The Phoenix Program EA

PLEASE NOTE:  The "AUTO" function of the EA has NOT yet been activated. It's still ongoing testing. Once it becomes available, clients will get a free upgrade to EA 2.0

                       Also .... PLEASE follow the instructions below in order for the functions to work properly.

Introduction: The Phoenix Project (EA)

Our Expert Advisor is both refined and practical. It is geared towards helping the traders be constantly aware of their risk PER trade while it helps them manage that risk. The Phoenix EA has been designed to be practical, but fast in its execution. Indeed, many of the functionalities are done using ONE CLICK and the change is automatically executed on the chart. We will expand below by detailing what the EA does in areas such as Risk management, Account Protection when it comes to using a prop firm account, Ease of use and speed, Awareness of news events.

Risk Management:

The Phoenix EA will allow you to set your risk and will let you LOCK your MT4 (after having set your lot size and risk) in order to hold yourself accountable to your trading plan. Once your risk is defined and the trade entered, then your risk is SET for that pair. The EA will not allow the trader to make any modifications (such as moving SL) anymore. The ONLY way out is to close the trade.

Account Protection --- Prop Firm:

Prop firms usually have a daily drawdown limit that traders should NOT cross, if they want to maintain their account in good standing. That limit is usually 4% - 5%. The Phoenix EA manages losses in such a way that it prevents traders from hitting that DD limit that would blow their account. Once the trader reaches - 4.5% (in case the limit is 5% DD per day), the EA will close ALL pending and active accounts, then the EA will lock up. The trader will NOT be able to use the EA further, until the 24H period (based on the prop firm time zone) is over. Then the EA will unlock, and another 24 H period will start.

To use that functionality, the trader has to "activate" the 24 H button. The button then becomes green. Once the button is activated for one pair, it is for ALL the others, because the EA has to be aware of the losses and gains from the other currency pairs, so it can protect the account from hitting the maximum daily DD allowed.

Important note: The default risk % the 24H button checks is -5% DD per day. You can change that setting by left clicking on your MT4 chart / Expert Advisor / Properties / Input.

                           It is also important to make sure you select the RIGHT TIME ZONE. The default time zone for the EA is GMT+2

                           To change your Time Zone: left click on your MT4 chart / Expert Advisor / Properties / Input / Double click on the number on GMT line / click to select.

Ease of use and speed:

The Phoenix EA is designed to be fast. All the basic functionalities are presented up front and explicitly. Actions such as placing both SL and TP are a matter of just 2 clicks. Changing SL / TP location is as easy. The EA also distinguishes between ACTIVE and PENDING trades as well as Limit and Stop entries. It makes closing trades seamless and efficient.

Useful information such as spread, next candle and current set risk are READILY available for decision making and interaction. In manual trade, the SL is automatically placed with an expiring 10 seconds timer. Click "place SL" to activate.

The overall plan is to make using the EA easy, while making it a really powerful tool in the hand of the experienced trader. 

Awareness of news events:

Important setup for the news circle warning to work:

On the top menue, click on "tools / Options / Expert Advisors". From there, please check the box: "Allow WebRequests from listed URL:", click on the + link in the box, then copy and paste the following website:  https://nfs.faireconomy.media

The step above will connect your EA to the a forex news media and the circle will warn you of impending news.

ALSO IMPORTANT: Make sure you KNOW your Prop Firm time zone. You need to update the EA (in properties) according to the right time zone for your prop firm. This will be important for the cut-off time (when the 24H starts and ends). The EA's default is GMT+2 

The EA is primarily geared toward prop firm use. As such, it will indicate to traders when there is a piece of news coming up. The "i" button and the circle will be RED and will flash RED/WHITE  5 minutes before an important news till 5 minutes after the event has taken place.