Daily Drawdown Limit EA Prop Firm trading MT4
If you found this EA, it's probably because you want to get a funded account with a prop firm, but you see a rule that most of traders fear : Maximum Daily Drawdown.
I've been through this problem myself as I'm a prop firm trader and I've made a bot to solve this rule, and you can get it to solve this problem too.
How does it work ?
- When you first setup this EA, you need to input the initial deposit which corresponds to the size of your funded account. For exemple if you get a 10k$ funded account, you input 10k.
- Then, you input the maximum daily drawdown. In most prop firms, the daily drawdown is 5%, but to have a little margin you can input 4,8%. This means that the bot will stop any trades if you lose 480$ in a day. This value never changes as the calculation is not made with your balance, it is made with the initial deposit because most prop firms work that way.
- When a trade opens, it will automatically display your daily profit/loss.
- It will automatically close every position if your daily drawdown EQUITY reaches the amount you've set up before.
- If a position opens it will directly close it and this will be the case until 11PM CEST.
- When we go past this time, the daily profit/loss comes back to 0 and it can start trading again by accepting new positions.
This EA is perfect for those who do copy trading or EA trading with a prop firm because it will follow the rules the prop firm wants you to follow.
If you have any questions about it you can contact me. I answer in the day !