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EA Studio is the easiest EA generator to learn to use. I use it all the time to create profitable EA’s. EA Studio is web-based and you can run multiple EA Studio generators at one time. So you can have multiple EA Studio’s running on multiple computers. Express Generator is an add-on to EA Studio to allow creating EA’s much faster but is very difficult to learn to use. Express Generator runs from the Power Shell much like using command prompts. FSBpro is mostly used when a trader wants to create an EA manually but can can be used to automatically create EA’s. FSBpro is more difficult to learn to use than EA Studio. FSBpro is a software program you must install on your computer and you can only install it on one computer but you can create multiple EA’s at the same time.
Bottom line: If you want to learn to create EA’s automatically then EA Studio is the best choice.
There is a free course teaching how to use EA Studio.
There is a free course teaching how to use FSBpro.
Hi Chris,
Its good to hear you are having success with the EA’s. Can you share which course you are referring to and more about the results, such as, how much profit over what time frame and why you had to make some tweeks and what tweeks you made, etc. I am sure other traders would like to know more about your success. Please share!
Alan,
Petko does use VPS.
Some prop firms will allow EA’s but some will not allow them in certain account types. Usually you can find out if they allow EA’s by reading the rules for the challenge. I do know that FTMO does allow the use of EA’s.
It is often advised if you are using a funded account that a VPS should be used. However a VPS is not necessary if you keep your MetaTrader MT4 / MT5 active 24 hours a day during the trading week. The problem occurs if there is a power outage or your internet service goes down. For this reason it is advised to use a VPS or some other form of backup so the EA’s will continue to trade.
I just wanted to share some thoughts about RRR.
Books written for the retail trader will say the RRR should be 2:1 or even 3:1. However, it is a known fact that the approximately 80 – 90% of retail traders lose all there capital within the first year of trading. So having a 3:1 RRR doesn’t help any. Here is what often happens: The market will go through a drawdown that stops out the trade, then the market will resume moving in the direction of the trend and the trader loses out on the profit from the market moving in the direction of the trend because the trade was stopped out during the drawdown.
On the other hand, the EA’s created by FSBpro are backtested to show a profit even though the RRR may be less than one to one. Here is what often happens: The market will go through a drawdown, but because the SL is set further apart from the price the trade was entered at, the trade doesn’t get stopped out. Then when the trend resumes the trader is still in the trend and the trade and because of the RRR being less than one to one the trade hits the TP sooner and the trader walks away with a win.
As a result, it is shown that having a RRR greater than one to one can hurt the trade, whereas a RRR less than one to one can help the trade.
So, I would not be concerned about the RRR.
I understand that coming from the retail trader world it can be difficult to start trusting a RRR less than one, but the reality is a RRR less than one can provide a better trade.
Also to protect your account the EA’s have a protection in that if the account loses 4.9% of the original account balance it will stop trading.
Good to hear you are backtesting the FTMO strategies. To get a good idea how the EA’s will perform over the long term requires a long term backtest. To get a good idea how the EA’s will perform backtesting should be over a period of at least one month. I have been backtesting the FTMO EURUSD strategy over the month of August. To do this I used the free FTMO demo account twice for a total of 30 days of testing. The results I get is that the EA has produced a profit of 3.78% for the month. Doing some quick math says that I should hit the 10% price target in approximately 2.5 months. I will continue my testing.
The reason for sharing my results is that I noticed over your one week backtesting you showed EURUSD as a losing strategy. Whereas my backtesting over the last month shows a nice profit. The FTMO strategies were created to be profitable over the longer term and my results vs your results shows that the longer term backtesting will produce profitable results as the EA’s were created to do.
Reference: https://sandbox.eatradingacademy.com/forums/topic/ftmo-demo/
I like the idea you are backtesting with two different brokers. The reason the top 3 keep changing is your backtest time is not long enough. You should backtest for at least 30 days before picking the top EA’s to move to a different account.
This is the status of my MyForextFunds Evaluation Phase 1 for the month of August 2023. Robots were created using Express Generator and EA Studio.
The FTMO M1 AUDEUR FILTERR M30 robot is backtested to be profitable. However, there will be periods when all robots will go through a drawdown period.
To test the robot use MetaTrader Strategy Tester from the first of the year to present.
It is advised to always test EA’s on a demo account until you become comfortable to how it performs.
Also, make sure you install the EA on the M1 timeframe and not the M30 time frame and use the appropriate lot size for a given account size.
As a side note I am testing the EURUSD EA on an FTMO demo account. You can find my results in the forum under Prop Firms.
Click on Help>Optimizer
Click on Help>Normalizer
Click on Help>Data Import
Basic workflow: https://www.transfernow.net/dl/202308314NWA9SyM
Free EA Studio course: https://sandbox.eatradingacademy.com/courses/algorithmic-trading/expert-advisor-studio-free-course/
Can you show a screenshot of your settings? You should be seeing at least on average one trade every other day!
