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Hi There,
Starting out here. I was wondering if you also have setfiles for EURO SWING accounts. That would be great for us, European traders unless there’s a reason for only using USD accounts.
Let me know. Thanks
Patrick
Hi Patrick,
The same setfiles will work for both USD and the EURO. However, with the new FTMO app you do not get a setfile as the downloaded robots will have the correct settings.
Alan,
“Continue to monitor all 8 robots in the Free FTMO demo account on a weekly basis with FXblue or MyFxbook. If different robots become the top 1 to 3 performers move these to your FTMO Challenge and replace the old robots with the new ones. Once the 14 day Free FTMO demo account has expired, create a new one, and link to FXblue or MyFxbook. Continue monitoring the robots on a weekly basis to continue updating the FTMO Challenge with the newer 1 to 3 top performers.”
Dear Alan,
I have a question about that, if the first FTMO demo account expired after 14 days, I open another one, and I have to wait for an week to see which EAs are the top performer. So I can only trade for 2 weeks per month isn’t it?
Because:1st week: FTMO demo account test
2nd week: Keep tracking the performance of the demo account and can place the top performer on live account
3rd week: Open a new demo account start testing and live account closes all trades until new demo open trades and show which EAs are the top performers.
4th week: Keep tracking the performance of the demo account and can place the top performer on live account
Hi Perry,
The top 1 to 3 robots would be added to the MT4/MT5 terminal and would then continue to trade for 2 weeks or longer. Once the new demo account has determined new top 1 to top 3 robots then they would replace the old ones.
Having said this I can no longer use the FREE FTMO demo account nor can I purchase new Challenges as FTMO no longer offers them to traders in the United States. As a result I am now using Infinity Forex Funds Algo Evaluation account as IFF does not offer a demo account. So I use the Algo account to test my robots with a 0.01 lot size which is not limited to 14 days but the time frame is unlimited. Other than that I still use the plan above.
You have the same option. If you don’t want to be limited by the 14 day demo account you can purchase a 10K Challenge and use it as your test account.
Alan,
Hi everyone, @Alan
I wanted to ask for clarification.
I understood how to test the robots, the problem is that if last week (for example) the best robots were xauusd m4 eurusd m30 and EURAUD M15, the following week I put them on my account but none of these open operations… then they I go again to exchange with the best ones from the previous week and again no one opens operations… so a month has passed and I haven’t opened any operations… what am I wrong? @alannI also didn’t understand one thing, for each robot there are different time frames, for example XAUUSD there is m5/m15/m30 which should I test on the demo account? all pairs with m5? all pairs with m30? so you can’t get out of it anymore
Hi fabber,
I know this can get quite confusing. I trade the Prop Firm app robots a little differently. I put all 14 robots on my trading account. I set the lot size to 0.01 lots and trade all of them for one week. I then pick the top performers and then change the lot size back to what it was when I downloaded the robots. The following links should give you an idea on how I trade the robots:
https://community.algotradingspace.com/forums/topic/recommended-forex-pairs/#post-236573
https://community.algotradingspace.com/forums/topic/recommended-forex-pairs/#post-239251
Also, there are three versions of XAUUSD. There is XAUUSD M5, There is XAUUSD M15, and there is XAUUSD M30. The XAUUSD M5 goes on the five minute chart, the XAUUSD M15 goes on the fifteen minute chart, and the XAUUSD M30 goes on the thirty minute chart.
Alan,
Do we need to allow for the indicators to show on screen for the EA to take trades or this is not affecting trading?
I have added 3 top performers from the app for the last 2 days have not opened any trades yet. Please advise.
Hello everyone. 2 questions :
1. do we “mess” at all with the entry protections or leave them all to zero?
2. Could we add a trailing (indicator calculated or fixed points) for longer trades to have the EA monitor any significant profits rally so it can protect some profits in case things start to go the other way?
Cheers 🙂
Hi Konstantino,
Answer 1: If you are using the Expert Advisor to trade with a Prop Firm then I would highly recommend setting up protections to keep from the possibility of losing your account. However, if you are using the Expert Advisors with a demo or live account with your forex broker then the decision of using protection is up to you.
Answer 2: After years of creating Expert Advisors Petko has learned there is no advantage of using trailing stops, in fact, it can actually cause the trader to lose more trades. Here is the reason: In the majority of trades the market will draw down by a percent or two before trading in the positive direction. With trailing stops this could cause your trade to stop out with a loss instead of going on and becoming profitable.
Alan,
Thank you Alan. Regarding entry settings, I was wondering why by default these are all zero although if you set them up you would get safer trades but also much less activity. The bot is set not own many trades at the same time anyway, and the schedule and news and equity protection filters that are on by default can offer significant protection I believe. This is why max spread, max open positions and max lot can be both good and bad. Also, I usually cut the lot size suggested by 40-50% to make things even safer. So was wondering maybe the entry protection is a bit overkill if the activity of the bot would be further restricted as from monthly to daily sets the amount of trades fall to 1 trade (month-week-day) although usually the DD is much lower than Y1 or Y5 which offer more possibilities of trading due to larger history data with also better correlated balance-equity graphs.
So I would usually select 1-3 top performers tbh either M or Y1 and avoid W or D most of the times and use them only for confirmation and verification for my selection of the top performers. I would also avoid putting more than 3 bots on same account at the same time and avoid increasing lots at least until I hit a minimum of 3 consecutive wins which then go and scale a bit higher.
Now regarding trailing I do agree that usually will eat to your profits but at least it won’t run you to SL or bigger losses if set correctly. In general manual setting of the SL when the trade is going good is better as well as maybe adding the MT trail after your position is at least 1/3 in profits run.
I may have found a bug in the prop robot app: when selecting a different amount for trading capital one would assume that the oder of the robots do not change while in the same timeframe … that is true for all amounts but the $10K: the best robot stays the same but from then on the order is different from all the other amounts … please look into that … thank you!
Hi rasa,
This is not a bug but how the prop firm robot app works. As you change the account size the profit in “dollars” changes and this then can change the order of the robots from most profitable to least profitable.
Alan,
Hello Guys. Do you adjust entry time or entry protections at all? I am trying to research and monitor spread behaviour and best entry time settings for XAUUSD, EURUSD and EURAUD. Any thoughts ideas much appreciated 🙂
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