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Daily Profit Stop
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Created: by ELong Attachments:0

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Daily Profit Stop

  #1 (permalink)
Trading Apprentice
Chicago
 
Futures Experience: Master
Platform: MuktiCharts
Favorite Futures: Gold
 
Posts: 4 since Apr 2013
Thanks: 3 given, 0 received

Daily Profit Stop

Hello All,

I am trying to build a daily profit stop for my trading system. The idea is to activate a trigger (or flag) that kicks in at a predetermined profit ($200 dollars for example) and keeps trading as long as the daily profit is above that profit level. As soon as the daily profit drops below it ($187.50 for example) the system stops trading for the day. I tried variations on the daily loss/profit examples in this forum, but it does not work correctly. Here is an example of what I have done so far:

If Use_ProfitStop = True then begin

If date > date[1] and time < StartTime then begin
yesterdayProfit = NetProfit;
end;

begin
todayProfit = NetProfit - yesterdayProfit;
end;

end;

If ProfitStop < (todayProfit + MaxPositionProfit) and (todayProfit + OpenPositionProfit) < ProfitStop
then StopTrading = True else StopTrading = False;
If MarketPosition = 1 and StopTrading = True then Sell("PStop_X_L")this bar close;
If MarketPosition = -1 and StopTrading = True then Buytocover("PStop_X_S")this bar close;

Problem is that I get the signal that it has reached a limit, but it re-enters the market again later on the same trading day. Any help is greatly appreciated!

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
Germany
 
Futures Experience: Intermediate
Platform: Other
Favorite Futures: ES, YM, 6E
 
Posts: 2,640 since Feb 2013
Thanks: 4,896 given, 6,424 received
Forum Reputation: Legendary


The code that you combine with your question doesn't make sense since it doesn't show any entries.
So, by which magic do you think other FIO members could guess how your entry rules are faulty
because they lead to unwanted re-entries?

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  #4 (permalink)
Trading Apprentice
Chicago
 
Futures Experience: Master
Platform: MuktiCharts
Favorite Futures: Gold
 
Posts: 4 since Apr 2013
Thanks: 3 given, 0 received

This code was simply a variation I was trying. I am open to any code snippet that will accomplish the stated goal. Do you have any suggestions?

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  #5 (permalink)
Market Wizard
Germany
 
Futures Experience: Intermediate
Platform: Other
Favorite Futures: ES, YM, 6E
 
Posts: 2,640 since Feb 2013
Thanks: 4,896 given, 6,424 received
Forum Reputation: Legendary


ELong View Post
This code was simply a variation I was trying. I am open to any code snippet that will accomplish the stated goal. Do you have any suggestions?

Think, you a) didn't get the answer or b) don't want to get it.

Let's suppose a), so the answer is:
Your code isn't "a variation", it doesn't contain any entries at all. I.e.: There are no longs that
could be sold nor shorts that could be covered. Nada.

In short:
Based on this code snippet there is nothing that could be corrected that is related to your problem.


Last edited by choke35; May 8th, 2016 at 09:54 PM.
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