Gold mid-trend scalper with exceptionally conservative risk management to succeed in prop firm environment
New Version 1.1: Fixed an issue with some brokers with irregular Tick_Vaue that was messing the lot Size calculation; Added request price to order comment to track execution slippage
- 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 traders to manage their own risk
- I am told it can be optimized, but I do not want to "curve fit" so I leave it as I use it
- You are meant to demo this EA first.
- Then you rent it for 1 month to confirm that the performance is there.
- Then you rent for 6 month to complete your prop firm's stage and scale up.
- No need to buy this EA, since you will scale yourself up in less than 7 month for the price of $150 ($21 per month). Consider the Prop Edge Gold Pro for your new account of much higher balance once you scale up.
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 50k initial balance (due to scaling capped at 60k equity)
- Accounts under 5 leverage (due to lack of margin)
Suitable for:
- Blue Guardian - Unlimited up to 50k
- CTI - Instant Funding up to 50k
- CTI - Direct Funding up to 50k
- Finotive Funding - Challenge up to 50k
- FTUK - Instant Funding up to 40k
- FTUK - Evaluation up to 40k
- Funded Academy - Extended up to 50k
- Funded Trading Plus - any program up to 50k
- MyForexFunds - Rapid up to 50k
- MyForexFunds - Evaluation up to 50k
- the5ers - Instant Funding up to 40k
- the5ers - Bootcamp first 2 stages of 100k
- Traders With Edge - Turtle up to 50k
Passes any of these in 4 to 6 months. My suggestion is to join 3 of those and pass all 3 at once.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 50k 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 75k there is the Prop Edge Gold Pro which works 100% the same way but without the equity scaled down to 60k (to allow 50k start to grow 20% before scaling cutoff).
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
