Risk Manager Expert Advisor Concept

[engtraderfx]

Hi everyone,

 

I have a general question for anyone interested in chipping in about overall trade management. Its not something discussed much here. As background, I have a concept in mind about developing a risk management module in form of an expert advisor whose function is to calculate various account performance & risk criteria that can then be referenced by individual experts (via global variables). I have heard of people using a 'master' expert which I assume is this kind of thing.

 

I think this is important now with the number of expert we are running (ie at least 10 or more), often many with similar strategies (mainly thinking scalping here) & sometimes doubling up on currencies eg dragon, fapturbo, megadroid etc all do pretty much the same thing.

 

At a basic level we could just program some things into individual EA's (like max no posn's, max same pairs open etc) but seems a large duplication of processing time. I know the most basic method is just setting every ea risk very low, but there could be benefit in smarter account management. So generally I was wondering does anybody bother looking at their total risk in terms of total max loss exposure, margin usage, no positions open etc, equity gain / loss per day / week etc.

 

Some metrics I am thinking of calculating in either real time (tick) or other (eg X min) are:

 

- total exposure (max loss of all open positions at stop loss)

- total margin utilized vs max limit

- no of total positions

- no of same pairs open

- no of correlated pairs open

- equity profit / loss per day / week / month

 

Then the ultimate idea would be to create global variables of these metrics with limits that each EA much check to allow a trade. Any other ideas welcome...

 

Chrs, Dave