Prop GT MT4
PLEASE PAY ATTENTION BEFORE TESTING!!!
- Symbol: EURUSD
- Timeframe: М15
- Model: Every tick
It is important for the Expert Advisor to operate in the correct time zone, so before testing, you should correctly set the GMT parameter.
How to set the GMT parameter correctly?
- The setting should be made at the time when the market is open and ticks are received in the trading terminal.
- Open Google and search for "Current GMT time," then open the first website that appears and note the time (for example, it's 10:53).
- Open the trading terminal in which you will be testing and using the Expert Advisor. Open the data window (Market watch in English), and at the top of this window, you will see the time of your broker's trading server (let's say it's 12:53).
- Subtract the Greenwich Mean Time (GMT) from the broker's time and get the parameter to be set in the Expert Advisor (Example: 12-10=2, set +2 in the advisor).
PROP Controller Module.
- Collects key parameters of the Prop account.
- Monitors daily and maximum drawdown, and if it approaches a critical level, it sends a command to close all orders to prevent the account from blowing up.
- Prohibits opening orders on the current day if the drawdown approaches a critical level.
- Monitors profit and sends a command to close all orders if the account's profit exceeds the specified target.
- Prohibits trading until the Expert Advisor is restarted if the account is already in a profitable position.
Input Parameters of the PROP Controller Module:
- Broker's time offset relative to GMT - offset of your broker's trading server relative to Greenwich Mean Time
- Money management type - sets the money management settings. Fixed lot - in this case, the lot of orders will be equal to the value that is set in the Fixed lot parameter. In that case, Risk per transaction - then the lot size is calculated relative to the size of your deposit and the maximum risk per transaction, the size of which you set yourself in the Risk per transaction parameter (%).
Parameters related to PROP Firm rules.
- Prop Challenge On - the parameter includes control of drawdowns and deposit income in order to fix losses in time and not blow up the account, as well as fixes profits and prohibits the adviser from trading if the specified profit was reached for the passage of the challenge.
- Prop daily drawdown - sets the maximum size of the daily drawdown according to the Prop firm rules. If the drawdown approaches a critical one, the EA will close all trades and will no longer open new trades on that day. (The request for closing transactions is sent 0.1% before the critical one)
- Prop max. drawdown - sets the maximum drawdown size according to the Prop firm rules. If the drawdown approaches a critical one, the EA will close all transactions and will no longer open new transactions until the trader corrects the situation himself. (The request for closing trades is sent 0.1% before the critical one)
- Prop Phase Target % - sets the amount of profit as a percentage to complete the challenge. When the specified drawdown on the account is reached, the Expert Advisor stops.
Manual trading settings
- StopLoss - sets the stop size for trades opened using the trading panel on the chart
- TakeProfit - sets the profit amount in points for trades opened using the trading panel on the chart
- General TakeProfit for several orders - sets the total profit for all unidirectional trades if you have opened more than one trade using the trading panel
- Use Trailling stop - enables trailing stop for orders opened using the panel on the chart
- StopLoss distance - sets the distance in points from the price to StopLoss when using a trailing stop
- Minimum Trailing profit - sets the minimum profit amount in points at which the trailing stop function is triggered
Breakout Scalper Strategy.
PROP GT Configuration.
How to Pass the Prop Firm Challenge?
In case if the Prop Firm rules limit the challenge duration to 30 days and at the beginning of week 3 that you're not meeting the profit targets, increase the risk to 2% (Risk = 2) for week 3. If you still can't successfully complete the challenge by the end of week 3, increase the risk to 3% (Risk = 3) for week 4.
+BONUS: Trading Panel
- Trend follow
The trading panel includes two signal indicators that will indicate potential points where you can manually enter the market with 99% accuracy. The only things you need to manually monitor are:
- not opening trades 15 minutes before and 30 minutes after important news releases
- do not open a trade close to important support and resistance levels.
Account and Currency Pair Parameters:
- Currency pairs: EURUSD, GBPUSD, USDJPY
- Leverage: 1:100
- Minimum deposit: $300 USD
- EURUSD spread: Up to 8 pips