PROP GT Expert Advisor is specially designed for passing the Prop Firms challenge and further trading while adhering all rules and maintaining specified drawdown limits.
PROP Controller Module
- 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
PROP GT Configuration
How to Pass the Prop Firm Challenge?
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.