Hi Calebfg256,
Answer 1: Before you select a Prop Firm robot you need to make some choices to set up risk and profit target. See image below. You need to select the size of your challenge. You need to select the Max loss, Max daily loss, and Profit target according to the requirements of your challenge. Then you need to determine risk, Low risk, Medium risk, or High risk. Then you need to decide if you want the robot to trade during news events so you need to select the New filter you wish to use.
Answer 2: If you select robot EURUSD M15 for example, then you need to put it on a M15 chart.
Answer 3: To pass a challenge, or to be a successful trader using a brokerage account with robots requires three things: 1. A good robot. The Prop firm robots are very good robots and have been backtested to show they can product profits. 2: A trading strategy. It is a well know fact in professional trading that all traders need to develop their own trading strategy. What works for one trader does not often work for another. If one strategy was to work for everyone, that trader could sell his strategy and we would all get rich. However, it does not work like that. The majority of traders end up losing their accounts. So, my advise is to practice on a demo account until you figure out your strategy for trading. The demo account could be with a forex broker or the prop firm FTMO has a demo account. 3. Risk diversification: Professional traders never risk more than 2% or their account on any one trade or robot and they never risk more than 6% when trading multiple robots at one time. Professional traders never put all their eggs in one basket. So trade more than one robot so that if one robot is drawing down the other robots might be profiting offsetting the loss.
Hope this helps!
Alan,