Open (losing) trades for more than 2 weeks

[Anonymous]

Hi Petko,

 

Me again :-)

 

I have 2 EA buy orders on my EURUSD live chart that opened more than 2 weeks. Since then, the market has been quite bearish with upward movement along the way, but nowhere near the price where the trades were opened. My swap is getting bigger day by day.

 

My question is, should I leave the trades open, and wait for the market to turn, or would it be better to close them, in your opinion?

Thanks again,

Ilan

[Anonymous]

Hey Ilan,

How come the EAs have SL above 500 pips?

If you have created such EAs, then you should expect that the trades might go on such a loss. As I show in my courses, I don’t go above 100 pips because it is likely that the hourly trend reverses after 100 pips movement in the opposite direction.

I avoid giving suggestions and trading advice, but if you have set such SL for some reason, you should be expecting it and handling such positions…

Anyway,  I would keep them in my account is big enough, and if you did a mistake with such a huge SL, you can also hedge the positions (buy at a lower price so the average price will be lower, and you can recover quicker).

Regards,

[Anonymous]

Hi Petko,

 

Thanks for getting back to me.

 

I have used MetaEditor to check the EAs that were used to open the trades in question, and you are correct. I have no idea why, but the stop losses have been set to 515 and 633 pips, which is crazy. I will try and locate the EA Studio collection that these EAs are from, and check the settings, although I think they have been deleted.

Anyway, it is what it is. I’ll take it as a lesson (an expensive one :-)) and try recoup the losses using your suggestion above.

Thanks, as always.

 

Regards,

Ilan

[Anonymous]

Hey Ilan,

Just make sure to use the correct range of SL and TP when generating the strategies.

A common mistake is that the traders set a range of 100-10000 for Crypto or Gold strategies, and then they forget to change it for Forex.

Also, have a look at the trades always. In your case it is visual that the SL is above 500 is (the picture above).

But for the moment, recalculate your risk, and account. If you can hedge it, it will be great, but keep in mind that EURUSD might continue lowe, and if you hedge, there is the risk to go on a bigger loss. Just calculate how much you can handle it.

 

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