Programming a risk limiter for MT4

Hi Everyone,
Earlier this week I posted a thread to get some advise/leads regarding the building of a Risk Limiter. I was initially thinking of VT trader. But am now considering MT4. However, if anyone might recommend a more suitable trading software I am open.

Part 1. Essentially, the software would link the account balance to an auto stoploss placement mechanism. Based on the number of units traded, the system would automatically compute the stoploss so that the maximum draw down possible was 2% of the over all account balance.

Part 2. The system would also incorporate a timed lock-out mechanism (similar to the time locks on a bank vault). Once the account has suffered a 2% drawdown (stoploss is hit), the system would not permit any more trades to be placed until 12:01 a.m. the following day.

Part 3. The system would also incorporate a calander lock-out so that, in the event of 6% draw down in a single week, the system would not permit any more trades until 12:01 a.m. the following Monday.

Part 4. The system would also use that same calander lock-out to prevent any changes to the trading lock-out parameters except for a 12 hour period that begins at 12:01 on the first day of each month, and ends at 12:00 noon that same day.

Part 1: Your risk calculation is backwards from normal calculations. Normally the stop size will determine the size of the purchase. Different market conditions require different stop levels. However, if that is how you want it, there are several functions in MT4 that will help you. AccountBalance() will return the current account balance not including any open positions. There is also MarketInfo which can return the value for each pip based on a standard lot.

Part 2: At the start of each day, copy AccountBalance() to a variable and compare it to the current balance. if it exceeds 2% shift then set a flag that stops trading. the flag and the account balance get reset at the start of a new day.

Part 3: Same as part two just copy balance to a different variable each monday and monitor balance change during the week.

Part 4: Since this EA is for your personal use, it would be simpler to just exercise restraint on your part.

You may want to consider the maximum drawdown be taken from the peak value during each period. So lets say you start with 10,000 and the balance goes up to 10,500 during a day, you may want to consider resetting the balance that it computes the loss from in an effort to protect your profits.

Good luck.

Can what I am looking for be automated? So that I dont have to "copy" anything? Your "peak value" suggestion is excellent! Thanks. Is there a place where mt4 programmers can be found. I am not a programmer as you may have been able to tell.

Strangely enough, I think Magnumfreak is a programmer.

Do you use MT4? What do you think about what I am trying to do? can it be done?? (I know, anything can be done with enough money...but is this really difficult??)

Yes, I use MT4

It's all possible, and no, not really that difficult.