I'm trying to make a socket connection that will stay alive so that in event of connection loss. So basically I want to keep the server always open (also the client preferably) and restart the client after the connection is lost. But if one end shuts down both ends shut down. I simulated this by having both ends on the same computer "localhost" and just clicking the X button. Could this be the source of my problems?
Anyway my connection code
m.connect(("localhost", 5000))
is in a if and try and while e.g.
while True:
    if tryconnection:
        #Error handeling
        try:
            m.connect(("localhost", 5000))
            init = True
            tryconnection = False
        except socket.error:
            init = False
            tryconnection = True
And at the end of my code I just a m.send("example") when I press a button and if that returns an error the code of trying to connect to "localhost" starts again. And the server is a pretty generic server setup with a while loop around the x.accept(). So how do keep them both alive when the connection closes so they can reconnect when it opens again. Or is my code alright and its just by simulating on the same computer is messing with it?
I'm assuming we're dealing with TCP here since you use the word "connection".
It all depend by what you mean by "connection loss".
If by connection loss you mean that the data exchanges between the server and the client may be suspended/irresponsive (important: I did not say "closed" here) for a long among of time, seconds or minutes, then there's not much you can do about it and it's fine like that because the TCP protocol have been carefully designed to handle such situations gracefully. The timeout before deciding one or the other side is definitely down, give up, and close the connection is veeeery long (minutes). Example of such situation: the client is your smartphone, connected to some server on the web, and you enter a long tunnel.
But when you say: "But if one end shuts down both ends shut down. I simulated this by having both ends on the same computer localhost and just clicking the X button", what you are doing is actually closing the connections.

If you abruptly terminate the server: the TCP/IP implementation of your operating system will know that there's not any more a process listening on port 5000, and will cleanly close all connections to that port. In doing so a few TCP segments exchange will occur with the client(s) side (it's a TCP 4-way tear down or a reset), and all clients will be disconected. It is important to understand that this is done at the TCP/IP implementation level, that's to say your operating system.
If you abruptly terminate a client, accordingly, the TCP/IP implementation of your operating system will cleanly close the connection from it's port Y to your server port 5000.
In both cases/side, at the network level, that would be the same as if you explicitly (not abruptly) closed the connection in your code.

...and once closed, there's no way you can possibly re-establish those connections as they were before. You have to establish new connections.
If you want to establish these new connections and get the application logic to the state it was before, now that's another topic. TCP alone can't help you here. You need a higher level protocol, maybe your own, to implement stateful client/server application.
Keeping python sockets alive in event of connection loss