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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,
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,
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 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 Nicholas,
You understand steps 1 – 6 correctly. You can run the top 1 EA or even the top 3. If you decide on the top 3 you need to adjust the risk so the risk to the account is limited to 1%.
The idea of testing on a 10K account and then moving to a 50K account is a good idea.
Another strategy would be to first test in the 10K account and then move the best performing EA’s to another 10K account. This would give you a chance to learn how to increase lot size and see how the EA’s continue to perform. If you blow the account then you haven’t lost so much. Once you feel confident running the EA’s in the second 10K account then move them to a 50K account.
Another strategy you could just open the 50K account set your lot size to a small size such as 0.01 lots so you won’t do any harm to the account. Then once you identify the best performing EA you can add that EA to a different chart and change its magic number. This way you can still monitor the performance of all EAs because they will all have the same small size lots. This approach would save some money. Hope this is clear!
Alan,
Hi Dylan,
If you want to increase new position size then you will need to increase max position size so that it is equal to the new position size.
Alan,
Hi Dusktrader,
For the v4.3 EA’s just divide the recommended lot size according to you account size by 3. For example, for a 10K account the lot size is 0.33 lots. This will limit your risk if you are trading just one EA to 1%. So if you are trading 3 EA’s and you want to limit your account risk to 1% then you must divide evenly between the 3 EA’s. So each EA would then need to use 0.11 lots.
For V5 use the set files to determine the lot size for each of the three EA’s. Then divide each EA’s lot size by 3.
Alan,
Hi Thorsten G.
The new FTMO V5 EAs have additional indicators built into them. As a result it may take more time for all the indicators to line up and provide trades. While the new EAs have additional indicators built into them when they do provide trades the trades should better results.
Alan,
Hi Andreas K.
I am testing how long a given EA can be traded. The longer testing also shows new traders that even through an EA could go through a long period of drawdown and stagnation that it doesn’t mean the EA is not working anymore. For example, this EA went through a period of approximately one month but then started profiting again. As of the first of this week I started trading this EA in a live FTMO challenge and will continue to show bi-weekly status.
Also, this next Monday I will be trading V5 in a live FTMO 10K challenge and will be reporting bi-weekly progress. I am also trading V4.3 in a live FTMO 10K challenge but have not been reporting it status.
Alan,
Hi vinnysvinyl,
Risk is based upon the account balance. You will need adjust the lot size to the amount of risk you are willing to accept for each EA such that the overall risk to the account will not cause your account to be closed out. It is recommended that you limit the account risk to 1%. With FTMO v4.3 EAs you can divide the 6 lot limit evenly between the EAs you are planning to trade. However, with the new V5 EAs you will need to set the lot sizes based upon each EAs SL.
Alan,
