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Personally I plan to run each major bot release indefinitely, or at least until it drops off (for example, at some point I’ll stop looking at v4.3 and only look at v5.0 and the next version).
I place these bots on a VPS with a realistic broker similar to prop firms but on a non-expiring account. For example I’m currently using OspreyFX demo accounts (tight spread ECN broker, unsure if these accts expire). In these demo accounts I am “screening” the bots performance and I set them all to use 0.01 lots, so the accounts will never exceed any limits. Because the lot size is hardcoded to 0.01 on all bots, you cannot compare them against each other for account gains, but you can compare them for accuracy of trade (for example I look at pips gained and profit factor).
The accounts are connected to MyFXBook and I should be able to share them publicly. I also tried FX Blue but I’m not happy with their clunky interface. Seems like same metrics in MyFXBook so that’s probably where I’ll continue.
I see that FTMO Robot v5.0 has these settings:
- Max spread protection (points)
- Min equity protection (currency)
Can you please clarify if this understanding is correct:
- Max spread protection – this will filter out any trades where spread exceeds the points value; possibly useful to avoid news events or unexpected events in general. The default is 0 so presumably the recommendation is not to use this and also to ensure your prop account allows news trading (sometimes called “swing accounts”).
- Min equity protection – this will cause the bot to not open a new trade if the current account equity has fallen below this value. In the case of running 3 bots, this value could be updated every 24 hours, and all 3 bots would observe this policy. In other words, you could configure your max daily drawdown in currency and keep this updated daily to ensure your overall account never trades below that max daily drawdown.
Thank you for correcting any of my misunderstandings here.
Hi Petko! I just purchased this EA 2 days ago and have set it up on my 100K Funded account I have adjusted the set files to lower the R/R ratio to 25/80 in pips and lot sizes to 2.0 fixed lot. I wanted to ask if will you be coming up with set files for funded account?
Hi Dusktrader,
Max spread protection setting is up to you. Taking trades during high spreads can lead to lower profits and higher losses.
In my EA’s I don’t enter trades for the first 3 hours after the market opens for the day. Adjusting spread protection could do a similar thing, its up to you.
Your strategy for equity protection is perfect!
Alan,
Hi joeljay,
The demo account and the funded account have the same Max daily loss and the Max loss so there would be no reason to change the set files. However, you can always increase or decrease the risk based upon the risk level you feel comfortable with.
Alan,
Hi Alan, I was just curious how you decided to start with USDCHF and EURAUD – did you base this on an FX Blue or MyFXBook portfolio someone is tracking?
I’m thinking to start a FTMO trial on Monday and looking for recommendations on the best pairs to start with. I don’t have enough data yet to make an educated decision.
Hi dusktrader,
The decision was made by backtesting on EA Studio using FTMO historical data over the last 1 year and 1 month. I think I will start with USDCHF and GBPAUD. I am tossed between EURAUD and GBPAUD but I am thinking about going with GBPAUD.
Alan,
Cool, thanks! I figured you probably had some insight there. I don’t have EA Studio but it certainly looks like an amazing tool.
Why are you choosing between EURAUD and GBPAUD instead of trading both? Is it because you think they will both trend the same and thus double the risk?
EURAUD has smaller drawdown but only trades approximately 1 trade per week. I like the idea of a smaller drawdown.
GBPAUD has larger drawdown but trades approximately 2 trades per week and has two times the profit over the last one month. I like that it provides twice the profit.
I suppose I could trade both of them so that their pluses and minuses will be averaged. If I do this then I will need to reduce the risk of EURAUD :o( Compromises!
I think I will stay with USDCHF and GBPAUD and let their pluses and minuses average out!
Alan,
You should have received an email with the new link and password.
If you haven’t, please, drop an email at [email protected] and my team will send it to you.
Hello Nicholas, you can go to Account > Order and click on the order number to see the information from the confirmation email and get access to the robot.
Kind regards,
Marin
Hey Alan
Thank you very much for your in depth answer, much appreciated and it does make sense. Always a good thing to have a support community thats been through the process! Thanks agin.
<span style=”vertical-align: inherit;”><span style=”vertical-align: inherit;”>BONJOUR je ne vois rien pour le bot ftmo v5, c’est normal
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