Hey traders, I thought about creating a separate post about the next part of my challenge, but they I realized this is a journey, and not a challenge for me, so I’ll continue here to keep everything in one place and hopefully be of use to someone in the future.
So I setup my next stage account today. My track record for this account is public here. 5ers gave me $7.5k funded account and the goal in brief is to reach 10% profit and never fall below 5% drawdown per day. I had a very good first day and made over 1% profit. I used only robots from the Prop Firm app but those were robots that were performing well in my $5k funded account. This time, I decided to leave the EAs do their job and close positions by themselves. Starting with 2 different USDJPY EAs and one XAUUSD, the USDJPY made 2 successful trades each and the gold was on a loss but I ended up the day with over $70 as a profit, which as I mentioned is 1% from the account target.
I think it’s a good time to explain how I measure the risk with these EAs. So, i made 2 profitable trades of around $60 each and 1 trade lost around $30. The Prop Firm EAs have 2:1 risk-reward radio meaning that the absolute value of the profit is twite the absolute value of the loss.
Because of the good start (and I’m risking 0.5% per trade, probably I’ll leave the EAs to trade automatically by the end of the week and then decide whether or not to interevent future trades manually.
Also, one thing I forgot to mention is, that I went through the prop firm terms again to be sure that they will pay me, and red about the usage of EAs again. So you can use EAs if you have the source code and if your trades are unique (meaning no one is using the same EAs). But because one of the EAs I planned to use was in the top EAs of the Prop EAs app, I decided to slightly change it in EA Studio (changed lot with 0.01, changed indicators with 1-2 as far as the strategy wasn’t changed). I will continue doing the same if my challenge goes on track. Otherwise I may just use the Prop EAs until I’m on track.
I’ll try to post a few more updates from time to time, but so far, this is my system and the way I decided to trade. And for me, I consider this as a journey because it took me a few years to finally start understanding trading and by following the challenges requirements I learned a lot and there is more to come for sure.