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I’ve only had the FTMO bot for a few weeks but its quite impressive but I do have a few Questions
Is the FTMO trading bot subject to continuous updates, and do users need to replace it on a monthly basis? Additionally, do you offer trading bots for different currency pairs or markets for FTMO or just EU?
“Is the FTMO trading bot subject to continuous updates, and do users need to replace it on a monthly basis?”
To determine if the FTMO Robot needs to be replaced I backtest it with EA Studio and look at its monthly profit. As long as the Robot continues to show good profit on a monthly basis there is no need to replace it. Lacking access to EA Studio you can also backtest the Robot using MT4 or MT5 Strategy Tester. The following is the results of my monthly backtesting using MT4 Strategy Tester:
11/01/2022 – 12/01/2022 769.50
12/01/2022 – 01/01/2023 -157.80
01/01/2023 – 02/01/2023 214.50
02/01/2023 – 03/01/2023 214.50
03/01/2023 – 04/01/2023 914.10
04/01/2023 – 05/01/2023 593.70Great Job Alan! Any progress on the money management updates? Have you tried any of the Equity Management EAs that protect the equity by closing all trades at a predefined Equity or Profit level?
Hi John,
Thanks for your kind comment!
I don’t use third party EA’s. For protecting the equity of my account I use Forex Strategy Builder Pro which is great for generating EA’s that will automatically close at predetermined equity levels and profit levels.
Also, I don’t have any news to report on the money management updates at this time.
Thank you Alan..(-:
Have you found any EAs that are consistent enough to beat the Prop firm challenges or stay within the drawdown rules?
John: “Have you found any EAs that are consistent enough to beat the Prop firm challenges or stay within the drawdown rules?”
That’s the problem I had with using EA’s I had created with EA Studio was the drawdown. When using these EA’s in FTMO challenge I had to closely monitor the price chart. However, when creating EA’s with Forex Strategy Pro it has the ability to set the maximum account drawdown. For example a $10,000 FTMO challenge cannot fall below $9,000. So I can set the EA to close if it falls to say $9500. I have created a few EA’s now with FSB Pro and I am testing them now. Hopefully, this will allow me to set up an FTMO challenge and then walk away for a month. Also, the daily drawdown needs to stay less than 5% of account balance. FSB Pro can also do this. So, the only way I know to stay within the drawdown rules is to create them using FSB Pro.
Hey Alan,
Thanks for all of that! I am also working on a new and improved version of the FTMO Robot that I replaced with the FSB pro, I added a few additional indicators and I am also using the option to close trades if the account drops below $9500.
After the tests, I am planning to go for the 200k challenge with the robot. Will keep you updated!
Thank you Alan! I really appreciate the help!!…(-:
1) How do you handle the news if the Eas have open positions?
2) What if the FTMO EA hits a winning trade at 1% when you are away from the computer or are sleeping? How do you handle the money management part then?
John
Petko,
Thank you for the great courses! I have them all. They are informative, to the point, and very thorough with lots of examples. Your teaching style is great!!
If you need help testing the new FTMO EA, I would love to help! I am adding an equity management EA to the account I am using with your current Prop firm EA. It will turn off auto trading and close all open positions at any predefined loss limit and any predefined profit level.
Thanks Again…(-:
John
Hey John,
Glad to hear from you.
I personally do not worry if I sleep and there are open traders or EAs trading during the news. We backtest the EAs with the complete Historical data (the news is included).
I am working on a new FTMO EA version with some extra inputs – max drawdown and max spread, which is better than a news filter in the first place. I will update the course as soon as I am ready with it.
John,
Answer to question 1: Like Petko says, when creating EA’s the backtesting includes all the news. Like Petko, I simply let the EA’s run 24/5.
Answer to question 2: Not sure I understand the question. Please rephrase the question for better understanding so I can properly answer.
Alann,
Thank you Alan.
In question 2, I was asking about the money management portion of Petkos FTMO course on Udemy. It says to scale up after a win, letting your profits ride, needing 2 consecutive wins to beat the challenge. My question is what if the Ea closes out a winning trade and enters another while you are not watching the chart to scale the lot size after the winning trade.
Another question when you can please ….When trying to make the Dukascopy data match a broker….Where do I find the point value it ask for in EA Studio? I can not find it in the contract specifications on MT4 or any of the brokers websites.
Thanks again for all of the help!
Hi John,
I think question 2 would be better answered by Petko as it pertains to his money management method for FTMO.
About your other question. Use the Data Export script. https://eatradingacademy.com/software/expert-advisor-studio/ Then you can open the appropriate data file at File>Open Data Folder>MQL4>Files. Then open a data file. For example: EURUSD15 with notepad. Then look for Point Value. For example: “pointValue”:1.00000.
You can also import the data files into EA Studio and all the data, point value, swaps long and short, etc, will be added to the symbol settings.
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