If you are planning on taking a prop firm challenge in order to qualify for a funded account, then using an expert advisor might be something on your mind. This is becoming an increasingly popular way for retail traders who do not have enough capital themselves to try and gain access to the funds of a prop trading firm. Most proprietary trading firms will allow EA’s provided they do not breach the rules. With that being said, there are many prop firm expert advisors to choose from. In this guide, we will cover what they are and present a few of the top prop firm EA’s for your consideration.
Expert advisors are automated trading systems that can analyse the financial markets for trading signals. They use unique trading algorithms that for an automatic trading strategy which can place and manage trades on behalf of the user. Expert advisors are often referred to as EA’s for short, which is basically the term that the popular MetaTrader platforms use for trading robots.
Prop Firm EA’s work in the same way as any other EA, with the purpose being to pass prop firm challenges automatically. You do not need to specifically buy a prop firm EA, but it can be better than using a standard expert advisor. This is because a prop firm robot will have settings to make sure they follow prop trading firm rules and conditions such as maximum drawdown, trading days, trading hours and profit targets.
There are thousands of free and paid EA’s available to download which you can load onto charts of all your favourite trading instruments. They will then look for buy or sell signals and do all of the leg work on behalf of the trader. This makes them a popular choice for aspiring prop traders who do not have the time, knowledge or skills required to trade manually. There are all types of prop firm expert advisors with different trading strategies to cater for different trader needs.
The majority of expert advisors have fully customisable input settings which you can adjust according to your own preferences. However, they should also come with out of the box settings that have already been optimised by the developer for specific financial instruments. You will at least need to choose your desired lot/risk size and maybe adjust inputs depending on the conditions set by the proprietary trading firm that you are using.
To get a funded account by using an expert advisor, you will first need to take part in a trading challenge. There will be a variety of different trading challenges to choose from, depending on the prop firm that you are using. The main differences between them will be in the features such as the initial price, balance, maximum drawdown, daily loss, profit targets and minimum days.
One you have chosen the trader evaluation that you want to participate in, you can then setup the prop firm EA on your account and adjust the parameters according to the rules and objectives required to pass the challenge and get a funded account. The EA will then do all of the market analysis and trading activity for you. If all goes well, the EA will automatically pass the challenge and you will qualify for a funded account.
The Forex Flex EA is one of the best forex robots for MT4/MT5 on the market and has been for many years. It is backed by real verified results and excellent support with a developer who has dedicated over 10 years to making sure it stays relevant in the ever-changing markets. In addition to adhering to the prop firm EA guidelines, the new FTMO EA customised version of Flex was created to concentrate its trading approach to fit those challenging trading situations. If you succeed in the challenge, you can even keep using Flex EA to trade on the funded account.
The simplest way to utilise the Forex Flex EA to pass prop firm challenges is to connect it to the suggested charts and choose the strategy you wish to use. The remainder is all pre-programmed to be done for you. Even features that ensure it makes every effort to meet all requirements are incorporated into the system. For instance, if it hits the profit target but hasn’t traded for the required minimum of 10 days, it will automatically open a minimum lot size transaction every day until it does. All trading will stop once the profit target has been met and all other requirements have been satisfied. These are a few of the advantages that the Forex Flex prop firm EA can provide.
Forex Flex EA Prop Challenge Results (FTMO)
You can see from the results below that the Forex Flex EA was able to pass the FTMO challenge. It passed in all areas, achieving the profit target in a very respectable 18 days. It was well within the maximum daily and overall loss. The profit target was achieved and more. The fact there was 64 trades and a risk to reward ratio of around 1:1 shows that this was not a fluke and that the EA implements a sound trading strategy that can pass consistency rules with flying colours.
Forex Flex EA Prop Challenge Results (FTMO 2)
During the FTMO Challenge trading period below, you can see that the Forex Flex EA traded 10 trading days and so the objective for a minimum of 10 trading days was met. In total, it opened 23 positions, and on average, traded 2.3 positions a day. This is a decent trading volume that showed consistency and not just a couple of lucky trades. During the evaluation period, the account balance changed in 10 sessions. The average profitable day was $121.70, for the duration of the FTMO Challenge, so it did not have a single day in a loss, which is great!
