Prop Edge Gold Starter
- Experts
- Nuno Madeira Amaro Pire Costa
- Version: 1.13
- Updated: 15 July 2023
Gold mid-trend scalper with exceptionally conservative risk management to succeed entry stages of the prop firm environment (ACCOUNTS UP TO 10k)
- EA manages risk to respect the allowed absolute DD on aggressive risk option
- EA tightens the risk to minimize relative DD on conservative risk option
- EA can use fixed risk option for non-prop
ATTENTION:
- This EA will be free to use until 15/09/2023, after which date will be rentable for 1 year for $30 and sold for probably $75
- This is an EA small accounts, up to 10k starting capital. Equity over 15k is ignored.
- for accounts between 15k and 50k please consider trying Prop Edge Gold 50
- for accounts over 50k please consider trying Prop Edge Gold Pro
General EA marketplace advice:
- Never rent before you demo
- Never buy before you rent
- Never use on a prop firm an EA that shows over 5% Max DD unless they let you
- Never use on a prop firm an EA that shows over 10% Relative DD unless your test period is multiple years long
- Never trust backtest results with under 100 trades since it is not statistically significant - just test for longer period
Not suitable for:
- 30, 60 or 90 day challenges
- brokers where XAUUSD is regularly over 25 point spread
- Accounts over 12k initial balance (due to scaling capped at 15k equity)
- Accounts under 20 leverage (due to lack of margin)
Suitable for:
- Blue Guardian - Unlimited up to 10k
- CTI - Instant Funding up to 10k
- CTI - Direct Funding up to 10k
- Finotive Funding - Challenge up to 10k
- FTUK - Instant Funding up to 14k
- FTUK - Evaluation up to 14k
- Funded Academy - Extended up to 10k
- Funded Trading Plus - any program up to 10k
- MyForexFunds - Rapid up to 10k
- MyForexFunds - Evaluation up to 10k
- the5ers - Instant Funding up to 10k
- Traders With Edge - Turtle up to 10k
This EA is an update of my old MT4 EA, which I had to create when my prop firm announced they would be disabling MT4 down the road in favour of MT5. Since this EA is meant to use on prop firm environment, equity conservation is of higher priority than quick profit at any risk. Risk management is the true edge of this EA.
This EA is meant for those starting their prop firm journey, on small accounts up to 10k starting balance, with one digit max drawdown and not a rushed schedule of 30, 60 or 90 days to hit profit target. For bigger accounts over 15k there is the Prop Edge Gold 50 and over 75k the Prop Edge Gold Pro which works 100% the same way but better due to having more margin and without the equity scaled down to 15k.
Unfortunately most EAs on the market manifest a 10% to 35% max drawdown which is not at all permitted on a prop firm environment. Even most EAs named "Prop" fail due to what prop firms consider a drawdown violation.
This EA generates enough profit to reach profit targets up to 10% in 3 to 6 month without any risk or drawdown violation. It is enough to scale up prop firm accounts two to 3 times per year. If your prop firm requires low relative drawdown, make sure you use the "Conservative" risk option.
Backtest instructions:
Make sure you set account size, leverage and XAUUSD on the tester;
Mandatory Configs: Initial AUM Balance, Profit Target, Stop Out and Risk Option;
I recommend running 2-3 years to make it statistically relevant;
I recommend testing on 10k to 25k account so that the 60k equity scale cap will lower long term test results;
Will work above 60k but will be scaled to 60k, both in backtest and real markt;
Everything else is either optional or I recommend leaving alone;
Future version plans:
- add more CPM if/when requested on the comments
Looks good so far. I will add an update after more trades!