Prop GT MT4

 

PROP Controller Module

In order to limit risks, the Expert Advisor includes a special module that collects profit and drawdown metrics of the account. The main tasks of the PROP Controller module are as follows:

• Collects key parameters of the Prop account.
• Monitors daily and maximum drawdown, and if it approaches a critical level, it sends a command to close all orders to prevent the account from blowing up.
• Prohibits opening orders on the current day if the drawdown approaches a critical level.
• Monitors profit and sends a command to close all orders if the account’s profit exceeds the specified target.
• Prohibits trading until the Expert Advisor is restarted if the account is already in a profitable position.

 

Input Parameters of the PROP Controller Module:

• Broker’s time offset relative to GMT – offset of your broker’s trading server relative to Greenwich Mean Time
• Money management type – sets the money management settings. Fixed lot – in this case, the lot of orders will be equal to the value that is set in the Fixed lot parameter. In that case, Risk per transaction – then the lot size is calculated relative to the size of your deposit and the maximum risk per transaction, the size of which you set yourself in the Risk per transaction parameter (%).

OP Firm rules.

• Prop Challenge On – the parameter includes control of drawdowns and deposit income in order to fix losses in time and not blow up the account, as well as fixes profits and prohibits the adviser from trading if the specified profit was reached for the passage of the challenge.
• Prop daily drawdown – sets the maximum size of the daily drawdown according to the Prop firm rules. If the drawdown approaches a critical one, the EA will close all trades and will no longer open new trades on that day. (The request for closing transactions is sent 0.1% before the critical one)
• Prop max. drawdown – sets the maximum drawdown size according to the Prop firm rules. If the drawdown approaches a critical one, the EA will close all transactions and will no longer open new transactions until the trader corrects the situation himself. (The request for closing trades is sent 0.1% before the critical one)
• Prop Phase Target % – sets the amount of profit as a percentage to complete the challenge. When the specified drawdown on the account is reached, the Expert Advisor stops.

Manual trading settings

• StopLoss – sets the stop size for trades opened using the trading panel on the chart
• TakeProfit – sets the profit amount in points for trades opened using the trading panel on the chart
• General TakeProfit for several orders – sets the total profit for all unidirectional trades if you have opened more than one trade using the trading panel
• Use Trailling stop – enables trailing stop for orders opened using the panel on the chart
• StopLoss distance – sets the distance in points from the price to StopLoss when using a trailing stop
• Minimum Trailing profit – sets the minimum profit amount in points at which the trailing stop function is triggered

Breakout Scalper Strategy

The Expert Advisor’s trading strategy is based on the breakout of support and resistance levels. Together with a high-performance trailing stop module, the strategy shows minimal drawdowns in the account. This allows for easy completion of Prop Firm challenges.

PROP GT Configuration

PROP GT is already fully configured for trading with five currency pairs. You can trade more instruments if you want, but PROP GT works best with the ones listed in the properties below. The only thing you need to configure is the risk level for each trade. Don’t forget to set the GMT parameter as described at the beginning of the article.

How to Pass the Prop Firm Challenge?

First of all, you should set up your Expert Advisor correctly and trade only the recommended currency pairs. At the beginning, I recommend to keep the maximum risk per trade at 1% (MM type = Risk per transaction, Risk = 1). This way you will be able to successfully complete the whole challenge without risk. In order to blow up the account, you will need to close more than 5 trades at the same time at StopLoss. This has not happened in history since 2014, this fact has been verified by the results of tests (you can check it yourself)

In case if the Prop Firm rules limit the challenge duration to 30 days and at the beginning of week 3 that you’re not meeting the profit targets, increase the risk to 2% (Risk = 2) for week 3. If you still can’t successfully complete the challenge by the end of week 3, increase the risk to 3% (Risk = 3) for week 4.

Account and Currency Pair Parameters:

Currency pairs: EURUSD, GBPUSD, USDJPY

Leverage: 1:100

Minimum deposit: $300 USD

EURUSD spread: Up to 8 pips