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As of this week, I currently have 2 different bot sets running the v5.0 robot:
- an OspreyFX demo account running all 8 bots using 0.01 lots only
- an FTMO trial account running only GBPAUD, EURAUD, USDCHF
The FTMO trial account is currently in 2 trades: GBPAUD and USDCHF — currently in floating profit.
The OspreyFX demo account is current in 1 trade: XAUUSD — currently in floating profit.
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So I’m suprised they would be this different. Why did the OspreyFX account not take either GBPAUD or USDCHF trade?
Cool, thanks! I figured you probably had some insight there. I don’t have EA Studio but it certainly looks like an amazing tool.
Why are you choosing between EURAUD and GBPAUD instead of trading both? Is it because you think they will both trend the same and thus double the risk?
Hi Alan, I was just curious how you decided to start with USDCHF and EURAUD – did you base this on an FX Blue or MyFXBook portfolio someone is tracking?
I’m thinking to start a FTMO trial on Monday and looking for recommendations on the best pairs to start with. I don’t have enough data yet to make an educated decision.
I see that FTMO Robot v5.0 has these settings:
- Max spread protection (points)
- Min equity protection (currency)
Can you please clarify if this understanding is correct:
- Max spread protection – this will filter out any trades where spread exceeds the points value; possibly useful to avoid news events or unexpected events in general. The default is 0 so presumably the recommendation is not to use this and also to ensure your prop account allows news trading (sometimes called “swing accounts”).
- Min equity protection – this will cause the bot to not open a new trade if the current account equity has fallen below this value. In the case of running 3 bots, this value could be updated every 24 hours, and all 3 bots would observe this policy. In other words, you could configure your max daily drawdown in currency and keep this updated daily to ensure your overall account never trades below that max daily drawdown.
Thank you for correcting any of my misunderstandings here.
Personally I plan to run each major bot release indefinitely, or at least until it drops off (for example, at some point I’ll stop looking at v4.3 and only look at v5.0 and the next version).
I place these bots on a VPS with a realistic broker similar to prop firms but on a non-expiring account. For example I’m currently using OspreyFX demo accounts (tight spread ECN broker, unsure if these accts expire). In these demo accounts I am “screening” the bots performance and I set them all to use 0.01 lots, so the accounts will never exceed any limits. Because the lot size is hardcoded to 0.01 on all bots, you cannot compare them against each other for account gains, but you can compare them for accuracy of trade (for example I look at pips gained and profit factor).
The accounts are connected to MyFXBook and I should be able to share them publicly. I also tried FX Blue but I’m not happy with their clunky interface. Seems like same metrics in MyFXBook so that’s probably where I’ll continue.
I just got serious and setup a VPS and moved into that for bot v5. I also moved in bot v4.3 just for a running comparison over time. I would like to track it for awhile and then will put it on a real challenge. One thing that I’m still trying to wrap my head around is this: if I want to use the top 3 bots only at any given time – should I divide the recommended lots into thirds? Mainly I need to understand how to ensure the collective 3 bots cannot exceed a daily drawdown such as 3 percent.
Hello, can you please confirm that restarting MT4 in the middle of active bot trading is fine, and that the bots will just pick up where they left off?
For example, if I have FTMO Robot v4.3 and there are 3 trades open… then I reboot my computer and restart MT4 — will it just continue managing those 3 open trades as usual?
Thank you
I think the answer is “yes” since you are in control of using these EAs. I am still testing the FTMO Robot(s) but if they perform well, I don’t see any reason why I wouldn’t continue using them even after passing a challenge.
Super exciting and thank you for the efforts Petko!
I am currently demo-trading the v4.3 bots since this week. They are performing well! But I don’t have enough FX Blue data to make any determinations yet.
My plan will be to upgrade everything to v5 today.
If this was an actual upgrade of live trading, I think I would have to think more about the best way to convert. For example, should I let all the v4.3 bots close their positions before replacing? Or should I just kill all positions and let the new bot start fresh.
Ahh! I see Petko already answered this question. Just watched this video: https://www.youtube.com/watch?v=QCNWanYW9Do
Spoiler: he doesn’t risk real money during December for manual or bot trading (at least per this video)
Can you please clarify the difference between these settings:
- Account Percent Stop (default is set to 4.9)
- Stop trading at min account (default is set to 0)
- Ensure maximum Stop Loss [point] (default is set to 0)
Ideally I would like to know how to achieve this:
- ensure bot ever exceeds 5% daily loss
- ensure bot stops trading before exceeding a lifetime drawdown such as 15%
Thank you