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Hey guys hope you are well. There are a few traders here that have passed but havent seen much results or trades or settings etc.
I also have tried many times to reach out to EATA for some guidance with settings for the EAs that actually passed as per Petko’s videos, as indeed they are promising. However, ach trader is very different in many ways and a simple default guide on settings would be nice not as a manual but mostly as a hands on experience tips on what they used and worked for them (which pairs, how many, did they use spread limit and if so what, any special settings for news, did they change any indicators settings, or SL/TP, is there a trailing feature hard coded to some of the EAs and if so which of them and is that adjustable – i had USDJPY and EURBGP if i remember correctly modifying open positions moving SL and didnt know what was going on).
There is some DD lately after “America was great again”… especially with high volatility pairs. But not sure if the EAs are better optimised so far, as maybe new pairs need to be added to move away from USD as much as possible for the next couple weeks (humble opinion). And to be fair all DD is absolutely normal and expected in trading. It is how we manage it that makes a difference.
Personally i have rmeoved all the EAs from my challenges to a demo 50k for stress testing, as they were hitting SL one after thee other, and optimised my settings on the Prop App to produce EAs based on profit factor and selected those with either the lowest DD or the most smooth equity/balance progression i could find or both (rare). As you can see in the graphs of the EAs in the App, any drops above 500$-1000$ can potentially be dangerous even at 1% risk. And this is because, in order to increase the number of trades and move the challenges faster (which should be the goal) we were told to choose the 5 best performers to trade with. The 1% risk of each trade each EA might open even if it is not at the same time, during the day will end up risking more than 1%. For example, as we speak i have a XAGUSD opened an hour ago at DD of -207 (went about -260 at some point) and while waiting on that a USDJPY opened and is in DD as well by -39. Now, i know that for 50k we should be ok up to 2500 daily (although this is not meant to be hit). Which means, that if the rest of the 3 pairs open more trades while the open ones go deeper in DD then the chances to hit EP increase. And yes we wont lose the account, but we would then need to trust the same process all over to get us from 47500 to 55000 which now transformed our 10% target of 5000 to 15% of 7500…and that’s when hopefully all the trades until then are winners and the same DD wont happen again. Which means in order to be able to recover we would need either to close any big loosing trades sooner or decide and calculate 1-3 max EAs on our set up as this should be safer. See, it might go slower but you wont get slap after slap after slap. And all the slaps will not be as loud.
It would very much help if we had faster and more frequent responses from EATA support and/or Petko directly in a channel or group, where all the traders could exchange ideas and settings so we can help each other. It would also be amazing if we had free additional indication monitoring tools to check the trend and bias on each chart so we can have a better understanding on how to intervene if we need to. It would also be amazing if we had further criteria in the Prop App when selecting the EAs such as which EA actually passed which size challenge, which settings where used and how long did it take as brief profile update on each EA.
Finally to be 100% fair and transparent, i have bought the yearly subscription of the FTMO Prop EAs and i know these strategies work and can bring results as seen in Petkos videos. So i have plenty of time to test their behaviour and set ups before i put them on a challenge again. I trust the process and the settings as generated and leave all of them as is. The only things i tweak a bit is the lot size, or spread, and maybe the account protection (daily loss, max equity, etc). However it would be great help if we had access to look the settings of successful fellow traders that passed and had maybe pay outs as well or even better Petkos full settings parameters.
So not giving up, rather taking a step back to see the bigger picture and try different things before i risk accounts again.
Apologies for the long comment :-).
Cheers, K.
Hello everyone. After the US elections the markets seem a bit all over the place. Trying 2 BTCUSD and 1 GBPUSD FTMO bots atm. Do you guys leave the default settings as is or do you tweak spread at all? I mean i leave the indicators as is and the all the entry and exit parameters as well as i trust the EA developement and creation process. Just trying to see ideas or suggestions from people that have actually been sucessful either passing or maintaining an account. Any general settings ideas or thoughts on set ups would be much appreciated. Thanx :-)
Hello everyone. After a long break with the Prop Firm Robot system, i am back to check performance and give it another try with the new features and improvements. Currently set on 10k and 25k challenges on low risk. I usually dont tweak anything regarding indicators and entry. Only risk management, account protections and SL/TP sometimes. I am not trading more than 3 charts and when hopefully funded i will pause for a week to reassess strategy. Currently due to US elections another 2 EAs i am using also had massive DD, as i believe the market will spend next 7 days as well to adjust and normalise. There are many vaariable in place when one of the top 3 economies and markets change administration as there are several policies and annoucnements that will be affected and until these are set and fixed and known, i take it the bulk of systemic traders big players will not make any significant moves and this could affect liquidity and volatility. Eventually, 15-20 days after elections things will be more stable, bear in mind xmas are around the corner as is the new year as well. And although all of these events offer opportunity the downside is price movements can be more ranging than trending and the high and lows more erratic.
FGI: on ICM live account, initial capital 200$, turned to 360$ within 2 weeks. A bit DD at the moment back to 316$ but very consistent so far. Can go 1-2 days sometimes without trades especially if news is turned on, but overall you would be looking from 3 trades to 5 per day, which can be a bit much, but this can be adjusted in the settings. Currently running it on two props as well (10k and 25k) not disappointed at all as it helped me pass my ftmo first phase.
I agree with Alan 100%. I have been a trailing stop advocate for very long time until recently. And yes it is far better to allow the trade play out completely. Yes some of the trades will be lost but overall you would be more profitable. What you can do in case you get nervous, is set up an alert on a specific profit level and if hit check manually to decide if you want to close the position there or keep an eye and close it later. Personally if the price is above 80% I would close the trade manually and live to fight another day. 😊
I agree with Alan 100%. I have been a trailing stop advocate for very long time until recently. And yes it is far better to allow the trade play out completely. Yes some of the trades will be lost but overall you would be more profitable. What you can do in case you get nervous, is set up an alert on a specific profit level and if hit check manually to decide if you want to close the position there or keep an eye and close it later. Personally if the price is above 80% I would close the trade manually and live to fight another day. 😊
I agree with Alan 100%. I have been a trailing stop advocate for very long time until recently. And yes it is far better to allow the trade play out completely. Yes some of the trades will be lost but overall you would be more profitable. What you can do in case you get nervous, is set up an alert on a specific profit level and if hit check manually to decide if you want to close the position there or keep an eye and close it later. Personally if the price is above 80% I would close the trade manually and live to fight another day. 😊