MT4 coding and EA

[hectortroy]

I've heard that most of the prop firms such as FTMO, MFF, 5ers etc does not allow custom EAs on the test challanges. Is this correct ? Can someone with any similar experience please share. I've started learning MQL4 for MT4 and also planning to learn coding language for MT5. However, the end goal is to develop my own EA and use it to pass and become a trader with Prop Firm.

It will be nice to know what strategies and games these prop firms uses to be better prepared.

Also, looking for guidance on working strategy to trade Gold using EA with at least 75% win rate and maximum drawdown of 10% or less. Would appreciate any suggestion on this as well.

Thanks in advance, looking forward to response from the community,

 

[hayseed]

I've heard that most of the prop firms such as FTMO, MFF, 5ers etc does not allow custom EAs on the test challanges. Is this correct ? Can someone with any similar experience please share. I've started learning MQL4 for MT4 and also planning to learn coding language for MT5. However, the end goal is to develop my own EA and use it to pass and become a trader with Prop Firm.

It will be nice to know what strategies and games these prop firms uses to be better prepared.

Also, looking for guidance on working strategy to trade Gold using EA with at least 75% win rate and maximum drawdown of 10% or less. Would appreciate any suggestion on this as well.

Thanks in advance, looking forward to response from the community,

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it is an absolute must to read and fully understand each prop firms rules...... not only between each firm itself, but also each account type within each firm......no two are alike and they can be unbelievably confusing.....

prop firm survival rate is probably worse than standard trading..... some publish their customer results ...... it is not encouraging......

your drawdown of 10% must be lowered...... far less than 1% will likely be needed...... simply lowering your lot size will do....... i've never blown a single funded account but it has nothing to do with my trading abilities...... it is because my lot size is small.....

ea's are most often allowed with the exception of hft ea's....... hft ea's take advantage of a technical flaw in demo accounts which is not in live accounts so it is considered cheating.......

any ea, or trading practice, that takes advantage of the firm usually ends badly...... some entire countrys are banned for the reason......

sadly, prop days might be coming to an end in the next few months for us in the states.....h