Running your EA 24/5 or just till the profit target?
My questions to the fellow ROBOT traders are - 1) Is my practice common among us? AND, 2) Are there some people running their EAs 24/5 and take the profit or loss as they come?
My EA's never shut down... That does not mean that they always trade, just means that they are always attached and enabled, searching for trade opportunities. If you trust your robot (technically I mean...) then why not just leave it on all the time? Make your profit targets a part of the EA, no reason to do it manually...
ET
If you are trading intraday (as it looks like) I would expect the EA to be running 24/5 or 24/6 but only opening trades between certain hours
Maybe your system would have an <all close> hour? That wouldnt be unusual
If you are swing trading then 'closing hours' may not be relevant
If your broker has a Sunday bar, maybe you would exclude that day - depends on your system..
IMHO the two pairs you mention do overlap to some extent in the Asian session but AUDUSD action would usually fade early in the London morning sesion,
whereas EURUSD would usually increase in action from the start of the European session
Also IMHO I have never been happy with fixed targets and then stop - some days you must take whats going, others are so quite, you should quit while you're ahead!
You can look at the D1 20 period ATR to give you an idea of action levels and have the EA adjust its targets & stops based on that...
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I am running my TrendWhipsaw EA on two computers for two cross pairs, EURUSD and AUDUSD. I normally stop the EAs once the profit hit my target profit of 100 pips each a day. Regularly, once or twice in a week the profit never comes but the loss just getting bigger so I have to run till getting out of the losing streak or the total loss hit 500 pips.
My questions to the fellow ROBOT traders are - 1) Is my practice common among us? AND, 2) Are there some people running their EAs 24/5 and take the profit or loss as they come?