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Anonymous
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Experience lesson: yesterdays gold super bullish move to a new high, besides eating away all my previous wins of the week, really was the proof and lesson I needed to understand how to better manage the FTMO Prop EA trading. See the SL/TP range is huge and by design that is to allow the XAU movement towards TP. However, as of yet the TP has never been hit, whereas SL sometimes and if not the open trade stays well within loss until it reverses to profit. Sometimes the EA will close the trade early and open opposite direction but not if it doesn’t get the required opposite signals. Now here is the breakdown for me: you shouldn’t allow the EA to go over 100$ in loss with XAU especially if you are running it on default protections with no spread/max lot/max open positions protections. If the EA has opened a wrong direction position, I would let it run up to 100$ loss and most likely close the trade and possibly open a new one manually to the opposite direction as this movement is a strong indication of the trend going the other far the other way and until it comes back that is usually the profit direction. I have noticed that if the pair is chopping there is no real danger as it will definitely return to the opening direction soon. But if the pair is trending and trending strongly, then it won’t come back anytime soon and I would need the opposite direction to match my losses and also gain some profits. So the way the EA trades when loosing at least with XAU, can be used as a strong confirmation to either hedge with an opposite direction manual trade so you can offset the loss to breakeven and even gain some profit while waiting for the reversal or if you want to play it safe simply close the wrong direction after 80$-90$ loss and open an opposite direction IF the chart is showing strong trend and high volume on that trend. The EA usually opens the correct direction but because the SL/TP for XAU is huge you should really be careful when the trade is not going the right way. This supposed to be a bearish move but turned out to be the most impressive bull trend I have seen the last couple weeks with any pair. Due to work commitments I wasn’t on my PC to make changes and caught this late on my mobile after the open loss was about 380-400$, so at that point I had to let it play out. But since it wasn’t coming back this morning and the SL was at about 500$ I closed the trade, as it was affecting all three of my challenges. Thankfully nothing else was open so this move didn’t activate my EP, however I think I ll pass todays trading as the losses counted on todays trading and if another one like this happens it could be an issue. Please note so far the EA has been very successful and was able to manage it correctly. But it needs monitoring like that as sometimes it will be very wrong although its calculations are correct but the market is not playing ball as it has a mind of its own and can go either way without notice.XAU wrong (real-live) bullish move 09/05/24

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