I am forward-testing some of the EAs in this Elite forum, and some other EAs out of this forum.
I noticed that some EAs made a lot of profits at beginning, but at the end, returned those profits back to market or even became losses, especially those Swing Trade EAs such as: Overflow Trader EA, etc.
So, in order to avoid these things, and also avoid greed when trading EAs on live account, I would like to request you to make an EA called "Equity/Profit Trailing EA" with ideas as follows:
+++ How it Works:
The Equity / Profit Monitoring robot / EA has the ability to perform the following tasks:
* Close out all open positions at a certain profit target percentage
* Close out all open positions at a certain loss target percentage
* Lock-in a certain percentage of profit and trail from there
Any of these functions can be used individually or in combination with each other. Let's discuss each function and use examples to make these operations clear. All examples will start with $10,000 as your balance in your account.
Let's say you wanted to close all your open positions when the equity in your account grows by 10%. In this case you are looking to make $1000 profit. Set your percentage equity take profit setting to 10%. As soon as your equity reaches a 10% profit ($11,000 equity) all positions will close automatically locking in your profits.
Let's say you wanted to close all your open positions when the equity drops by 10%. In this case you are looking to limit your losses to $1000. Set your percentage equity stop loss setting to 10%. As soon as your equity drops by 10% ($9000 equity) all positions will close automatically allowing no more losses.
Let's say you want to add another function whereby you are willing to lock in a certain profit percentage with the possibility of making more money if things go your way. This function is called "percentage equity trigger and percentage equity trail".
Let's say, for example, you would like to set a profit target of 8% and a trailing stop loss of 1%. You would set the percentage equity trigger to 8% and set the percentage equity trail to 1%. As soon as your equity grows to $800 the robot automatically lock in $700 (1% trail). At this point you cannot make less than $700 profit.
As your position continues to move in your favor so does your trailing stop loss which is always locking in and trailing by 1%. If your trade advances to $900 profit your trail will move to $800 profit. Now this point you cannot make less than $800 profit.
As long as the position continues to move in your favor so does your trailing stoploss. As soon as your position goes against you by 1%, the robot / EA will close out all your open positions resulting in a profit equal to whatever has been locked in.
Keep in mind that we can use all the settings at the same time. Let's take one final example. We have our take profit set at 10%. We have our stop loss at 10%. We have our percentage equity trigger set to 8%. And the percentage equity trail set to 1%.
At this point the Equity/Profit Trail robot / EA will close out when any of the above conditions exists.
This becomes the ultimate solution for closing out your open trades based on your personal settings and style of trading.
I think all above ideas are very clear and you can create an "Equity / Profit Trailing EA" based exactly on above ideas and examples.
This type of EA will surely help the traders who use EAs on their live accounts.
Please kindly make this EA workable on 4-digit and 5-digit brokers, and ECN and Non-ECN Brokers automatically.
Thanks a lot