Max daily/weekly/monthly profit/loss (money/percent)
Can you please add an option to stop trading for the day once a certain max target profit is hit on each trading day? This would help a lot in money and risk management. Thank you
Duplicates 5
TargetProfit (ccy / %) to allow us to withdrawal
Max daily/weekly/monthly loss
I am running the EA across 13 charts (FX, Commodities) so there are many instances of it. Would it be possible to have a global risk/money management system? So like a global, daily stop loss in your currency (USD, GBP) and a global profit as well on a daily basis. Or as a % of your balance etc. I think a few people might be doing this. Otherwise, you will just end up installing many instances of MT5 for each account/portfolio you have. Something on a global level would suit me and maybe others
daily target
would like to suggest having a daily target and then ea off “firsts” for the day. for some people, we’d like to aim a certain amount and get out of the market. helps in preventing being stuck in further DD. currently am using another ea to help stop trades the moment it hit target profit. would love to see it built-in CP as well.
Target Profit/Take Profit for the week?
Is there some way to set a profit target for the week for the bot? Currently, we have a target profit and stop till tomorrow after close which allows a daily profit target. But would there be a current way to set a weekly target? Or could this be looked at to be implemented?
I feel as though the weekly target is much better. Since 1% a day is great. But.. if we don't hit that 1% for the day but do the next day. We're still down on the week if that makes sense?
I think this would be a really good addition
Add a "Maximum DD"
Not too sure if this has been mentioned anywhere before so apologies if it has!
I had an idea that might be of some use? Limiting the DD the bot is able to make? Say 20% for example. If the current open positions reach a maximum of 20% DD then close the trades and maybe have it set so you're able to stop trading for the day after this has happened?
Would love to know what people think.
Replies 34
It's slightly better for risk management. Also if you think about it this way:
Say I wanted to make 10% monthly as a goal. That's 2.5% a week. Now let's say I set the monthly goal to 10%. I hit that within the first week and the bot shuts off until the next month. From your point of view, we're losing out on 3 weeks of trading with the potential for more money right? However, what if those next 3 weeks if we were to trade the market was bad and we lose the 10% we made on the first week. We'd end that month with 0% gains.
It's all down to risk management and what people want to do or not. Some people prefer to let it play out and risk trading all the time others don't :)
I think that EA should work as long as it makes a profit. No sense to pause after some profit.
I only want to implement this feature because of loss limits ;)
Yep, it is a kind of a psychological trick, everyone loves a daily profits ;)
Let's implement Risk manager with all limits you can imagine:
- Max daily/weekly/monthly profit in money/percent
- Max daily/weekly/monthly loss in money/percent
I've merged 3 topics here, let's vote and implement it.
How do I vote for this? Simply upvoting your comment? If so I have done this as I would really love this feature!
If this was to be implemented when could we expect it? :)
Franky, Iam not fan of this daily or weekly target concept.
Why we shud not be happy with whatever market offers?
Why we shud leave opportunities given by market by restricting ourself with a certain %?
It's slightly better for risk management. Also if you think about it this way:
Say I wanted to make 10% monthly as a goal. That's 2.5% a week. Now let's say I set the monthly goal to 10%. I hit that within the first week and the bot shuts off until the next month. From your point of view, we're losing out on 3 weeks of trading with the potential for more money right? However, what if those next 3 weeks if we were to trade the market was bad and we lose the 10% we made on the first week. We'd end that month with 0% gains.
It's all down to risk management and what people want to do or not. Some people prefer to let it play out and risk trading all the time others don't :)
Yep, it is a kind of a psychological trick, everyone loves a daily profits ;)
Let's implement Risk manager with all limits you can imagine:
- Max daily/weekly/monthly profit in money/percent
- Max daily/weekly/monthly loss in money/percent
I've merged 3 topics here, let's vote and implement it.
Franky, Iam not fan of this daily or weekly target concept.
Why we shud not be happy with whatever market offers?
Why we shud leave opportunities given by market by restricting ourself with a certain %?
Agree. Touch target, then let the EA turn off itself from autotrading. Then ON again on next scheduled on trades.
Every single minute the EA is running .. there is an element of risk to it that the market conditions will change. So it would be better to just stop the EA when a certain target is hit and only to resume trading the next day .. thanks for the amazing work 🙌
Hi hz88,
what is the name of that EA? would be good to review it.
It can help find improvements and its specs for CP.
Thanks.
Sorry, maybe I misunderstood, but these options would already do what you are saying?
https://docs.google.com/document/d/1ww1M97H54IBwtCKZDhxtqsTsrtEMKofXHMEWMGCyZNs/edit#
No, they want to stop trading until tomorrow after some profit)
TargetProfit in absolute units (I mean "x" eur or usd, the units of the account) or in %. Once reached the EA stop opening new trades (to allow us to withdrawal, for example)
Original idea by Fabio Campos