Blow Acct or Survive by Hedging EA/Script (trade management) | Forex Factory

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Blow Acct or Survive by Hedging EA/Script (trade management)

  • #1
  • First Post: Edited Mar 27, 2017 6:13pm Mar 26, 2017 9:35am | Edited Mar 27, 2017 6:13pm
guys, most of us retailer traders worry about getting the right direction of trades (perform analysis etc etc) but the real "heart of our weakness" which causes us to blow accts is; during time of chaos when our analysis is wrong. So lets say we have 10 buy orders in market and bad news comes outta nowhere market moves 20 pips down.. so now we are down -10 pips.

So what do we do ? pray pray market reverses or keep adding to losers to average down (n blow up account by end of day(2) )

or

We can be smart about this chaos/tornado by finding an automatic tool which hedges our positions till the storm is over.

so i suggest looking for an EA/Script that opens exact opposite trades soon as we feel market has broken our levels/analysis. so in above scenarios say we are down -10 pips... we hedge in 10 buy orders with 10 sell orders(exact size).. so our acct is safe with just -10 pips down.. so imagine the chaos spills n gets worse.. price moves down 100 pips.. but we are locked into -10 pips (takes stress out). Soon as we feel chaos is over, we can release the hedge.. n with 10 pip pullback we are in safe/breakven, survive the account.

I am sure as retail trader' we've been through chaos times.


If anyone know of hedging EA/script that opens exact opposite of open orders, please share.. thanks

PS: there is idea of reversing position upon knowing chaos. There is Reverse.Mq4 script out there (i am against reversing because news usually spikes n returns to normal direction) so we dont want to be chasing. (never chase market fundamental rule of market) so hedging think of it as a umbrella in midst of unforeseen thunderstorm.
  • #2
  • Mar 26, 2017 11:02am Mar 26, 2017 11:02am
This would be an interesting tool. Looking forward to testing out such scripts if they exist.
  • #3
  • Mar 27, 2017 2:34am Mar 27, 2017 2:34am
Quoting GoopFX
We can be smart about this chaos/tornado by hedging our positions till the storm is over.
Why waste time coding when there's a facility already built into MT4 that effectively achieves the same thing?
  • #4
  • Mar 27, 2017 5:54pm Mar 27, 2017 5:54pm
Quoting hanover
{quote} Why waste time coding when there's a facility already built into MT4 that effectively achieves the same thing?
what do you mean? if you mean to open opposite positions manually then consider this scenario: you have 10 open orders on USD/JPY (in profit $200) and are doing well "technical analysis wise" BUT the NFP is coming in next 1 minute? it will be time consuming and open what.. you have multiple pairs, sizes etc etc..next post i'll share solution i found.
  • #5
  • Edited 7:14pm Mar 27, 2017 6:01pm | Edited 7:14pm
k guys after hours of research i found a solution i am attaching 2 tools .. that can help us get through the stormy periods while we have our positions open.

CloseButton - conveniently close "type" of orders with 1 click (use your good judgement to close your hedges at "right levels" ie: extreme levels where you expect quick 10-20 pip bounce)
SafetyLOCK_PRO_v5 - <--soon as u drag drop this on your chart, it will open opposite side positions as pending order ( but same size lots!!) in other words drag n drop with freeze your positions.

another nice "feature" in this tool is giving delta distance.. say ur a trader that trades good but when ur down 20-30pips ur definately wrong (you know it) but u freeze n are stubborn to close positions in loss (if u set stoporderdeltaIFUSE to 20) opposite positions will be open in form of "pending orders" exactly when your down 20 pips (EA will force lock you in) there is other features like TP/SL etc etc (which im not gonna play with) u can google the tool n find more about it.. but default setting i adjust to ensure it does what i stated above...

worst case scenario - imagine u hav positions open doing well. you get struck by 100 pip spike? your pending orders (opposite direction) due to this EA will protect you 80 pips!..you guys know how it is, it happens so fast..you can just watch account die..

