Topic: Stopping new trades opening when already at loss
So I’ve made numerous portfolios which are performing very well which are based on M5 on forex majors running tight stops and trading particular sessions.
Problem I have is I can generate a ton of profit as the days pass but when the market moves sharply I have a huge amount of strategies open trades in the opposite direction which leads to huge drawdowns. Ie unexpected news etc. I never trade on major news days due to the volitility of the market however I cannot prevent these major drawdowns on unforeseen news.
I’m wondering if someone can help me code a way that if a portfolio is already in the negative by X% of account balance do not open any new trades for N number of bars.
The ability to do this would be hugely advantageous to all of us as I know many of us are now running ‘netting’ type portfolios that almost act as a grid trading system