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FXIFY 50K One Step Challenge
In the FXblue Stats below I am showing the trailing 7 day statistics of my FXIFY 50K one step challenge. In this challenge I am using the Prop Firm app robots. I am selecting the robots on a daily basis as necessary using the one week charts. Based upon the current statistics I should be able to complete this challenge in about three months.
Alan,
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FXIFY 50K One Step Challenge
In the FXblue Stats below I am showing the trailing 7 day statistics of my FXIFY 50K one step challenge. In this challenge I am using the Prop Firm app robots. I am selecting the robots on a daily basis as necessary using the one week top 3 or 4 robots. Statistics show this challenge gains 4.5% per week. Based upon these stats I should be able to complete the one step challenge and get funded in the next week or two.
Alan,
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FXIFY 50K One Step Challenge
In the FXblue Stats below I am showing the complete 40 day statistics of my FXIFY 50K one step challenge. Over the last few weeks the challenge has been going through a stagnation period with a small drawdown. It now looks like the challenge is starting to profit again. I started out using the Prop Firm robots but have changed to using robots I created using EA Studio. I will either use Prop firm robots or my own robots going forward based upon which ones I think will do better. Over the last few weeks I have not been updating the robots on a daily basis but changed to updating them on a weekly basis. Statistics show this challenge has 4.0% monthly return on average over the last 40 days. Based upon these stats I should be able to complete the one step challenge and get funded in approximately one more month.
Alan,
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FXIFY 50K One Step Challenge
The FXblue Stats below shows the complete 47 day statistics of my FXIFY 50K one step challenge. To pass the challenge the account equity needs to reach $55000. As can be seen the account has approximately $1662 to go. In this challenge I am using a combination of Prop Firm robots and robots I created using EA Studio. The stats show this account has an average monthly return of 4.8% which indicates the account should easily become funded in less than a month. However, I have a problem! The FXIFY prop firm has now migrated my trading terminal to DXTrade which means I can no longer use my robots. So, what I am going to do is to use my Infinity Forex Fund funded account and copy trade to my FXIFY challenge account. To do this I need to move my robots from my FXIFY account to my IFF account. However, I am not so nieve to think I can just move my robots from my FXIFY account to my IFF account and they will continue to trade as normal. So I back-tested all my FXIFY robots using EA Studio to see how they perform using the Infinity Forex Fund historical data. In doing so I found that the robots did not perform as well with the IFF historical data as they did with the FXIFY historical data. So I need to make some changes to the robots before I can continue with my FXIFY challenge.
Alan,
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FXIFY 50K One Step Challenge
This week I learned Infinity Forex Fund (IFF) is switching from using the MetaTrader trade terminals to using the DXTrade terminal. So I will not be able to use the MT4 terminal in IFF to copy trade to my FXIFY 50K One Step Challenge. As a result I will now continue with my FXIFY prop firm trading account by copy trading from my forex broker account using my MT4 terminal to the DXTrade terminal. I will start posting trade statistics next week.
Alan,
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FXIFY 50K One Step Challenge
Hi Traders,
Over the last few weeks I have been busy creating Expert Advisors using EA Studio and testing them on my TradingDotCom demo account and testing a couple different DXTrade copiers on a couple of my prop firm accounts. I will continue my testing for the next week or two. Once I am satisfied will the results of the Expert Advisors and the trade copier I am going to be using I will once again start posting my results of this challenge.
Alan,
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FXIFY 50K One Step Challenge
Hi Traders,
On July 9th I started an FXIFY One Step Challenge. On September 20th I passed the challenge and received a 50K funded account. In this challenge I used the Prop Firm robots from July 9th until August 16th. In mid August I learned FXIFY was no longer allowing traders in the US to use Metatrader and was migrating to using the DXtrade trading platform throwing a curve ball into my trading strategy. So from August 16th through September 11th there was no trading while I figured out how to continue this challenge. I then decided to use my forex brokerage account and copy trade from MT5 to DXtrade. I then started creating new expert advisors using EA Studio. From September 11th through September 18th I continued trading this challenge using the expert advisors I created. On September 15th the expert advisors started going through a drawdown. On September 18th, to keep the challenge from drawing down any further, I decided to manual trade this challenge on the DXtrade platform. On September 20th I passed the challenge.
You can view the statistics of this challenge, the balance line, and all the trades used in this challenge by clicking on this link.
To start a new FXIFY challenge of your own click on this link.