Risk is in market, we know ourselves (our flaws) these tool can assist us.. hope this benefits all..

note: both tools go in your experts folder.

if anyone has better tools feel free to share..sharing is caring
Attached File(s)
File Type: ex4 Close Button.ex4   15 KB | 647 downloads
File Type: mq4 SafetyLOCK_PRO_v5.mq4   43 KB | 903 downloads
  • #6
  • Mar 27, 2017 6:12pm Mar 27, 2017 6:12pm
Quoting hanover
{quote} Why waste time coding when there's a facility already built into MT4 that effectively achieves the same thing?
Would you please elaborate on this built in ability of MT4? I wasn't aware of MT4 being able to do anything other than placing pending orders and market entry.
  • #7
  • Mar 27, 2017 6:19pm Mar 27, 2017 6:19pm
Quoting GoopFX
k guys after hours of research i found a solution i am attaching 2 tools .. that can help us get through the stormy periods while we have our positions open. CloseButton - conveniently close "type" of orders with 1 click (use your good judgement to close your hedges at "right levels" ie: extreme levels where you expect quick 10-20 pip bounce) SafetyLOCK_PRO_v5 - <--soon as u drag drop this on your chart, it will open opposite side positions as pending order ( but same size lots!!) in other words drag n drop with freeze your positions. another nice...
Thanks for sharing but I have to admit I'm a little wary of running already compiled code from unknown sources that haven't been explicitly trusted since it's possible to execute malicious code to steal account information, etc.

In other words, do you have a link to where you found the Close Button.ex4?
  • #8
  • Mar 27, 2017 6:28pm Mar 27, 2017 6:28pm
Quoting TGS
{quote} Thanks for sharing but I have to admit I'm a little wary of running already compiled code from unknown sources that haven't been explicitly trusted since it's possible to execute malicious code to steal account information, etc. In other words, do you have a link to where you found the Close Button.ex4?
ooo so paranoid, hehe just kidding Close Button.ex4 owner is mql5.com/en/market/product/16342

bonus info: ideal location on MT4 to place close button you asked? (pretend you did) see screenshot & adjust x and y axis. (bottom left corner) make a template out of it so it appears always on your charts on bottom left.

note: place or drag drop safeytlock on different chart from close button. make sure to remove safetylock EA once ur out of chaos.. (because u dont want it to open opposite every time) this tool is for "chaos time" when we want to hedge lock positions.

Closebutton.ex4 can be used independently (no fear)
Attached Image (click to enlarge)
Click to Enlarge Name: Closebutton-Ideal Location.jpg Size: 129 KB
  • #9
  • Mar 27, 2017 7:19pm Mar 27, 2017 7:19pm
guys critical update.. if u already have downloaded safetylock EA (prior to mar 27,2017 8:14 PM (EST) NYC time ) .. delete it..

re-download from post #5 NOW (since i edited the best setting as default/compiled)

so how "I" plan to combine-use these 2 tools..

i am going to drag-drop safetylock on my charts soon as i feel market is unpredictable (given-i hav positions open) to lock/freeze me.. n close button
soon as i feel all the buy positions have reached PEAK n reversal(retrachment coming) i'll click "close all buy" n soon as i recover say 10 pip (which i froze) i'll click "close all" button to break/even or who knows let em ride a bit till they r profitable
Attached Image (click to enlarge)
Click to Enlarge Name: fix Safetlock.jpg Size: 150 KB
  • #10
  • Mar 28, 2017 12:24am Mar 28, 2017 12:24am
Quoting GoopFX
what do you mean?
Quoting TGS
Would you please elaborate on this built in ability of MT4?
Simply place a stoploss on your original order. I will explain further by paraphrasing Goop's original post:

"We can be smart about this chaos/tornado by finding an automatic tool which hedges our positions till the storm is over.

Simply place a SL on the original order(s) at the point where we feel market has broken our levels/analysis. so in above scenarios say we are down -10 pips... we place a SL 10 pips from entry on these orders . so our acct is safe with just -10 pips down.. so imagine the chaos spills n gets worse.. price moves down 100 pips.. but we are locked into -10 pips (takes stress out). Soon as we feel chaos is over, we open new orders.. n with 10 pip pullback we are in safe/breakven, survive the account."

