*THIS IS NOT TRADING ADVICE*
We are simply letting you know what we sometimes do to try and keep our accounts safe in these current market conditions. Majority of users run our retail bots standard as understand Drawdown is part of trading. If you can't handle seeing drawdown don't trade.
DON'T TRADE IF YOU ARE USING FUNDS YOU CANT AFFORD TO LOSE OR DONT WANT TO SEE DRAWDOWN!!!
Obviously with the coronavirus happening it sends the market crazy at times, that's why we mostly don't trade NZD or AUD pairs as they are heavily linked to the Chinese economy and can trend hard as they are getting back to normal faster then the western countries like ourselves.
Also we have brexit happening which causes big spikes in price with GBP and EUR pairs. So it's wise to take caution with these pairs with things going on.
For example, you can increase "number of pips to next position" that will create a much higher gap between positions, thus reducing number of positions and DD. We usually run 30 pips, but to be safer you could increase it to 50 or even 75.
You can also reduce the number of pairs to trade live at anyone time to maybe just the one. That will decrease exposure to the markets.
Possibly change the lot size to minimum 0.01 and increment to 0.01 just to see you through the tough market conditions, or for a big account we recommend 0.01 per 1000.
The "margin %" setting is there to protect you if you are worried about DD. If the account gets to this limit then it wont open any more trades. You can use this to help protect the account, but bare in mind you will need a bigger move in your favour to close the positions currently open. Changing margin may help you get out of your drawdown, by allowing more trades.
Also keep "Daily Target" set to 1%. Being able to get 1% returns on your money per day is incredible. If you continuously run, all day every day YOU WILL find yourself in a trouble situation at some point. There's no need to be greedy in the forex markets, it WILL bite your hand off.
As long as you trade smart you will make money which is the aim, there's no place for hope and no place for greed in trading these markets. Be wise with the software and it will look after you long term.
FOREX IS LONG TERM OUR SOFTWARE IS DESIGNED TO GIVE YOU AN EDGE ON THE MARKETS AND BE PROFITABLE LONG TERM. THIS INFORMATION IS NOT TRADING ADVICE.