The success rate was 86.96% which is very high. This win rate was accompanied by a positive RRR (Reward to risk ratio) with the value 1.67. It is important to mention that the trading results have a positive RRR, which in most cases is a sign of a successful and disciplined trader. The average profitable trade was $60.18 and the average losing trade was -$36.06. The ratio between the maximum reached profit (Max. profit) $245.20 and maximum loss (Max. loss) -$80.30 is 3.05, which signals a positive ratio. The total profit for the evaluation period reached $1,095.33.
- Fully automated forex robot
- Can trade on multiple currency pairs
- Highly customisable settings
- Compatible with MetaTrader 4 and MetaTrader 5
- News filter
- Members forum
- 12 trading strategies in one
- Broker protection features
- Currency exposure filters
- Dynamic money management
- Multiple verified Myfxbook accounts
- 99% modelling quality backtests
- Evidence of passing FTMO challenges
- Lots of options may overwhelm some users
The Waka Waka EA has become one of the top forex prop EAs in recent years, mainly thanks to its extraordinary success on the MQL market. This is another trading robot for the MT4/MT5 platform that uses a unique algorithm that is designed to try and exploit existing market inefficiencies. The EA combines technical indicators such as the Relative Strength Index and Bollinger Bands along with price action analysis. This means that it can spot both range bound and trending market conditions in order to make informed trade decisions.
One of the main selling points of the Waka Waka EA are the real verified results that have been shared by the developer. You can get an idea of how it has been performing during recent market conditions and analyse the statistics to see if it is a suitable forex EA for passing your prop firm challenge. It has been developed to trade on the 15-minute chart timeframe and AUD/CAD, AUD/NZD, NZD/CAD currency pairs. Considering these currency pairs, you will want to use a prop firm that has a forex broker with tight spreads, such as IC Markets.
You can adjust all of the Waka Waka EA settings to make sure you are sticking to the prop firm challenge rules and objectives. This includes all of the vital money management aspects with simple instructions provided to help make things easy to understand. An important thing to be aware of is that this forex robot does use a grid trading strategy. Therefore, you will want to check with your prop firm that grid trading is allowed.
- MetaTrader 4 & MetaTrader 5
- Customisable Settings
- Multiple Currency Pairs
- Any Forex Broker
- Combination of Market Analysis
- Detailed Instructions
- Dedicated Support
- Verified Results
- Back Tests
- Money Back Guarantee
- Grid Trading Strategy
- Potentially High Drawdowns
- Expensive Compared to other Prop Firm EA’s
The Forex Robotron EA is one of the best forex robots for MetaTrader 4 that is backed by real verified trading accounts that have been running for many years. It has been in development for over 15 years to ensure that it is continuously improving and adapting to current market conditions. There is tick data backtests showing excellent performance of the Forex Robotron EA over 20 years of historical data. They included real variable spreads and commission to ensure the results are as accurate as possible in the MetaTrader strategy tester.
You can use the Forex Robotron EA to pass prop firm challenges. It trades multiple currency pairs on the 5-minute chart timeframes. All of the important settings have been made available as external inputs so you can adjust them depending on your funded account requirements. This includes maximum risk, stop loss, take profit, trading hours, trading days and more. The developer provides excellent support and can even implement any custom changes to the EA.
- Fully automated forex robot
- Can trade on multiple currency pairs
- Customisable settings
- Years of real live verified results
- 99% modelling quality backtests
- Universal settings so not over-optimized
- Unlimited licenses
- Very reasonably priced
- Works best on brokers with tight spreads and low commission fees
- MetaTrader 4 only
The Forex Scalping EA is one of the best forex scalping robots that also trades on the MT4 platform. It can trade a great selection of major currency pairs including EUR/USD, GBP/USD and USD/JPY. The power of the implemented trading strategy is emphasised by the fact that it can use the same settings on all currency pair. This means that it is not over optimized for certain data sets as many other forex robots are. You can find plenty of back tests on the Forex Scalping EA website that will give you an idea of performance based on historical data.
This forex expert advisor can be used on any prop firm that allows EA’s and scalping strategies. It usually holds trades for a few minutes and has a dynamic close condition which will try to adapt to the current market conditions. As with the other top prop firm EA’s, all of the main settings are fully customisable including the money management, trading days and hours.