Remember, I said "effectively achieves the same thing" (assuming your br0ker isn't running your SLs, of course).

All same-pair hedges can be replicated, and with lower br0ker costs, by simply maintaining a single net position. More info in the links here and here.
  • #11
  • Mar 28, 2017 12:43am Mar 28, 2017 12:43am
Quoting hanover
{quote} {quote} Simply place a stoploss on your original order. I will explain further by paraphrasing Goop's original post: "We can be smart about this chaos/tornado by finding an automatic tool which hedges our positions till the storm is over. Simply place a SL on the original order(s) at the point where we feel market has broken our levels/analysis. so in above scenarios say we are down -10 pips... we place a SL 10 pips from entry on these orders . so our acct is safe with just -10 pips down.. so imagine the chaos spills n gets worse.. price...
As always, thank you for your thoughtful response. I look forward to studying it and learning some new things.
  • #12
  • Mar 28, 2017 7:31am Mar 28, 2017 7:31am
Quoting hanover
{quote} {quote} Simply place a stoploss on your original order. I will explain further by paraphrasing Goop's original post: "We can be smart about this chaos/tornado by finding an automatic tool which hedges our positions till the storm is over. Simply place a SL on the original order(s) at the point where we feel market has broken our levels/analysis. so in above scenarios say we are down -10 pips... we place a SL 10 pips from entry on these orders . so our acct is safe with just -10 pips down.. so imagine the chaos spills n gets worse.. price...
100% true by math. hedging is for the bad programmer, beginner traders ....... . you pay fees (depends on the hedge it will be commission, spread or rollover) just for have splitted orders then 1 net position. you need to decide will you pay this fees for hedging or dont pay by just simple close the open order and reopen later.
  • #13
  • Apr 2, 2017 10:49pm Apr 2, 2017 10:49pm
a kind user named Phylo, here shared hedge script. Which is to opens reverse orders (same size lot) but only thing different(drawback) is it only reverses the instrument you place it on (ie: USDJPY)

its good enough as i usually trade one pair at a time. So if you are trading UJ buys say 5 orders.. drag drop script in UJ chart ONLY for reverse positions to open (5 sells) to hedge lock your positions.

Anyhow here is the hedge script attached, this is to be placed in scripts folder (not experts)
Attached File(s)
File Type: mq4 Hedge Script.mq4   1 KB | 829 downloads
  • #14
  • Edited 2:26am Apr 7, 2017 2:13am | Edited 2:26am
Ok (reverse) is relative to trade management in chaos time. So i am including it in this thread.

Basically If you attach this Script to your open positions (symbol), It will close current orders n reverse trades will open. (ie: u have 10 USDJPY buy orders open, by drag n dropping of this on USDJPY chart, it will close all 10 buy orders and open equal size sell orders). This can be used at a time when you know USDJPY has reached its peak n now some retracement/is due so one wishes to scalp retracement. (use at your discretion/judgement) as its never recommended in FX to pick tops/bottoms.

thought i share.. so now we have both reverse n hedge(lock) tools to managing trades.

again tool is to be added in scripts folder (not experts)

best of luck
Attached File(s)
File Type: mq4 Close N Reverse.mq4   2 KB | 587 downloads
  • #15
  • Edited 3:40pm Nov 12, 2018 9:58am | Edited 3:40pm
Amazing scripts,great work,thanks
  • #16
  • Last Post: Edited 7:09am Nov 15, 2018 4:11am | Edited 7:09am
Quoting GoopFX
k guys after hours of research i found a solution i am attaching 2 tools .. that can help us get through the stormy periods while we have our positions open. CloseButton - conveniently close "type" of orders with 1 click (use your good judgement to close your hedges at "right levels" ie: extreme levels where you expect quick 10-20 pip bounce) SafetyLOCK_PRO_v5 - <--soon as u drag drop this on your chart, it will open opposite side positions as pending order ( but same size lots!!) in other words drag n drop with freeze your positions. another nice...
This EA doesn't open hedge trades on all of trades,it opens the trade on buy orders,why is that so,please someone check this for bug or errors
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