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Attachments: Gambling Problem - use this EA to limit damage
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Gambling Problem - use this EA to limit damage

  • #1
  • First Post: Edited Jul 3, 2012 1:06am May 31, 2012 9:47pm | Edited Jul 3, 2012 1:06am
Hello Traders,
i am one of those trader who win for weeks then loose everything in 1 or 2 days due to over confident , revenge mentality and some silly mistakes . i have wrote this EA to over some of my weakness. EA is very simple


1. equity Guard

How to use it
* withdrawal also reduce equity .

1. you have to run this EA on VPS (if you have semi control you can run it on local machine)
2. password for m4 and VPS must set by some one else and you should not have access to it (in my case my wife only know my password).
3. open mt4 on vps and attache ea to any chart, set daily quota and and secure minimum balance.
4. Set Email information if you want receive emails.
5 your ready to go.

a. Daily quota
it's daily $ value you can afford to loose. counting will start from last mt4 restart or broker day change which ever happen later , don't use this as your s/l , once equity gone below , it will close all open trade. after that if you open trade it will close it , you have to wait fro next day to take next trade.

b. secure minimum balance

This is 2nd hard limit. once equity gone below this level EA keep closing trade. only way to over come this is login to VPS (but u don't know password) change amount.

installing this ea

1. copy Equity-guard.mq4 to C:\Program Files\meta trader \experts
2. restart your meta trader
3. go to tool - > option - > expert advisor and tick as follow
Attached Image

4 . attache equity guard ea to any chart

Attached Image (click to enlarge)
Click to Enlarge Name: equity guard.png Size: 53 KB


Disclaimer : use it on your own risk. try it in demo first

new ideas and improvement welcome

Ver. 1.01

Maximum Daily profit option Added
Reducing daily quota by percentage of profit option Added
bug fix - commodity force closed error fixed

Safe trading
Attached File(s)
File Type: mq4 Equity-guard.mq4   3 KB | 789 downloads
File Type: mq4 equity guard v 1.01.mq4   4 KB | 595 downloads | Uploaded Jul 2, 2012 7:23pm
Mohan
  • #2
  • Jun 1, 2012 2:51am Jun 1, 2012 2:51am
Excellent idea.
Not sure that I would admit to the problem but not sure that I would use it so that possibly answers the Q :-(.

Thanks for sharing.
If you think I'm mad, I must be mad
  • #3
  • Jun 1, 2012 5:41am Jun 1, 2012 5:41am
Quoting futurespec
Excellent idea.
Not sure that I would admit to the problem but not sure that I would use it so that possibly answers the Q :-(.

Thanks for sharing.
most trader fail due to fail to cut loss , in my case it's due to ego , my mind fail to accept i took wrong entry it's specially happen when i trade over night. once it's gone above 100 -pip . i will lose all of my discipline and rules. start to bealive
in my self instate PA. end up in margin call.

Now this EA will do force close and keep away from trading for some time , most like i will yelling @ monitor and go to bed. when wake up next day i will be happy as my lost was limited.

only way to override this i have to login to VPS and change value on EA for that i need my wife to enter password, here my ego going to work good for me. i can only ask wife help if i accepted my loss which will not happen due Ego , so i am forced to stay away from market till next day.


try it in demo account you might like it
Mohan
  • #4
  • Jun 1, 2012 5:48am Jun 1, 2012 5:48am
Quoting mohan76
Hello Traders,
i am one of those trader who win for weeks then loose everything in 1 or 2 days due to over confident , revenge mentality and some silly mistakes . i have wrote this EA to over some of my weakness. EA is very simple





1. equity Guard

How to use it

1. you have to run this EA on VPS
2. password for m4 and VPS must set by some one else and you should not have access to it (in my case my wife only know my password).
3. open mt4 on vps and attache ea to any chart, set daily quota and and secure...
BROKENGLISH
  • #5
  • Jun 1, 2012 6:56am Jun 1, 2012 6:56am
Quoting mohan76
most trader fail due to fail to cut loss , in my case it's due to ego , my mind fail to accept i took wrong entry it's specially happen when i trade over night. once it's gone above 100 -pip . i will lose all of my discipline and rules. start to bealive
in my self instate PA. end up in margin call.

Now this EA will do force close and keep away from trading for some time , most like i will yelling @ monitor and go to bed. when wake up next day i will be happy as my lost was limited.

only way to override this i have to login to...
----------------------
we use one or the other ?

cannot have both on same currency ???

is that correct ?
BROKENGLISH
  • #6
  • Jun 1, 2012 7:16am Jun 1, 2012 7:16am
Quoting recidiviste
----------------------
we use one or the other ?

cannot have both on same currency ???

is that correct ?
i using both , you can use both at same time, , this ea designed work on all pair regardless of which chart it attached ,

Lets say you have attached autosl to EA euro/usd chart and open aud/usd or GBP/JPY trade it will automatically set sl for that trade

try it on demo account
Mohan
  • #7
  • Jun 1, 2012 9:09am Jun 1, 2012 9:09am
Quoting mohan76
i using both , you can use both at same time, , this ea designed work on all pair regardless of which chart it attached ,

Lets say you have attached autosl to EA euro/usd chart and open aud/usd or GBP/JPY trade it will automatically set sl for that trade

try it on demo account
-------------------

thanks
BROKENGLISH
  • #8
  • Jun 2, 2012 1:03am Jun 2, 2012 1:03am
To me thinking negative like this will cause one to loose in the long run, no matter what limits are in place.

