As part of money and position management, traders employ various techniques like lot-sizing, risk per position, stop-loss, profit target, breakeven stops, and trailing stops. When opening a position, the trader can specify the amount of risk he wishes to take by choosing the lot-size based on the stop-loss of the position. This ensures that conservative risk management is followed and the account does not face severe loss on a single position. Likewise, when the position is in profit, the trader may employ a break-even and/or a trailing stop-loss to protect his profit. By employing break-even and trailing stop-loss, when the price reverses direction, the position is closed in minimal profit and does not incur any loss.
However, one of the drawbacks of the above methods is that is these techniques are applicable only for individual positions and not for the trading account as a whole. Most professional traders trade in multiple instruments and typically have multiple positions open.
For example, if a trader has an objective of making a daily profit of X$ from all his positions, he does not have access to a portfolio level tool or an Auto Trader to achieve this objective. In order to accomplish this, the trader has to manually watch the net profit of the account. When his net profit target of X$ is reached, he has to manually close each individual position. This can be a cumbersome task and prone to mistakes especially when a significant number of positions are open. Additionally, due to the amount of time required to close each position manually, the slippage can increase due to price variation and reduce his profits.
CloseAllPositions auto trader provides this functionality to automatically close all open positions when the profit level is achieved.
CloseAllPositions tracks the net profit (or loss) of all the open positions in the current account. When the open net profit reaches the specified PROFIT amount value, all the open positions in the account are closed by the expert advisor. By running the CloseAllPositions expert advisor, the trader does not have to manually track open positions or keep checking the current net profit. When the desired profit target for the account is reached, the expert advisor automatically closes all the open positions.
Since all the positions are closed programmatically (through VTL code), the process is faster, very unlikely to be error-prone, and with negligible slippages.
The CloseAllPositions Auto Trader runs in the background and frees the trader from manually tracking his positions this boosting the trader's productivity.
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