which syntax that check open order?

is there any sysntax that can check open order sequence? like, to find out oldest position is a buy or sell, and to the latest is a buy or sell.

actually i'm running firebird EA, this EA trade on reversal. so the most latest position has the highest possibility of winning. As the possibility increase, i wished to increase the lot size of new positions.

example, the EA open a sell order at 1.2600, another sell at 1.2680, and another sell at 1.2760, and another sell at 1.2840, at this point, i would like to increase the lot size so that it helps average out the earlier losing positions.

is there a function which can determine the sell order sequence? like everytime the EA reloads (after being shut down and start again) it tracks the last few positions.



Chad

I don't know the code for this, but I do know the whole idea is bad.

Remember this:
http://www.turtletrader.com/images/paul-tudor-jones.jpg


Losers average losers


andersenws

oh.. well.. i like to know the negative side of it as well. Can name an example to your statement 'losers average losers' ?

One of the cardinal rules of trading is "Never add to a losing position." Ask any of the pros on here. They know that.

An example:
I have $5000
I buy $2000 of Stock XYZ @ $50 off of a hot tip from my buddy
Stock XYZ goes up to $55
Stock XYZ goes down to $40
I say "Hey, what a bargain! Only $40! It's worth way more than that. I'll buy some more to average down my cost."
I buy $2000 more of Stock XYZ @$40
Average cost is now $45
Stock XYZ goes to $30
I buy $1000 of Stock XYZ @ $30
Now, I have $5000 in this stock.
I turn on CNN one day and see the CEO in handcuffs.
Company XYZ goes belly up and I lose all of my money.

Bottom line: If a stock or currency goes against you, that doesn't make it a better buy. It means you might be wrong. You cannot control the market or know what is going to happen. You are at the mercy of the market, and you just hope to grab a few pips here and there.

andersenws

yeah.. u're right,

and u're wrong.

Care to elaborate?

andersenws

chad,

you can just loop through all open orders and use OrderOpenTime() to figure out which one is the last one.

Having said that, I would advise you not to do it with FireBird. FireBird is very profitable in the range anyway, but you will get killed in a strong trend, unless you trade very very small amounts, in which case it won't be very profitable in the range anymore. So, by adding more positions when you are down, you just speed up your death. Margin Call is coming. If you don't believe me, just take a look at those big 1000 - 1500 pip trends on GBP. You'll know what I mean.

Thanks bro,

yea, i'm trading live with firebird, at 0.01 (the minimum) for gbpusd & usdjpy, i'm planning to get rid of them anyway. Eventhough it has not been a loss for gbpusd or usdjpy, i do know the potential of being stopout. Using original firebird alone is good enough.

my 'auto lot increasement plan' is only targeted to EURUSD. Most of the time, all EURUSD positions are cleaned after trend reversed. (sometime i hope there's more open order of them, haha)

andersen,

u're right that adding losing positions is killing fast. u're wrong because not all pairs are that so much volatile like stock XYZ.



Chad