It is important that you understand how this feature works and how it could potentially close trades on your account. This feature is only part of our MT4 EA connection method.
If you were to enter a value of "10" then it would monitor your trades to make sure that the equity for this signal did not go beyond 10% of your overall balance.
For example:
If your balance is $1000 and you have entered a max % drawdown of 10% then if your open trades for this signal were to go beyond $100 in floating loss, it would trigger this to close all trades related to this signal.
Important
While developing this feature, we were keen not to allow it to effect the speed of the copier, and as such it does all processing of the % drawdown on the server side. This means there is a substantial delay and it only does the checks approximately 2-3 times per minute. This means that you could hit your specified max drawdown level but the system not detect this for 20-30 seconds.
We urge you to understand that while this is a protection method, that it should not be relied upon to cut your trades at an exact level.
Will/Daniel/Philip could you please confirm this is worked out on balance and NOT equity.
I am going to be seriously changing and micromanaging my risk settings after this Viper debacle.
The reason I ask is I run multiple signals on 1 account. So running Pipsopolis and SmartTrader and TA and SmartScalper on the same account obviously there will be moments of floating drawdown which is fine. The new option of setting the risk as per balance is a great concept and I have been asking that for months so very happy to be able to test that in the new EA. So that solves my main issue for the last months (I mean apart from losing money).
But obviously where it can get complex is running Viper on a max DD setting. I DO NOT want to put Viper to 1x risk now after losing 40% of my account. It would take forever. I already have some white hairs. So I plan to continue running Viper on 3x but will set a max DD limit for him at say somewhere between 6-9%. What I would need to happen for this to actually be a usable function is for the DD limit on the EA to definitively calculate this on the balance and NOT the equity. As much as i would love to run 1 account per signal I just don't have the required funds and there should be no issues in having a portfolio or signals on one account if smart about it. I will be setting a max DD limit on all scalping signals from now on. As I believe scalpers should stick to scalping. It is unnecessary for a trader of this ilk to be swing trading. I am not just talking about Viper here, this can refer to Reborn/Trusted/whoever.
So could you please confirm that 100% for me?
Much appreciated, and I hope that some others find this post and resulting answer useful.
Big
If you were to enter a value of "10" then it would monitor your trades to make sure that the equity for this signal did not go beyond 10% of your overall balance.
For example:
If your balance is $1000 and you have entered a max % drawdown of 10% then if your open trades for this signal were to go beyond $100 in floating loss, it would trigger this to close all trades related to this signal.
Important
While developing this feature, we were keen not to allow it to effect the speed of the copier, and as such it does all processing of the % drawdown on the server side. This means there is a substantial delay and it only does the checks approximately 2-3 times per minute. This means that you could hit your specified max drawdown level but the system not detect this for 20-30 seconds.
We urge you to understand that while this is a protection method, that it should not be relied upon to cut your trades at an exact level.
Will/Daniel/Philip could you please confirm this is worked out on balance and NOT equity.
I am going to be seriously changing and micromanaging my risk settings after this Viper debacle.
The reason I ask is I run multiple signals on 1 account. So running Pipsopolis and SmartTrader and TA and SmartScalper on the same account obviously there will be moments of floating drawdown which is fine. The new option of setting the risk as per balance is a great concept and I have been asking that for months so very happy to be able to test that in the new EA. So that solves my main issue for the last months (I mean apart from losing money).
But obviously where it can get complex is running Viper on a max DD setting. I DO NOT want to put Viper to 1x risk now after losing 40% of my account. It would take forever. I already have some white hairs. So I plan to continue running Viper on 3x but will set a max DD limit for him at say somewhere between 6-9%. What I would need to happen for this to actually be a usable function is for the DD limit on the EA to definitively calculate this on the balance and NOT the equity. As much as i would love to run 1 account per signal I just don't have the required funds and there should be no issues in having a portfolio or signals on one account if smart about it. I will be setting a max DD limit on all scalping signals from now on. As I believe scalpers should stick to scalping. It is unnecessary for a trader of this ilk to be swing trading. I am not just talking about Viper here, this can refer to Reborn/Trusted/whoever.
So could you please confirm that 100% for me?
Much appreciated, and I hope that some others find this post and resulting answer useful.
Big
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