Reduce risk of loss by direct hedging after certain drawdown?

[Olaf87]

Hey guys,

on my MT4 account I'm following a profitable signal provider. But sometimes it has a big floating drawdown. Often it turns back into profit, but sometimes also in an even bigger loss.

My idea is to reduce the risk of big losses by direct hedging after a certain drawdown. For example, all open positions should be observed continously and when a position reachs a drawdown of 100 pips the system should open automaticly a hedge position of that pair untill the position is closed or reaches a range lower than the drawdown of 100 pips.

What do you think about this strategy? What can I do better? What is the best way to set this up?

Greetz

[Simon Gniadkowski]

Olaf87:

What do you think about this strategy? What can I do better?

This Forum is about mql4 coding . . .  discussing strategy is off topic. 

[Olaf87]

Fine, so I cancel that question

But this question should be valid:

What is the best way to set this up?

[William Roeder]

Since there are no slaves here, you have only three choices: Search for it, learn to code it, or pay someone. We're not going to code it FOR you. We are willing to HELP you when you post your attempt and the nature of your problem.

[Simon Gniadkowski]

Olaf87:

Fine, so I cancel that question

But this question should be valid:

What is the best way to set this up?

Monitor your Open orders and check their OrderClosePrice() compared to their OrderOpenPrice()  when the difference gets bigger than what you want to tolerate OrderSend() your hedge order.  Don't forget to OrderSelect() before using OrderClosePrice(), etc.