin available as well as the combined maximum drawdown which might be incurred by the stoplosses assigned to your previous 3 open positions from your different EAs, then you might want to engage a coder to do that for ya. If you do not want to see your account suddenly hitting rock bottom, I suggest that you also might wanna reduce the risk % level for each of your different EAs on each of your charts. Or you can backtest each of your different EAs on different charts on a yearly basis from 1999 to current date, then check the relative drawdown and the maximum drawdown by percentage, if the combined maximum drawdown are within safe lvls, then yes you can proceed to have 10 of them on your charts, if not probably you might wanna cut down on some of them. Or unless your EAs that are attached to 10 of those charts trades at different time periods, e.g. us / european / asian session, and do not conflict with each other, then yes you may proceed to do so as well.

    I think andytankm's advice is good, to split your EA into different accounts and have them managed separately or you can try to find out what's the maximum combined drawdown that your account can take and adjust the risk levels of each EAs accordingly. But of course having 10 live terminals on 1 PC, would probably max out your ram usage and the bots might have some miscalculations in that process.
    Last edited by huios; 09-03-2009 at 21:23.

  5. #5
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    Thank you very much!
    I am using a Martingale EA that starts working at a certain condition. As you know one needs an "endless" amount of money to prevent the blow out. Therefor I need the equity in one account, not 10 accounts.
    I start with a very small amount, that means the profit is also very small if the EA goes right to the TP. Than I have to wait for the next oportunity. For the time being I watch the charts manually and switch off the related pairs with similar movement as soon as I have enough trades open. 2 to 3, depending on the pairs .
    I will try the multi-purpose Trade Manager.
    huios: is it important where the code is added?

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