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Currently it is simple no daily drawdown just can’t hit 10% of the starting balance – account size is £10k with a profit target of 10% so this one is pretty easy to calculate.
Hello Ryan, you can use the pre-defined account sizes to recalculate the parameters. Check this post where the process is well explained and covers all the parameters that you would need to amend.
Hello everyone,
I just purchased the Robot, but how many trades does it take? It hasn’t opened a trade yet since installing it yesterday.
Thanks for the feedback!
Kelly
Hey Kelly,
The robots are trying to find good opportunity to enter. This is how the strategy works. In this case, you just need to be patient. If everything else is setup then you just wait for the robots to open trades!
Hope this helped!
Kind Regards,
NikosHi Kelly,
You can go to the Prop Firm robot app, select Y1 and then look at each robot and look at the count of trades. For example, if it shows 52 trades then that will give you an idea that on average that robot places one trade per week. So if you have three robots you are trading then you might expect to see 3 trades per day if each robot places 1 trade per week on average. This should give you an idea on what to expect.
Alan,
Hi everyone!
Luckily i was on a demo account but i made a small mistake. I think i figured it out but want to check.
1.) If you wanted to double check that your correct robot is on the correct chart, can you maximize the chart and make sure the text in the upper left, and upper right match?
For example:
Upper left: GBPAUD, M30 Pound Sterling vs Australian Dollar (this is the CHART you’re looking at right?)
Upper right: Prop Firm Robot v6.0 10k Medium GBPAUD M30 (i think this is the name of the robot?)
Basically, can you check that these 2 match ^ to know that you put the right EA on the right chart?
I had made a mistake earlier and noticed that they did NOT match previously, so i had to close charts and reopen the right ones, and now they all match.
2. If you close a chart, does the EA stop trading on it? If not, how would you stop the EA from trading that currency pair?
3. What do you do at the end of the week, when you check the Prop Firm Robot App to see the top performers and they’re different? So basically, if the “top 5 pairs” for the next week, are different pairs from last weeks, how do you remove last week’s robots properly?
Thank you very much everyone! 🙂
-Nico
Hi Nicholoas,
When you install an EA onto the chart the first thing you always do is to make sure the chart and the timeframe match up with the EA. Instead of looking up at the upper left corner of the chart you can also look at the chart tab.
If you have multiple charts open in metatrader and you select a different chart by clicking on the chart tabs this does not close the chart. However, if you right click on a chart tab and select Close this will close the chart. When the chart is closed the Expert Advisor will not longer be working.
If you want to stop one Expert Advisor from running and allow others to continue to run you have two options. You can delete the Expert Advisor from the chart or you can right click on the smiley face or blue hat in the upper right corner of the chart and Expert Advisors, properties, and Common. Then you can uncheck Allow live trading.
At the end of the week if you want to install new Expert Advisors you can right click on the smiley face or blue hat in the upper right corner of the chart, select Expert Advisors, and then select Remove. Now you can install the new Expert Advisor. If you have open trades you have the option to continue to let them trade until they close by themselves or you can go ahead and close them after the markets open on Monday.
Hi Traders,
Exciting update – I’ve had the top 5 robots running on a Demo account for under 48 hours, and currently have 3 trades open! All in profit at the moment. Just excited to see this working. 🙂
I have a few quick questions in regards to using the robots on Prop Firm challenges?
1. Does the leverage matter in your Prop firm accounts? Anything to be aware of in regards to account leverage when running the EAs?
2. What is better, all-in or raw spreads?
3. In Terms of Scaling when using the EAs, is the suggested way to wait till half your profit target is acheived, then double the lot size? Or, do you scale after you’ve won 1 trade for the day (so the second trade after that is doubled?) or is it personal preference? Just wondering what is the best/most recommended path to scaling?
Thank you all!
Best,
NicoHi everyone, actually have a 2nd question as well –
I’ve noticed some of the robots on default settings are NOT a 1:2 RR when downloaded (some are, some aren’t, it depends on the pair)
Given that… how do we scale, what scaling plan do we follow in our challenge, or should we adjust the robots to be 1;2?
Just getting prepared and want to make sure I understand Petko’s scaling plan. If the robots were 1:2, or 1:3 i would understand the scaling plan, but I’m not sure what to do if they are closer to 1:1, which some are.
Thank you very much,
NicoFTMO Robot App with the release of version 6.0! The addition of new features promises to enhance trading experiences and streamline operations. Stay updated and explore these latest enhancements for even more effective and efficient trading strategies.
Hi Nicholas,
Answer 1: Leverage does not matter when using the Prop firm with the three levels of risk.
Answer 2: I am not sure if all-in or raw spreads is better. Can you tell me what prop firm or brokerage is using these two so I can research them to see which is better.
Answer 3: I would not do any scaling until you have half your profit target. Personally, I do not use it. It is a way to get funded quicker, it is also a risk of a large draw down of your account. Personally, I prefer to just let the account take a little longer to reach the profit target, but then again I am a conservative trader.
Alan,
Hi Nicholas,
That scaling plan was based upon the robots that had a 1:2 RR. For other robots just wait until the account reaches half profit target and then increase risk. Beware however, increasing risk can also increase draw down!
Alan,
Hi Nicholas,
That scaling plan was based upon the robots that had a 1:2 RR. For other robots just wait until the account reaches half profit target and then increase risk. Beware however, increasing risk can also increase draw down!
Alan,
Thank you Alan! I appreciate your help! For the “all-in” or “raw” spreads, I’m seeing it on the FXIFY site> https://www.fxify.com/
I researched it and I didn’t think it would make much of a significant difference, so I just picked one and went with it.
I’ve just started my first challenge with the EAs, so I’m excited! And thank you for your guidance about the risk, it’s noted!
Cheers,
NicoHi Nicholas,
Great! Keep us informed as to how your trading goes. Can you share in one response what country you are in, what prop firm you are using, account size, what EAs you are using, did you have to get approval to use EAs, what you did to get the EA approved? I know you have shared some of this in the above responses but it would be helpful to other traders to be able to review all this information in one response. I would like to use your experience to share with others.
Thanks!
Alan,
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