In the Month of July, Roughly the first at 5PM. A series of mistakes were played out resulting in the large loss.
1. EA with magic #7000, was updated. This EA is a 2 part system, with 2 separate trading strategies. And thus should be labelled 7000 and 8000. When updated, the second EA remained labeled under 7000. Both EA's trade the GBPUSD. This resulted in the EA's double trading against one another and running up larger than usual Lot sizes.
2. EA with magic #6000, was also trading GBPUSD. Thus we had 3 EAs trading the same pair, and increasing in large margin use.
3. Due to the larger lot sizes. the Stop loss systems are typically restricted to 15%. However, understanding that the Drawdowns were definitely going to be higher than 15%. I decided to remove the S/Ls accepting that I would hit a higher than normal drawdown, but expected a correction soon.
4. Evidently, the market continued to push upwards, hitting nearly 80% drawdowns.
Corrections.
1. I began to close out some positions to reduce my exposure while accepting the losses.
2. Shut down all other trading systems.
3.I began to carefully hedge the GBPUSD trades. Every X of profit, I would close, and close an equivalent loss. This was done to reduce exposure, not to generate gains back.
4. Stop loss's reintroduced, and will permanently be respected.