Hi great coders,
I need your help on codes or information about Risk Management. is there any EA or Indicator that calculate the lot size, SL etc for the next order we will put ? example: it will calculate based on the SL (in pips) we define as input, or % risk of each order ... take profit is optional, it can be unlimited (closed manually). the risk will be (if calculated based on the percentage) about : 1-3 % for each order (is it too big ??), maximum draw down of around 20 % of equity total monthly (or forever). it means, if we reach that amount of draw down, it is finished... we failed, stop trading.
And about the TP & SL, is there any EA or script in form of horizontal line, so if price reaches this line, the order will be closed. in this case, the broker does not see our SL/TP in the form of price. we can define the value of this line as input, may be can also choose order number to be set ?, so if we have more than one order in same pair, each order can have its own SL/TP level.
Any idea, clues ,advices is really welcome & appreciated. Thanks a lot in advance.
I need your help on codes or information about Risk Management. is there any EA or Indicator that calculate the lot size, SL etc for the next order we will put ? example: it will calculate based on the SL (in pips) we define as input, or % risk of each order ... take profit is optional, it can be unlimited (closed manually). the risk will be (if calculated based on the percentage) about : 1-3 % for each order (is it too big ??), maximum draw down of around 20 % of equity total monthly (or forever). it means, if we reach that amount of draw down, it is finished... we failed, stop trading.
And about the TP & SL, is there any EA or script in form of horizontal line, so if price reaches this line, the order will be closed. in this case, the broker does not see our SL/TP in the form of price. we can define the value of this line as input, may be can also choose order number to be set ?, so if we have more than one order in same pair, each order can have its own SL/TP level.
Any idea, clues ,advices is really welcome & appreciated. Thanks a lot in advance.