- Fully automated forex scalping robot
- Can run on multiple currency pairs
- Customisable settings
- Very reasonable price
- Unlimited licenses
- Verified Myfxbook results
- Backtests over almost 20 years
- Works better on brokers with tight spreads and low commission fees
- MetaTrader 4 platform only
The Forex Gump EA is a multi-currency forex robot that is programmed to automatically trade forex currency pair charts automatically from the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) desktop platform. This trading software can also be configured to operate semi-automatically, in which case it will only send you an alert through the MetaTrader platform, email or SMS. You can then choose whether you want to manually place the trade or not. This could be handy for those of you who are using a prop firm that does not allow automated trading strategies or if you just prefer to maintain more control over your trade decisions.
The Forex Gump EA has four different settings that you can choose from to try and pass your prop challenge. This is the high, middle, low and conservative setting. You can configure the maximum loss the robot can have to avoid breaking your prop firm rules. The unique trading algorithm is based on a multi-currency strategy for up to 25 currency pairs trading on the 1-minute to daily timeframe. This multi-timeframe analysis ensures it can get an overall picture of the forex market and helps to avoid false signals.
- Fully automated forex robot
- Can trade on multiple currency pairs and timeframes
- Customisable settings
- Dynamic trading strategies
- Verified Myfxbook results
- No backtests
- MetaTrader platforms only
Yes, there are plenty of prop firms that allow EA’s for passing trader evaluations and trading on a funded account. As long as you are not breaking any of the trading challenge or funded account rules that they will state in their terms, you should not have any problem.
Automated trading can also be conducted via copy trading between traders and platforms. There are also money management EA’s which can be encouraged because they help ensure that prop traders stay within the rules and make that they do not breach the terms which can lead to a loss of account.
The majority of prop trading firms will allow automated strategies with a prop trading EA. However, there is usually going to be some limitation in terms of the implemented strategy. For instance, there are prop firms that allow EA’s but do not allow weekend trading, news trading or a drawdown of greater than 10%. You should check the prop firm rules and make sure that the prop firm EA you are considering using is compliant with all the rules.
Here are some of the best prop trading firms that allow automated trading with expert advisors:
- Finotive Funding
- The Funded Trader
- The 5%ers
- E8 Funding
- Alpha Capital Group
- Alphachain Traders
- Audacity Capital
- Blue Guardian Capital
- City Traders Imperium
- Leveled Up Society
- Funded Academy
- Funded Trading Plus
- Lux Trading Firm
- Ment Funding
- Nations Trading
- The Trading Pit
- Top Tier Trader
- True Forex Funds
Yes, FTMO do allow trading with expert advisors and have a generous profit share of 90% with an account that can be scaled up to $2,000,000. Your trading style is completely up to you. They have no reasons for limiting or restricting your trading strategy, whether it’s discretionary trading, hedging, algorithmic trading or automated trading using EAs.
FTMO have both the MetaTrader 4 and MetaTrader 5 platforms which are 2 of the top trading platforms for automated trading. They include thousands of trading robots within the MQL marketplace which is directly accessible from with the MT4/5 platforms. You can trial robots to see if they are suitable and compare verified results.
Yes, you can pass prop trading challenges using an expert advisor. The chances of success will depend on factors such as the current markets conditions, challenge objectives and the quality of the expert advisor you are using.
If the challenge has a low profit target, lenient maximum drawdown and no minimum trading days, then the chances to pass with an EA will be greater. Furthermore, if the EA is using a trading strategy with sensible money management that you can adjust depending on the challenge requirements, this can further enhance your opportunity to pass the challenge and qualify for a funded account.
It is important to keep in mind that there can be no guarantee of trading results using any manual or automated strategy, but there are some things to look out for if you are in the market for a prop firm EA that we will cover in the next section.
This will vary depending on the individual user and the proprietary trading firm they are using. However, there are some important factors to consider such as they will help to prevent you from failing challenges due to breaching rules or not achieving the objectives. The best prop firm EAs should already take these things into consideration as they are built specifically for passing prop firm challenges.
