AUTO stop loss - total loss
If you loose connection (ETC), your lose could be much worse. Control your risk with a SL and lot size.
Risk depends on your initial stop loss, lot size, and the value of the symbol. It does not depend on margin and leverage. No SL means you have infinite risk. Never risk more than a small percentage of your trading funds, certainly less than 2% per trade, 6% total.
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You place the stop where it needs to be — where the reason for the trade is no longer valid. E.g. trading a support bounce the stop goes below the support.
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AccountBalance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the spread, and DeltaPerLot is usually around $10/pip but it takes account of the exchange rates of the pair vs. your account currency.)
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Do NOT use TickValue by itself - DeltaPerLot and verify that MODE_TICKVALUE is returning a value in your deposit currency, as promised by the documentation, or whether it is returning a value in the instrument's base currency.
MODE_TICKVALUE is not reliable on non-fx instruments with many brokers - MQL4 programming forum 2017.10.10
Is there an universal solution for Tick value? - Currency Pairs - General - MQL5 programming forum 2018.02.11
Lot value calculation off by a factor of 100 - MQL5 programming forum 2019.07.19 -
You must normalize lots properly and check against min and max.
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You must also check FreeMargin to avoid stop out
Most pairs are worth about $10 per PIP. A $5 risk with a (very small) 5 PIP SL is $5/$10/5 or 0.1 Lots maximum.
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Is there any EA, where I can select fixed loss per instrument, and it will close all position on that instrument when total loss gets to preselect amount?
For instance:
EA attached to WTI and parameter set to total loss 500 USD,
1st position is open, goes in loss 100 USD, than 2nd position is open, all goes in 300 USD loss, than I open next and next, but until total loss is less than 500 USD nothing happen, but when total loss touch -500USD, EA closes all position on that specific instrument?
I don't want to attach SL to every position, and calculate next SL with each next position, but simply have fixed loss parameter for all open position within that instrument?