If you are frustrated with trying to manually pass a prop firm challenge or just lack the time and experience required to trade consistently, then a funded trading EA could be a solution to this problem. You can use our free funded trading EA or purchase a prop firm EA, both which have been developed by professional traders to help aspiring prop traders pass evaluations and get funded accounts.
In order to understand what a funded trading EA is, we need to clarify what an expert advisor (EA) is. This is basically an automated trading software that can automatically scan the financial markets for buy and sell signals. When the EAs algorithm detects a valid setup according to its built-in trading strategy, it can place and manage a position on behalf of the trader.
These trading robots can run in different trading platforms, although expert advisors are developed specifically for the industry standard MetaTrader platforms. Thankfully, the majority of proprietary trading firms do offer this platform. This means anyone can use a funded trading EA to pass prop challenges, provided the prop firm allows trading with EAs.
A funded trading software can be placed on charts within your trading platform and it will automatically look for trading signals. They can be used on forex, stocks, commodities, indices, cryptos and any other financial instrument that is available in the platform. Funded EAs can simultaneously scan multiple charts and run 24/7 around the clock. You can even set them up on a virtual private server (VPS) which means you can trade without even needing your computer switched on.
There are two main types of funded trading EAs, those that are semi-automated and those which are fully automated. A semi-automated EA can analyse the markets and send you trading signals when it finds a potential trade opportunity. You can then decide if you would like to manually place the trade or wait for the next signal to come along. A fully automated EA on the other hand does everything for you, including placing and managing the trade.
We have developed a free prop firm EA that you can customise and use on a funded account. It has lots of technical indicators, candlestick patterns and money management features which can be adjusted according to prop firm challenge. You can adjust the profit target, maximum loss, trading days and many more important settings. This trading software is easy to setup and includes detailed instructions. All you need to do is download it and hook it up to your trading platform.
If you are happy to invest in a funded trading EA, then there are plenty of options to choose from. Not all commercial expert advisors have been programmed for prop firm challenges, which means they might not have settings to try and avoid breaching prop firm rules whilst achieving trade objectives. These funded EAs range in prices and quality, with the Forex Flex EA being amongst the best prop firm EAs available to retail traders.
The first thing you need to do is make sure that the prop firm allows EAs. Once this has been established, you can choose a funded trading EA that matches your trading style. Most expert advisors are fully customisable so that you can adjust the input settings according to your own needs. However, they should also include preset files that have already been optimised for specific trading instruments and chart timeframes.
The next step is to order your trading challenge, access your funded account and setup the EA on your charts. It will then analyse the markets, conduct all trading activity and manage trades for you. Just make sure you keep an eye on how things are going to ensure that the EA is sticking to all of the trading rules and objectives that have been set by the prop firm. The best funded trading EAs will allow you to choose the profit target, maximum drawdown, maximum loss and other settings.
Yes, you can use an EA for funded trading provided expert advisors are allowed by the prop firm you are considering. Not only that, but you should check to make sure that the trading strategy the EA you are planning to use will not be in breach of the rules. This is because some prop firms do not allow scalping, grid trading, martingale money management, news trading, overnight holding and weekend trading. If your EA employs any of these tactics or any other strategies that are forbidden, you could be in breach of the trading rules and fail the funded challenge.
All significant currency pairings as well as several emerging market pairs may be traded using a forex account. A forex trader can open a specific sort of account with a retail forex broker called a forex account. Although there are many other types of forex accounts, the forex demo account is frequently the first one to be established.
The trader would open a financed account after experimenting with a few different dealers’ demo accounts. The most typical sorts of financed accounts are mini accounts, full accounts, and managed accounts. Mini accounts are comparable to full accounts, with the exception that money is traded in lots of 10,000 rather than 100,000. This enables lower required initial deposits and more customizable risk management.
The cost of handling accounts has decreased as the number of forex brokers has increased. Most will charge the customer each transaction, with the amount of the deal frequently dictating how much they pay every trade. There is typically no initial setup cost. One who wants to trade a notional quantity of 1,000,000 units, for instance, will pay a larger price than a novice who is trading in units of 10,000.
When selecting on the sort of account to create, currency traders should think about what they hope to obtain from their accounts. Retail forex traders can study a lucrative technique and become used to the broker’s execution procedures using demo accounts and micro accounts. A managed account can be a better choice for currency speculators who don’t wish to trade on their own.
Depending on the kind of forex account, some may allow the trader to trade other products including forex options and forward contracts.
Although you use any funded trader EA, not all of going to be of the same quality. Some are developed with funded trading in mind, whereas others are developed for anyone to use. If you are looking to pass the FTMO challenge, then you might want to choose an FTMO EA. The key things to look out for when choosing funded trader EA include the trading strategy used, money management, backtesting results, verified accounts, price and features.
- Trading strategy
- Money management
- Customisable settings
- Historical backtests
- Verified results
- Trading platforms
- User reviews
- Automatically pass prop firm challenges
- Choose from thousands of free and paid expert advisors
- Customise settings according to prop trading firm rules and conditions
- Learn how to trade whilst taking part in a funded challenge
- Most prop firms allow automated trading
- Automatically avoid failing trading challenges
- Prepare for a funded account without needing to trade yourself
- More free time to enjoy what you do
- Not all funded trading EAs are reliable
- No guarantee on performance
- Some prop firms do not allow trading with EAs
- Cannot learn from your own mistakes and become a better trader
- Some funded trading EAs are expensive
Whilst learning to trade manually can set you up for a career as a prop trader and allow you to be in control of your own trade decision, a funded trading EA can be a quick and simple way to pass a prop firm challenge if you are short of time and knowledge to trade by yourself. You can always practice on a demo trading account and study the financial markets alongside using a funded EA. This would prepare you for manual trading in the future whist ensuring you have a chance to get a funded account when you are ready.