Is there a reliable, proven, prop firm EA? - page 3

New comment
 
Fernando Carreiro #:

If you are referring to Market EAs, then that I cannot answer. You will have to research the EAs and test them yourself to find out.

As for private individuals using their own EAs, programmed by them for their own strategies, then the answer is — yes there are many. However, none of those individuals are interested in proving their worth to you or showing their trade history. Why would they?

They are producing the necessary gains by themselves with the prop-firm funding, so they have no interest in sharing that skill, except maybe with family and close friends, or people they trust. They achieved the necessary skill and knowledge by themselves through dedicated effort, so most will expect that others should do the same if they want to succeed.

I agree with your words, but you're indirectly suggesting that all the EAs on the marketplace of MQL4, whether paid or free, are junk. Interesting :)

 
anuj71 #:

I agree with your words, but you're indirectly suggesting that all the EAs on the marketplace of MQL4, whether paid or free, are junk. Interesting :)

In fact the materials on the web cannot make you money but still they are ideas worth to be processed by individuals seeking knowledge and expertise.
 
The prop firm I use do not allow commercial EAs, only those that you have coded yourself. This is so they know that you understand your strategy fully and are not dependant on an EA
 
Yashar Seyyedin #:
Sometimes I think if somebody finds such profitable strategy would he even feel comfortable to run it on an account and trust the broker. Or even trust the trading platform.

if profitable strategy is made of grid or martingale, broker or platform can never decode the buying or selling power of client, if its just one time buy sell, it can be manipulated by anyone if large qty are exposed on order book.

 
Arpit T #:

if profitable strategy is made of grid or martingale, broker or platform can never decode the buying or selling power of client, if its just one time buy sell, it can be manipulated by anyone if large qty are exposed on order book.

The problem is even if the orders are not big when the strategy goes widespread it becomes big and loose it's profitability.
Maybe this is what they call over fitting. When a strategy becomes so clear on chart that everyone can recognize it. Too many people seeing it and applying it causes the game to change.
 
I am an EA developer and I can't see that EA could help in the prop trading. Prop Firm wants professional trader not professional EAs. I myself trade prop account manually not EA.
 
While prop trading firms may prioritise professional traders, it doesn't mean that EAs cannot play a complementary role in enhancing trading efficiency, diversification and risk management.

The optimal approach might be a blend of human+EA -- whatever it takes to meet the targets, day after day, month after month, year after year. 
 
Fernando Carreiro #:

That is not true. You can easily trade with an EA with such low drawdown limits. Obviously, EAs that don't apply proper risk management will fail.

So, the issue is not because of EAs, but because of traders and/or coders that don't know how to apply proper risk management in their EAs.

Apart of in EA risk management you can use external trade managers- plenty of those on MQL5 including free ones. 
What I say it is possible to achieve DD below 5%, but with this sort of risk setting your profit will be very little. 
Fernando Carreiro #:

That just goes to show that the EA does not apply proper risk management based on stop-loss and instead is only based on margin requirements.

Learn to properly apply risk management and the EA will pass challenges and continue to function long-term without any problems.

I say that taking higher risk goes with higher profit. It may be worth to blow account from time to time in order to achieve greater profit. 

Fernando Carreiro #:

Again not true. I researched 43 prop-firms and only 5 of them discouraged the use of EAs.

However, those same 5 prop-firms, would still allow EAs, provided the EA executables were submitted for testing and evaluation, and if they passed, they would be allowed for live trading.

I researched prop firms in the USA, Canada, UK, Liechtenstein, Malta, Cyprus, Czech Republic, Israel and UAE.

EDIT: Obviously, I only researched prop-firms that offered MetaTrader as a platform. I did not research others that did not.

I say that prop firms cheating on execution. They not give you money on real accounts like they lie in their adds they do. They fund payouts of challange fees. This mean that they are determinated to make you breach your account ASAP. Some people heve to make payouts ... just for PR. 

One US firm, when price reaches max widen spread for the time of one tick (to 57 points).... this cause triggering limit , stop, SL TP earlier then intended, and are executed at artificialy widen spread. It looks like slippage but it is scam.
One Czech company deley execution of order for 5 seconds, executing it at the lowest price in given time frame. 
One Hungarian prop firm have rules in T&C that they can fit all trades to them and accuse you of breaching this rules. They can't explain this rule to you, they have people to asses trades if they fall into this rule :D
One ... not sure where they are based company ... choosing random transaction in your history and saying it breaches unclear rules (strange that all of those are most profitable ones)

So all prop firms are scam. If you manage to get any payout from props ... put it ASAP on real broker and trade your way. (some real brokers cheat too ... especially unregulated broker)


123
New comment