Prop Firm daily loss limit for account Robot
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Hi,
currently buidling robot for prop firm challenge.
Due to the daily max loss of 5% and overall max loss limit of 10%, currently looking to implement max limit per trades per day.
Because robot is calculating each trade position by set %, in my example 0,5% of account balance and from backtesting and because of higher timeframe it doesnt need to trade more than 2 trades per day, tried by following approach.
Propably this would be enough to maintain threshold.
Already looked for previous threats, but there are many different approaches for this conditions.Would this be correct like in given example?
Thank you for helping.
https://fxdreema.com/shared/1SNUJzW7e
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Why don't you implement a max loss per day in % rather than max trade? Either way the check positions count is only counting trades that are open, live trades and not historic trades that day. I made a possible solution but I have not tested it on the terminal, but that is probably how I would do what you are trying to achieve.
https://fxdreema.com/shared/pOCO6dSIc
Here also is my solution to a max percent drawdown per day, which I currently use on my prop firm accounts, although sadly I do not have a great strategy
https://fxdreema.com/forum/topic/18496/tutorial-daily-drawdown-reset -
Hi thank you for your help
This could probably work.Only would like to make it stop when there were 2 trades in total.
Due to prop firms 5% daily DD/ 10% max drawdown, max loss limit per day applies only if both 2 trades were negative, but not for example trade 1 was plus 1000$ but Trade 2 was -250$. Then bot still would place trades for day.
Currently adjusting % per trade of balance but in total it should not be more than 3% per day to have enough wiggle room.Would like to keep it fairly simple for the code.
Because trading 1h found there are normally 2-3 setups per day max.
What i dont understand is, does the Turn On Block really reset by itself for next day, because as i got it that tree follows either the once a day or if trade count condition.
Do i have to place settings for daily limit like those in On Trade or On Tick?
Also seen your example in tutorial.
What is the difference between on init and on trade/ on tick.As i got it on tick works for every tick the market makes.
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The first tick of the day - Resets the trade count to 0 -> Turns on block 1 (No Position - Having that turned off blocks trading if it was turned off the previous day) at the start of the day this is turned back on and allows trading again.
Daily limit needs to be on tick or something similar as its a continuous check during the day, once trades go above 2 it stops any more trades opening. You could put trade check below (no position) but you'd have to be careful with the numbering so it triggers before the buy or sell tree triggers.
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Sure, yes it just need be simple check if for current day the limit of 2 trades already passed.
I've found something similar to your suggestion.hhttps://fxdreema.com/forum/topic/11614/stop-trading-when-the-daily-target-or-loss-is-achieved/7
but focuses more on max daily loss limit itself.
Could you explain what you mean by you need to be careful?
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Got another question,
do you have good understanding in using " flags" in fxdreema?
Currently testing 2 indicators for the same robot but trigger and signal seem to be not working.https://fxdreema.com/forum/topic/18812/flag-condition-trigger
This is updatet version:
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@felix2828 I just meant if you attach the trade check below no position, it must be a lower number such as 2, so it checks it before checkkin box 3 and 4 logic tree otherwise you would still get a buy trade or sell trade open before the trade count is checked.
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Ok got so might gonna work if i put it to =< 2 right?
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Have you experience working with flags before?
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@felix2828 No sorry
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Ok thax mate