I just lost a thousand dollars after downloading and using Earn's close all orders script

[Longing]

I was expecting a button to execute the command. I didn't realize if I dragged it into the chart it would execute.
I was holding a loss that was close to recovering and I wanted to prepare for a close in profit etc.

I dragged thinking it would activate as an expert or indicator...
and it happened.

I lost 1k just like that.

F...M....L

I was telling myself I bet this would really suck if dragging it into the chart would start it. I remember the video saying "or you can simply place it in the chart" ....Well I didn't realize that meant execute it. FML....FML

 

[Nouf Ali]

That sounds bad friend,
I think it the 1k profit can still be regain with a good pair i can share you and also a bot you can be using to trade

 

[Loneblade]

I was expecting a button to execute the command. I didn't realize if I dragged it into the chart it would execute.
I was holding a loss that was close to recovering and I wanted to prepare for a close in profit etc.

I dragged thinking it would activate as an expert or indicator...
and it happened.

I lost 1k just like that.

F...M....L

I was telling myself I bet this would really suck if dragging it into the chart would start it. I remember the video saying "or you can simply place it in the chart" ....Well I didn't realize that meant execute it. FML....FML

not sure why you never try it on demo first before going live. I wouldn't even trust any EA not written by me and I would have tested them on demo first. I would rather trade manually than to rely on EA which is new to me. Sorry, but you got to realize it is your fault.

 

[Enivid]

That sounds bad, but didn't it just close your losing trades? The ones that had already been in loss? You could have re-entered the trades after that. That way, your loss would be limited to the spread +/- some pips.

 

[HeavenLeighGill]

Oof...sorry to hear you lost that much over a simple mistake. Did you test it in demo first?

 

[kage]

I'm sorry for your loss, for sure it will be an expensive lesson, especially if you use an expert or script .. always make sure the auto trade option is turned off, and before using a script or expert that you don't understand always use a demo account before using it to real trading..

 

[Longing]

That sounds bad, but didn't it just close your losing trades? The ones that had already been in loss? You could have re-entered the trades after that. That way, your loss would be limited to the spread +/- some pips.

That's not how things work in spot forex. It was a five lot trade and things aren't cut and dry.

I'm a professional trader, by that I mean the ability to make over 1mm a year, and I do everything discretionary.
I didn't expect something to be coded to just start executing trades as soon as it's dragged onto a chart. It just seems so whimsical and toy like for that to happen.

Is this how mt4 scripts all work?

I don't do much trade execution via mt4 only recently.

The thousand dollars wasn't the issue it was what ensued afterwards that got to my head that lead to my first set of losses in about two months.

Serves me right for using something that I didn't have developed for me or like some of the posters said demo'd.

For you amateurs, demo is a academic exercise, don't let anyone make you believe otherwise. A case like this is an exception.

 

[Enivid]

Is this how mt4 scripts all work?

I don't do much trade execution via mt4 only recently.

Yes, usually MT4 scripts work like that. They can ask about some input parameters before running, but if there are no input parameters to modify it will run immediately.

 

[Loneblade]

That's not how things work in spot forex. It was a five lot trade and things aren't cut and dry.

I'm a professional trader, by that I mean the ability to make over 1mm a year, and I do everything discretionary.
I didn't expect something to be coded to just start executing trades as soon as it's dragged onto a chart. It just seems so whimsical and toy like for that to happen.

Is this how mt4 scripts all work?

I don't do much trade execution via mt4 only recently.

The thousand dollars wasn't the issue it was what ensued afterwards that got to my head that lead to my first set of losses in about two months.

Serves me right for using something that I didn't have developed for me or like some of the posters said demo'd.

For you amateurs, demo is a academic exercise, don't let anyone make you believe otherwise. A case like this is an exception.

None of the institutional traders I know of use MT4. We all use platforms like Sierra charts, Ninja Trader mostly, since they provide some orderflow tools and occasionally tradingview for fundamental value evaluation as they provide most instruments. Demo is to test out the Algos we design based on institutional knowledge and concept. All interns start from Demo even if it is a academic exercise. Simply executing the interns exercise and aiming for L2 liquidity will sharpen a trader's skills including reading the tape etc.

 

[BritneyHolden]

Backtesting the trading strategy is very important before trading live. Backtesting should be done several times on a demo for the past 2-3 years trading environment.

 

[Longing]

None of the institutional traders I know of use MT4. We all use platforms like Sierra charts, Ninja Trader mostly, since they provide some orderflow tools and occasionally tradingview for fundamental value evaluation as they provide most instruments. Demo is to test out the Algos we design based on institutional knowledge and concept. All interns start from Demo even if it is a academic exercise. Simply executing the interns exercise and aiming for L2 liquidity will sharpen a trader's skills including reading the tape etc.

As a captive, NFA and Finra licensed trader at the publicly traded company we were using Bloomberg terminal.
MT4 was still used.

Never was the two you mentioned used.

It depended on the desk and ultimately compliance.

 

[Loneblade]

As a captive, NFA and Finra licensed trader at the publicly traded company we were using Bloomberg terminal.
MT4 was still used.

Never was the two you mentioned used.

It depended on the desk and ultimately compliance.

Meaning you're a prop desk trader who doesn't rely on any orderflow tools or OFA charts. Metatrader doesn't provide those tools which provides an edge. Even the volume MT4 provides is tick volume. Locals, commercials (large pension funds etc) and prop desk they all trade differently.

 

[Longing]

Meaning you're a prop desk trader who doesn't rely on any orderflow tools or OFA charts. Metatrader doesn't provide those tools which provides an edge. Even the volume MT4 provides is tick volume. Locals, commercials (large pension funds etc) and prop desk they all trade differently.

No, you're making assumptions

You're not a professional trader are you.

Those aren't edge, just tools that anyone can have access to.

 

[Loneblade]

No, you're making assumptions

You're not a professional trader are you.

Those aren't edge, just tools that anyone can have access to.

Tell me when OFA charts ever exist in MT4 or MT5 platform? You can't.
Of course I'm. I've been an Quant Analyst designing Algos for institutions for around 30 years!

You can trade with whatever you want that you have available to you. Whether you are successful or not depends upon: How good those tools are for the timeframe you are trading. How skillful you are with those tools. Whether your account size and your personality suit the particular way of trading you have chosen. Just be aware that if you choose to ignore Volume at Price, the Limit Order Book and Delta; then you are throwing away the main part of OrderFlow - at least on the smaller timeframes. Of course they are "edges".

We tried to persuade Sierra Chart to add yield data into their standard packages, but the quotes they got from providers were over $100,000 per year. That is how much the big Banks and the Exchanges don't want retail traders to have this data!

 

[Fried_Rice]

Ouch, expensive mistake. Live and learn.

 

[Johhnyboy]

Sorry to hear that .
I always demo any EA or new strategies indicators etc just to iron out potential hazards

 

[Goggles]

That was a big slip. Always learn and backtest the strategy.