I say just write a plan and then follow it every day.

Quoting mohan76
Hello Traders,
i am one of those trader who win for weeks then loose everything in 1 or 2 days due to over confident , revenge mentality and some silly mistakes . i have wrote this EA to over some of my weakness. EA is very simple





1. equity Guard

How to use it

1. you have to run this EA on VPS
2. password for m4 and VPS must set by some one else and you should not have access to it (in my case my wife only know my password).
3. open mt4 on vps and attache ea to any chart, set daily quota and and secure...
  • #9
  • Edited 6:11am Jun 2, 2012 5:54am | Edited 6:11am
Quoting Virtualized
To me thinking negative like this will cause one to loose in the long run, no matter what limits are in place.

I say just write a plan and then follow it every day.
writing and following a plan is good think , i am trading 20 months some time think go out of control , at that time i need some think to force me out of trading .

i am fail to understand how a safety mechanism will make you loose, don't interpret safety as negative thinking.
Mohan
  • #10
  • Jun 2, 2012 4:47pm Jun 2, 2012 4:47pm
If you can't handle your own emotions and need your wife to look after your trading, I think the better question is: Should you even be trading?
  • #11
  • Jun 2, 2012 9:47pm Jun 2, 2012 9:47pm
Quoting christian c
If you can't handle your own emotions and need your wife to look after your trading, I think the better question is: Should you even be trading?
looks your have miss understood . my wife not looking after my trading. my i am imposing some safety measure on me (locking up myself), and giving the key to my wife to prevent my self from overwriting my own safety mechanism.

i have accepted my weekness and put tool in place to overcome my weakness. no one perfect in this world some better than others but no one perfect. take JP morgan case , even though they were playing with 3rd party money they couldn't cut there loss @ minimum level for some reason and let it grow level that they can't control. Tool that i have in placed will help to avoid such situation.


if you do live trading , attache you trading history to trade explorer , i can show you where you loss control & broke your own rules. it's human nature no one exempted.
Mohan
  • #12
  • Jun 3, 2012 12:49am Jun 3, 2012 12:49am
excellent

yes I understand how helpful and important it can be, will try it on monday.
  • #13
  • Jun 7, 2012 1:10pm Jun 7, 2012 1:10pm
Surely one of the most inspiring threads lately. Keep it up, this is an excellent idea to practice/enforce good habits: by forced repetition of good behavior patterns. STOP when you start doing the wrong things.

If your EA stops you every time when you have breached your max drawdown, it's only a matter of time before you actually adapt this way of thinking/behaving in your own trading. Congratulations, this may save your account in the long run.
  • #14
  • Jun 7, 2012 9:33pm Jun 7, 2012 9:33pm
Quoting ExForX
Surely one of the most inspiring threads lately. Keep it up, this is an excellent idea to practice/enforce good habits: by forced repetition of good behavior patterns. STOP when you start doing the wrong things.

If your EA stops you every time when you have breached your max drawdown, it's only a matter of time before you actually adapt this way of thinking/behaving in your own trading. Congratulations, this may save your account in the long run.

yes it's changing the way i trade , i used to start with big trades , now i am starting with few small trade and taking big trade using profit gain from that trade.
Mohan
  • #15
  • Jun 7, 2012 9:55pm Jun 7, 2012 9:55pm
isn't the first step admitting you have a problem?

wonder what step writing an EA to help control it would be hah

good idea though, and useful tool *thumbsup*
  • #16
  • Jun 8, 2012 10:29am Jun 8, 2012 10:29am
Quoting MartyS
isn't the first step admitting you have a problem?

wonder what step writing an EA to help control it would be hah

good idea though, and useful tool *thumbsup*
yes i did
Mohan
  • #17
  • Jun 11, 2012 1:47am Jun 11, 2012 1:47am
It is a good Idea. I have same problem, but I prefer to work on myself.
My problem is I go trade commodities after I loose on EUR/USD. I know I should stick to my plan but will to "revenge" on market i stronger than common sense. Some day I will learn to stick to plan, but I think I need to fall down few more times ;-)
On my way to financial independence - if others can do it - I can do it
  • #18
  • Jun 11, 2012 8:58pm Jun 11, 2012 8:58pm
Quoting Eur Usd
It is a good Idea. I have same problem, but I prefer to work on myself.
My problem is I go trade commodities after I loose on EUR/USD. I know I should stick to my plan but will to "revenge" on market i stronger than common sense. Some day I will learn to stick to plan, but I think I need to fall down few more times ;-)
yes, self control in key to success , i am trying to teach that to my self , EA working as back plan. i am waiting for 3 month period that have 0 force close by EA
Mohan
  • #19
  • Jun 21, 2012 11:08am Jun 21, 2012 11:08am
Hi,
Stumbled across this great tool. I too am one of the guys who just cannot get it together . I was wondering if you could add a profit limit. Too often i give the money back after a win. It would be cool to have this ea that would force you to stop after achieving a set profit.
  • #20
  • Jun 24, 2012 3:17pm Jun 24, 2012 3:17pm
Quoting pfstudent
Hi,
Stumbled across this great tool. I too am one of the guys who just cannot get it together . I was wondering if you could add a profit limit. Too often i give the money back after a win. It would be cool to have this ea that would force you to stop after achieving a set profit.

not a problem , i will try to add this week
Mohan
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