Things to look out for when choosing a prop trading EA include the following:
Ideally, you should be able to adjust the money management settings. This includes the position size, stop loss and take profit level. This will help to make sure that you do not reach the drawdown and loss limits whilst staying within the allocated maximum position size. Other useful money management features to keep an eye out for include a trading stop loss and break even.
Prop traders should be aware of techniques that use stop loss either not at all or only minimally. Although many traders choose not to employ stop losses for a variety of reasons, and even when using an EA, this strategy may be effective for a time, eventually an unanticipated circumstance will develop that could result in a big loss. Most prop firms require a stop loss to avoid high drawdowns as they are looking for skilled traders who use sensible risk management for long-term success.
Trading robots can have all sorts of trading strategies, some more reliable than others. The first thing to do is eliminate any prop trading EA that would be in breach of the prop firm rules. Some will not allow any grid, martingale, hedging, high-frequency (HFT), arbitrage or news strategies. Once you have narrowed the search down, you might want to consider which strategy will give you the highest chance of achieving the funded challenge objectives.
For instance, if there is a minimum of 10 trading days and weekend trading is allowed, you might want to consider a swing trading EA. On the other hand, if there are no minimum trading days required and no minimum holding time, you could consider a scaling EA to pass the challenge. If you have your own manual trading strategy, you might want to hire an MQL freelanced to code it for you.
If the prop trading EA is using a scalping strategy then you will need to consider brokerage fees as these can add up and eat into profits. Each trade you take can incur a spread and commission fee, not to mention any slippage. If you had a spread of 2 pips and a 3-pip commission fee, the cost of a trade would be 5 pips without taking into consideration any slippage. Thus, would mean that the scalping strategy would need to gain 5 pips just to break-even. This might not be sustainable in the long run and would require a broker with very tight spreads, low fees and rapid trade execution speeds at the best possible prices, such as IC Markets.
On the other hand, a trade may be open for too long in an effort to achieve the best returns. It will probably be obvious to a trader that this will not be a suitable trading robot to pass a prop challenge if he or she notices in the trading history of the selected EA that some deals have lasted longer than a few months (or years in extreme circumstances). In such a situation, trying to turn a profit at any cost makes little sense, especially since the trader must take into account expenses in the form of swaps and other costs. Not to mention, many prop firms have a maximum amount of days you get to pass a trading challenge.
Have a look at the trading instruments that the prop firm robot has been designed to trade. There is no point in going for a forex robot if your prop firm does not provide currency pairs. You will find all types of trading robots including forex robots, stock robots and crypto robots.
EA backtesting involves running simulated tests over historical data to get a rough idea of how an automated trading strategy might have performance in the past. Whilst there are some significant limitations to backtesting EA’s in the MetaTrader platform, it is one of the main ways to determine whether a strategy has potential or not. You should check to see any backtests of the EA in question and see how it performed over as many years of historical data as possible across all of the financial instruments that it has been developed to trade on.
The best prop firm EA’s should show consistent long-term results with low drawdowns and a high profit factor. You might want to avoid any trading system that has one bad trade wipe out a run of consecutive winners. Just keep in mind, backtesting does not always account for important factors that can have a significant impact on the results of any automated system including spreads, slippage and commission fees.
The trader must pay attention to additional details when they access the trade history. Many EAs offer a perspective of the trading history that has been modified in some way to make the outcomes seem promising. Nonetheless, an investor shouldn’t place the most importance on the results themselves. It’s crucial to know how many positions the EA is opening to reach a particular goal.
If backtests are considered important, choosing a prop firm expert advisor that is backed by real live verified results is even more important. This will give you an idea of just how good or bad a prop trading EA has been performing over recent market conditions. The results should be verified by a reliable third-party such as Myfxbook or FX Blue. Do not rely on screenshots or account statements from the developer alone as these can be fabricated.
Generally speaking, the longer the verified account has been running and the more trades there have been, the better. This is because you will be able to analyse how the EA performed through various market conditions and a larger data set. Also consider which broker the developer is using as they should be reliable and regulated to make sure the results are realistic.
The statistics from the verified results can help you identify if the expert advisor has the potential to stick to the prop challenge rules and reach the objectives. You should be able to view all of the important stats including drawdown, profit, loss, trade duration, days and more.