To learn how to use EA Studio to create you own expert advisors follow the method I have developed to learn how to use EA Studio for FREE by clicking on this link.
To learn the trading method I use to pass my challenges read and study all the replies I posted to pass a 1ooK challenge by clicking on this link.
Alan,
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Actually I have another question. The prop firm robots on this page: https://eatradingacademy.com/premium-robots/prop-firm-robots/app/
Are these compatible with US trading rules or do we have to modify them so that they are?
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Hi Bruce,
Yes the prop firm robots can be used in the US. Here is the problem with using prop firm robots. They were created using BlackBull historical data. So when you use them with other brokers the results will be different from what is shown in the app. Such as, the top performing robots in the app may not be the top performing robots with a different broker. The solution I have found, if you do not have EA Studio, is to collect all the prop firm robots and put them in a demo account for at least one month. Also each week of so, new robots are added to the app. Take these robots and add them to your demo account. Keep doing this each week. After about a month you will start to see which of the prop firm robots work best with your broker. Now you can select the best performing robots to add to a live account or copy trade to a prop firm.
Alan,
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https://www.trading.com/us/mt5
https://www.trading.com/us/faq/account/opening#for-how-long-can-i-use-a-practice-account
I like Oanda.com because it lets you have 10 demo accounts that do not expire. What I don’t like about Oanda is their limited historical data. However, their is a solution to getting more historical data but I have not tried it.
Alan,
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I’m using Trading.com demo account. But I’m already convinced that it will be profitable enough for me to trade a real account. Also that was only the 1st trade.
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I would recommend waiting awhile before starting a live account to make sure your profits are not just a one time event. You will not see profits every day. Some days will be profitable and some not profitable. What you want to see is there are more profitable days than the unprofitable days. How many EA’s are in the demo account?
One thing to keep in mind “Trading is not a race, it is a journey!”
Alan,
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I figured you might say that. I guess I can let it run for a few more days. A month is too long for me.
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Just trying to be a good mentor!
The one thing that causes traders to end up losing their account is the lack of patience!
Where are you? I am in the Dallas Tx area!
Alan,
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Sounds perfect!
I use to moderate the forum but gave it up so I could concentrate more on my own trading accounts. I am still a team member with EATradingAcademy. You can see my mugshot on the team members link at the bottom of the website. I have been trading since 1985. You can click on my name under my blank picture to read a short version of my bio!
Alan,
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You don’t have profit yet as you only have one data point. Let’s see what profit your demo account has after 10 completed trades and how many of the ten trades were profitable. Then we can calculate your overall profit factor.
https://www.babypips.com/forexpedia/profit-factor
Alan,
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What I learned after two trades: If it’s trading in the direction of the trend, I can probably leave it alone. If it’s trading against the trend, it’s probably good for scalping $50-$100 at best.
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Yes you can do that, but then you distort the true trading performance of the EA and you will not learn to trust it will be profitable over the long term without your intervention. The idea of using EA’s is to let them do the trading without your intervention. But, that is your choice!
I would like to invite you to take a look at the new portfolio of EA’s I am working on so you can see what I am doing. The link shows the performance after 7 days without my intervention. It has now been trading for 11 days. I will update the performance this weekend. This is what you want! This way you don’t have to sit in front of the computer all the time waiting to manually close a trade. It also allows you to work on new portfolios in the future to further diversify your overall trading risk. If the portfolio proves to do well by the end of the year I will use it to copy trade to a 200K or greater prop firm account.
Alan,
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I appreciate this information. It’ll be helpful for me in the long-run. Now, regarding the EA I’m using, I allowed it to run overnight and during that time, it traded against the trend and I lost another trade. So I’m wondering if there is any way possible to modify the set file so that it only trades in the direction of the trend.
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Hi Bruce,
It has been a long time since I used the prop firm robots, but as far as I can remember there is no way to change the set files to only allow the EA to trade in one direction. If you had EA Studio you would be able to add a long only or a short only indicator to the source code then you could select the direction in the set file.
The EA’s are created using 5 years of historical data that includes many periods of upward and downward trends. The indicators in the EA’s have been chosen so that overall the EA’s would be profitable.
This is where using multiple EA’s help to minimize risk. The idea is that when one EA is going through a countertrend the other EA’s will be compensating for the EA going through a losing period.
In my opinion if you just want to have an EA that will just trade long or short would require you to determine the trend and then set the EA to trade only in that direction. If this is what you want to do then you really don’t need the EA you can just determine the trend and manually enter a trade in that direction.
Alan,
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