Hi ,
I am an EA trader and for last 1 year it has worked ok made $2K and than couple of months back lost $1450 in three days but its ok as I am still positive but now again in last 3 days down around $400 and bit worried so thought will check if I should cut my losses or wait it out. I have attached open trades.
Any advice much appreciated
.Well, you answered it! 
If you’re still confident with your position, you should step back and wait. If something changes in your bias, then take action! Here to help!
Hi, I think, you should compare historical drawdown with current results. Looks like your EA lost profitability. Regards Greg
Hi eanewbie, I assume you didn’t code this ea yourself and I hope you’re not trading real money with it because there are a couple of fatal flaws with it. I would strongly suggest to close all open positions and stop using this ea immediately.
The first thing is theres no stop losses on any trades which is super dangerous. It only takes 1 flash crash like what happened to audjpy on 3rd Jan 2019 to wipe your account.
The second thing is this looks like a classic martingale system which creates larger and larger positions as the market goes against you, as shown by the highlighted audcad position in your screenshot. This is like doubling down each time you lose in a game of blackjack, it works until you have a string of losses to wipe your account.
These types of EA’s always look good because they never take any losses so the equity chart is usually a straight line upwards but run it long enough and you’re almost guaranteed to get wiped out.
Hope that helps!
Hi ,
Unfortunately it is real money and the EA is forexflexea its quite popular EA and in last one year had one blood bath otherwise made decent money with it except this position that it took 3 -4 days back so was wondering if I should wait if the market will move in positive direction so that i can reduce losses and than close it or if the experienced traders feel market will move against my position and should close it. Thank you .
I just checked it out and it was just as I expected. All of their strategies don’t use stoplosses apart from their “failsafe” stop which closes all positions at a certain level of draw down which you set yourself.
All of their strategies use the toxic martingale money management system and like i said, the performance on these always look good until you get that 1 bloodbath that wipes your account.
I hope this post doesn’t draw more newbies into buying that ea, if anything this should be a good warning to not fall into this trap.
Thank you, should I sell based on my open positions or wait and watch what would you advice . Thank you.
The best advice I can give you is to preserve your capital by closing your positions, stop relying on this ea which is designed to blow up eventually, take the free courses on this site and use this forum to learn how to trade the right way with your remaining capital.
Thank you will do in morning
