Profitable EA PropEA: Insure Your Challenge Against Failure

[PropEA]

First of all, we're happy to be part of the ForexForum community, and we're looking forward to friendly and positive interactions with all members!

In this post, we would like to introduce PropEA and shed the light on how it can help traders manage their Prop challenges without risky speculations. Your feedback is always welcome, we will be happy to answer your questions.

The Problem​

You probably know that 95% of traders fail to pass prop challenges, but how many challenges a trader loses or can afford to lose? We asked that question to Prop traders in a survey, and not so shockingly, about 50% of traders reported that they have lost 5+ challenges at the time of the survey

In other words, 50% of traders have paid 5x the challenge fees trying to get funded, driven by hope and ambition, but to no avail.

And that's how PropEA got ignited!

What is PropEA?​

PropEA is an Expert Advisor (EA) that is designed to help traders manage their Prop trading risk and cost with the aim to hit the challenge target OR at least recover the challenge fees to stop the traders' pocket from bleeding. Additionally, PropEA can be used to manage the Prop funded accounts with a focus on high potential returns.

PropEA is compatible with MetaTrader4 and MetaTrader5, and with the most common Prop trading rules.


PropEA is compatible with both MT4 & MT5, and it works with almost all Prop firm rules.

How PropEA Works​

PropEA employs a well calculated hedging strategy that prioritizes fund protection. It serves as both a risk/cost management tool for challenges and a means to profitably trade Prop-funded accounts, operating as a valuable asset in prop trading endeavours.

For this hedging process to work, a trader needs to install PropEA on two accounts: a prop challenge account and a live account funded with a smaller amount.

The size of the live account depends on 2 actors: the cost of the challenge and the number of phases; you would need up to 2x the challenge fee for a 1-phase challenge, or up to 3x the challenge fee for a 2-phase challenge.

Once installed, all you need is to enter your challenge rules in the PropEA settings, and it will automatically do the following:

1. Calculate the lot size needed to hit the target on the Prop account.
2. Accordingly, it will calculate the lot size needed to recover the challenge cost in your live account, in case it fails to hit the target.
3. It opens the trades on both accounts simultaneously.
4. It calculates the daily drawdown level based on the selected drawdown type and places the SL on the Prop account above the daily DD to avoid breaching the account.
5. It closes the trades simultaneously on both accounts once the target or Max DD is hit (without SL on live account or TP on the prop account).
6. It tracks the number of trading days and places and complies with the minimum trading days rule.

Main Features​

1. Visual Info Panel that tracks all metrics on both accounts in real time.
2. Visual representation of the highest equity and balance at rollover time on the chart.
3. The option to choose between 3 different trade modes: Fast, Normal, or Slow. The difference between these modes is the trade size and the distance to target or SL (in pips).
4. The option to place manual trades or trade in conjunction with another EA.
5. Compatibility with most common Daily DD types:
   
   • EOD Balance
   • EOD Equity
   • EOD Balance/Equity (whichever is higher)
6. Automatic closure of one leg of the hedge if the other was closed.
7. To avoid miscalculation, it doesn't trade if deposit currencies don't match on both account.

https://imgur.com/a/c2BxTw8

What Happens after Passing?​

You can run PropEA on a funded account after passing. Here is an example with calculations:

Funded Account Size: $100,000
Max DD: $10,000
Payout %: 90%
Live Account Size: $3,000 (this is up to you)

In this example, the actual value of the funded account is not $100k, it is the maximum allowed loss (Max DD), which is 10%, that's the amount over which you have control.

So let's say you've got $10,000 in the funded account, and $3000 in your live account
PropEA will start trading on both accounts, aiming to double the value of either account.
If it doubles the value of the funded account, you would make $10,000 of which you can withdraw about 90% ($9,000) and lose $3000 on the live account.
In that case, your net profit would be: $9000 - $3000 = $6000
If it doubles the value of your live account, you would make $3000 on top of your initial $3000.
In that case, your net profit would be $3000.

More Questions?​

Visit our website to learn more, our customer support team is available 24/5 via Live Chat and is happy to answer your questions or assist you with setup via remote desktop.

Wishing you successful trading!
The PropEA Team