diff --git a/freqtrade/persistence/migrations.py b/freqtrade/persistence/migrations.py
index 067bb5b64..6129797e8 100644
--- a/freqtrade/persistence/migrations.py
+++ b/freqtrade/persistence/migrations.py
@@ -268,6 +268,13 @@ def set_sqlite_to_wal(engine):
 
 def fix_old_dry_orders(engine):
     with engine.begin() as connection:
+
+        # Update current dry-run Orders where
+        # - current Order is open
+        # - current Trade is closed
+        # - current Order trade_id not equal to current Trade.id
+        # - current Order not stoploss
+
         stmt = update(Order).where(
             Order.ft_is_open.is_(True),
             tuple_(Order.ft_trade_id, Order.order_id).not_in(
@@ -281,36 +288,14 @@ def fix_old_dry_orders(engine):
         ).values(ft_is_open=False)
         connection.execute(stmt)
 
-        # OLD
-        stmt = update(Order).where(
-            Order.ft_is_open.is_(True),
-            tuple_(Order.ft_trade_id, Order.order_id).not_in(
-                select(
-                    Trade.id, Trade.open_order_id
-                ).where(Trade.open_order_id.is_not(None))
-                  ),
-            Order.ft_order_side != 'stoploss',
-            Order.order_id.like('dry%')
-
-        ).values(ft_is_open=False)
-        connection.execute(stmt)
-
-        # Update current Order where
-        # -current Order is open
-        # -current Order trade_id not equal to current Trade.id
-        # -current Order not stoploss
-        # -order_id not equal to current Trade.stoploss_order_id
-        # -current Order is dry
-
-        # NEW WIP
+        # Close dry-run orders for closed trades.
         stmt = update(Order).where(
             Order.ft_is_open.is_(True),
             Order.ft_trade_id.not_in(
-                select(Trade.id).where(Trade.open_orders_count.is_not(0))
-            ),
-            Order.order_id.not_in(
-                select(Trade.open_orders).filter(Order.order_id).first()
-            ),
+                select(
+                    Trade.id
+                ).where(Trade.is_open.is_(True))
+                  ),
             Order.ft_order_side != 'stoploss',
             Order.order_id.like('dry%')
 
@@ -363,7 +348,7 @@ def check_migrate(engine, decl_base, previous_tables) -> None:
             "start with a fresh database.")
 
     set_sqlite_to_wal(engine)
-    # fix_old_dry_orders(engine) # TODO Fix that
+    fix_old_dry_orders(engine)
 
     if migrating:
         logger.info("Database migration finished.")
diff --git a/tests/persistence/test_migrations.py b/tests/persistence/test_migrations.py
index 13b3f89bf..1e87d3940 100644
--- a/tests/persistence/test_migrations.py
+++ b/tests/persistence/test_migrations.py
@@ -15,6 +15,7 @@ from freqtrade.persistence import Trade, init_db
 from freqtrade.persistence.base import ModelBase
 from freqtrade.persistence.migrations import get_last_sequence_ids, set_sequence_ids
 from freqtrade.persistence.models import PairLock
+from freqtrade.persistence.trade_model import Order
 from tests.conftest import log_has
 
 
@@ -217,6 +218,23 @@ def test_migrate_new(mocker, default_conf, fee, caplog):
             {amount},
             0,
             {amount * 0.00258580}
+        ),
+        (
+            -- Order without reference trade
+            2,
+            'buy',
+            'ETC/BTC',
+            1,
+            'dry_buy_order55',
+            'canceled',
+            'ETC/BTC',
+            'limit',
+            'buy',
+            0.00258580,
+            {amount},
+            {amount},
+            0,
+            {amount * 0.00258580}
         )
     """
     engine = create_engine('sqlite://')
@@ -238,9 +256,10 @@ def test_migrate_new(mocker, default_conf, fee, caplog):
     # Run init to test migration
     init_db(default_conf['db_url'])
 
-    trades = Trade.session.scalars(select(Trade).filter(Trade.id == 1)).all()
+    trades = Trade.session.scalars(select(Trade)).all()
     assert len(trades) == 1
     trade = trades[0]
+    assert trade.id == 1
     assert trade.fee_open == fee.return_value
     assert trade.fee_close == fee.return_value
     assert trade.open_rate_requested is None
@@ -281,12 +300,18 @@ def test_migrate_new(mocker, default_conf, fee, caplog):
 
     assert orders[1].order_id == 'dry_buy_order22'
     assert orders[1].ft_order_side == 'buy'
-    assert orders[1].ft_is_open is False
+    assert orders[1].ft_is_open is True
 
     assert orders[2].order_id == 'dry_stop_order_id11X'
     assert orders[2].ft_order_side == 'stoploss'
     assert orders[2].ft_is_open is False
 
+    orders1 = Order.session.scalars(select(Order)).all()
+    assert len(orders1) == 5
+    order = orders1[4]
+    assert order.ft_trade_id == 2
+    assert order.ft_is_open is False
+
 
 def test_migrate_too_old(mocker, default_conf, fee, caplog):
     """