It is important to note, that just like with backtesting, historical performance is by no means any way to guarantee what will happen in the future. Nobody can predict the markets with 100% accuracy. In saying that, choosing a prop EA with verified results gives more confidence than using a trading robot where the developer is not backing up their claims with real accounts.
Prop Firm EA Advantages
For traders who struggle with the psychological aspects of trading, using an automated trading system is a common option. The most frequently cited benefit associated with the usage of EAs is the removal of emotions and their impact on the outcomes. There is no psychological stress or disciplinary issues because EA has well defined rules on which the positions are executed.
Time savings is another benefit, especially if the EA has been thoroughly tested and improved. Of course, the testing itself can take some time and should not be underestimated by the trader, but the EA can do it much faster than if the trader did it manually.
Because the EA may automatically open and close orders in accordance with specified rules, the trader is not required to interfere in any way. This is also related to the speed of the EA, which can respond to market movements much more quickly so that the trader can realise transactions even if they are not made when they are not sitting in front of the open trading platform for days. The speed advantage increases as the timeframe a trader uses grows shorter.
A trader can utilise an EA to create signals and carry out transactions themselves if they want to have some control over the system’s operation. The time efficiency is, however, somewhat lost as a result, and there is now more room for potential human error.
Prop Firm EA Disadvantages
The incapacity of most EAs to respond to significant macroeconomic news is their primary drawback. If the trader does not take action to control how his EA is operating, the system may incorrectly predict higher market volatility at the time of breaking news and execute trades that could result in avoidable losses.
Traders have tremendous alternatives to buy a ready-made solution on the Internet in addition to the capacity to programme their own EAs, but this is where the issues can start. It is not a problem that the makers of these pre-made solutions get compensated for their work because an effective EA that creates enough profitable trades over the long term cannot be offered for free. So, the cost would not be the problem in this instance, although the cost to quality ratio occasionally has no value.
Many expert advisors that a trader can purchase provide only a very limited amount of information about how they actually operate. A trader can, at best, examine the trade history, the growth of the equity and balance in the account on which the system runs, potential drawdowns, etc. However, it is unlikely that they will have an understanding of the system’s specifics.
Traders who want to use a prop trading EA should exercise caution when it comes to drawdowns. This is because prop firm trading policies for maximum losses are somewhat tight, traders must be careful when selecting an EA to avoid drawdowns frequently exceeding 10%.
They should also be aware that if they employ an EA from a third party, other traders may already be utilising that EA and, consequently, the exact same technique. Traders who utilise a third-party EA run the risk of having their application for a funded account rejected because they have exceeded the maximum capital allocation limit.
- Automated market analysis and instant decision making
- Removes the negative human emotions and psychological barriers that can impact performance
- Can backtest prop firm EA’s to create your own bespoke trading strategy
- Prop trading robots can simultaneously trade multiple financial instruments
- A prop firm robot does not have certain human limitations that can occur such as exhaustion and fatigue
- Traders of all experience levels can pass prop firm challenges
- Thousands of prop firm EAs to choose from
- Real verified results can give an idea of how good or bad a prop robot is performing
- Most prop trading firms allow automated trading with expert advisors
- Settings can be adjusted depending on the prop trading challenge rules and objectives
- Prop firm robots cannot guarantee you will pass a trading challenge
- Can be difficult to find a reliable prop firm expert advisor
- Some prop trading robots are difficult to understand
- There are lots of scam prop firm EA’s
- The robots don’t always perform as expected
- Some robots require the ideal prop firm and broker conditions to work correctly
- Majority of prop robots require 24/7 internet access in order for trades to be placed and managed (you can use a VPS to overcome this)
- Some of the best prop firm EA’s are very expensive
Proprietary trading firms have given aspiring traders a fantastic opportunity in recent years. In days gone by, you would have needed to pass extensive courses that can last years before starting out as an intern and working your way through the rank in a prop firm. Nowadays, anyone can take a trading challenge for the chance to get a funded account with an online prop firm. Whilst some of you may already be confident in your trading skills and have a successful strategy, other may not have the time or confidence to trade manually. This is where prop trading EA’s can be an excellent option to pass a trader evaluation and qualify to trade on a funded account. You can download our free prop firm EA if you want to create your own automated prop trading system.