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Open PL max drowndown reached -> liquidation


Discussion in Sierra Chart

Updated by Reno99
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Open PL max drowndown reached -> liquidation

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  #1 (permalink)
Santa Cruz de Tenerife
 
 
Posts: 5 since Sep 2020
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hi all,

i wish you guys could help with this request

i tend to manage core positions on the DOM, with multiple contracts, adding and selling quick using both market orders and limit orders, and i just can not find an easy way to get myself some protection, as i can not manually add stop loss while scalping. therefor, my logic would be : i need an OPEN PL max drowdown exit.

the current daily loss of SC could be a way, but then i would need to adjust it everytime i finish a trade, and it is not very handy.

there must be a way to tell SC : Flatten current DOM positions when current Open PL is " negative $xxx"

i would be happy to get any preliminary help or any directions on where to look.

thanks a millions to all

cheers from my sunny Island
Reno

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  #2 (permalink)
Revali, EE
 
 
Posts: 34 since Aug 2015
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Use attached orders

https://www.sierrachart.com/index.php?page=doc/AttachedOrders.html

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  #3 (permalink)
Santa Cruz de Tenerife
 
 
Posts: 5 since Sep 2020
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thank you Kuuluud,

any specifics that would help me ? all i see in Sierra Chart attached orders is management by ticks or %.. and i'm looking for gross $$ management

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  #4 (permalink)
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Sarasota FL
 
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Reno99 View Post
i tend to manage core positions on the DOM, with multiple contracts, adding and selling quick using both market orders and limit orders, and i just can not find an easy way to get myself some protection, as i can not manually add stop loss while scalping. therefor, my logic would be : i need an OPEN PL max drowdown exit.


Kuuluud View Post
Use attached orders


Reno99 View Post
thank you Kuuluud,

any specifics that would help me ? all i see in Sierra Chart attached orders is management by ticks or %.. and i'm looking for gross $$ management

It won't give what you want, control of open P/L, but you did say that you have no time to set stop losses, and it will do that, automatically. That's a form of protection, and more than you have now.

Bob.

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  #5 (permalink)
Santa Cruz de Tenerife
 
 
Posts: 5 since Sep 2020
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very true Bobwest thank you for the comment

i'm in contact with some guys who can developp this study for sierra, i will think about it. i'm still very surprised that this kind of thing does not come by default on a platform (it is the same on TT)

thank you guys, i will dig into that more, thanks for the feedbacks

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  #6 (permalink)
Revali, EE
 
 
Posts: 34 since Aug 2015
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I am sure this can be done with custom studies, but for now you can limit your risk with OCO orders.

There is also https://www.sierrachart.com/index.php?page=doc/GlobalProfitLossManagement.php

But then you have manually reset it every time.

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  #7 (permalink)
Santa Cruz de Tenerife
 
 
Posts: 5 since Sep 2020
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yeah i've been spending some time with the daily loss management thing... but the reset button doesn"t seems to make a lot of effect... and i need something i feel secure with, to go on the MNQ or MYM

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September 8, 2020


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