Beating the drawdown
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I am having some trouble coming up with a way to control the drawdown. I am not a believer in using stop losses, but I have one built into my program just for those who may want to use it. I have 2 passive methods that just pause the ability to open more trades, and they work to some degree. This is a scalping trader so the trades are small to begin with. However, some trades may be open for weeks and that concerns those who want to use my system.
I have trie d to set a close all on the basket of open trades when a specific time is reached, for example, an hour, up to several hours. I have also tried it on a user provided pip value and a user provided dollar value.
Have any of got a strategy to handle the drawdown that might help me to address this issue. I have been working on it for 3 weeks and I cannot find a stable solution that seems to work.