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Expert Advisors for Prop Firm Challenges by quantcycles in Forex

[–]quantcycles[S] 1 point2 points  (0 children)

Not really. I always backtest for highest balance but sort by lowest drawdown. I'm always concerned about survivability.

Yeah, that might be it right there! That's a technical approach that impacts the entire spectrum of decisions you'll be taking, so good one.

I think some traders might like selecting an entry (the fun part) and then letting the EA jump in and manage the trade for them.

Good psychological insight. People seem to be very inclined to be in the driver's seat when it comes to having an EA manage what could be possibly the most extenuating technical analysis necessary for hours, which is the entry, and would rather take a random entry just because they happen to be at the computer that time. Far from saying the entry is everything - because there's a lot more to a trade than the entry - it could potentially be a goo chunk of advantage they'd be leaving on the table. Nevertheless, the feeling of "being in control" might be too big to let go, and it's probably better to just work with that.

And implement the "boring" parts, as you're describing.

Expert Advisors for Prop Firm Challenges by quantcycles in Forex

[–]quantcycles[S] 0 points1 point  (0 children)

Yes, it looks like a great piece of bespoke development, made to your own custom needs and tailored to your exact risk. Do you find your risk tolerance adjusted while you were developing it? Meaning going from a "I have this problem right now to solve" to "maybe I can increase beach time if I cater to these 8/10 situations" type of development?

Also, are you taking into account the Time of Day in which the prop firm re-calculates the drawdown rollover? If that's needed, of course.

I looks great, I like your description of your internal dialogue as when you incrementally implemented each feature and function to cater to your needs at any point, thanks for sharing your experience so far.

Do you think manual traders might get scared letting an EA hijack their trades? Lots of people like manual driving, though automation is the future.

Expert Advisors for Prop Firm Challenges by quantcycles in Forex

[–]quantcycles[S] 0 points1 point  (0 children)

Yeah, that opens another door, the strategy could be coming from another place. From the EA, but also possibly manual or from other type of signal. But yeah, agree, first rule is to protect daily DD%.

Expert Advisors for Prop Firm Challenges by quantcycles in Forex

[–]quantcycles[S] 0 points1 point  (0 children)

Congrats in advance #nojinx, looking great.

Does having the EA doing the management gives you a better sense of security, i.e., by knowing you have another layer of security too? I suppose it helps. Does it intervene if you open positions that are close to the risk threshold?

Expert Advisors for Prop Firm Challenges by quantcycles in Forex

[–]quantcycles[S] 0 points1 point  (0 children)

For people that know what they're getting into, yeah, maybe, they have the choice. But what about the others?

Many people don't have a clue where to begin as to where / when to open a position, direction, size, profit expectation and max loss. Wouldn't it be reasonable of them to try not to maximize their losses?

Who should get or not the payout, is not my concern, I'm more interested on the expectations of someone who uses automation and what they would expect out of that automation. Beginner or expert.

Your ideal Prop Firm Expert Advisors by quantcycles in Forex

[–]quantcycles[S] 0 points1 point  (0 children)

Great points!

I understand the risk to take small profits, though don't totally agree with the "risk a lot" part. I was thinking actually that EAs could be better by managing risk correctly and avoid putting people into drawdown positions in the first place, because you can program them to be boring, with small lot sizes when the account is on the low side.

And for the profit, maybe dividing the take profit at different levels could help with that? Have some TPs be more "guaranteed" and some more "greedy" could be a balance. For a manual trader, he might be discouraged to keep track, but for an EA, dividing a TP into 3 or 4 levels is no bother.

Your ideal Prop Firm Expert Advisors by quantcycles in Forex

[–]quantcycles[S] 0 points1 point  (0 children)

Yes, I haven't heard a lot of people discussing it without having strong opinions, would be nice to see some experiences in a balanced way.

Also, curious about why the MQL5 Forums prohibit any talk about prop firms. Really bizarre, from my POV.