Can anyone recommend a prop firm that allows you to use bots/EAs?
Seems 5%ers will but you have to get written permission?
1 Like
What does that mean, permission?
I think GoatFunded allows them. Donât you trade with them already?
1 Like
Looks like prop firm match give you a filtered view
https://propfirmmatch.com/prop-firm-ea-copy-trading-platforms
1 Like
I thought they nearly all do?
My understanding is that because of their own risk-management protection, if theyâre off-setting their liabilities, they canât let anyone use one theyâve bought (in case other customers are using the same) but they shouldnât object to it as long as you discuss it with them and clarify that itâs your own, i.e. one you made yourself rather than a commercially available one which other people might also have?
I always thought I understood the logic of this. But I may be wrong!
Is this something thatâs changed?
Many have rules against them.
FTMO allows EAs that donât trade more than 2,000 times per day, which would be enough trades for me ⌠
1 Like
There are many that donât have problems about automation in principle , but in reality they donât want their servers overloaded, and obviously donât want multiple customers using the same ones, which can make their own risk management trickier.
So sometimes the rules arenât as precisely defined as one would like/expect.
1 Like
Once youâre funded, then theyâre on your side and taking a cut of your profits, arenât they?
So if youâre profitable by using an EA or whatever, they should welcome that?
Not the CFD ones, no.
Theyâre your counterparty. They lose whenever you win.
Theyâre not funding anyone.
Their deceptive marketing just tries to fool naĂŻve people into imagining that itâs some kind of âpartnershipâ, but really theyâre your opponent. People need to understand this clearly before they start.
Youâre thinking of the futures ones, perhaps: they want you to profit, after funding you on the exchange, of course, because thatâs the only way they can then profit from you. But obviously you have to trade futures, to use those. There isnât any real funding from a prop firm, with real money, a real broker, a real account, real trading and a real market, if you donât trade futures. I hope I donât sound like a crazy conspiracy theorist or anything, but this is honestly a dead simple and obvious reality that somehow almost everyone posting in forums seems absolutely determined to refuse to acknowledge or to understand! 
2 Likes
I knew someone who had an FTMO-funded account with a broker in Cyprus, after passing their evaluation. It was EU regulated and perfectly legit.
1 Like
Sorry to digress from OPâs question but I have an EA question.
I was having an EA built by a company in Ukraine when the dreadful war broke out and the idea was shelved as I did not want to bother them with my trivia.
However, a problem seemed to be occurring as I was told that EAs only worked on âcandle closeâ. I am very ignorant on matters of EAs but I have just seen on Google AI the following. Have things changed and is Google AI correct?
AI OverviewâŚ
No, Expert Advisors (EAs) in forex do
not only work on candle close; they can be programmed to act on every single price movement (tick) within a candleâs formation. The execution frequency depends entirely on how the EA has been coded and the specific strategy it is designed to implement.
1 Like
EAâs as such are specific to Metatrader, so I donât know. But definitely regarding automation in general, i.e. on other, non-MT platforms, the AI comment you quoted above is correct, and such software can be coded to make the thing act on any/every tick, not only on the close. This much I do know. But whether it applies to MT EAâs specifically - nope, sorry, no help there, John. Someone else here will know, though.
So did I, but that was quite a long time ago.
FTMO used to do that, when they started.
They even gave people a choice of brokers. One of those brokers was PurpleForex, EU-regulated in Cyprus. I expect that was probably also the one where the funded sub-account of the person you knew was held?
But FTMO havenât done that for years, now.
FTMOâs wording is honest. They donât deceive people. They make it very clear that theyâre not actually funding anyone. Itâs a company thatâs clearly good at taking expert legal advice and acting appropriately on it (as youâd surely expect from very successful people who also own a hedge fund in Switzerland, and an old-fashioned, traditional âprop-firmâ, and one of the worldâs biggest forex brokers, too?).
My own second-hand opinion - Iâm no first-hand expert as Iâve never had an FTMO account, myself! - is that theyâre probably about the best and safest, overall, of all the well-known CFD prop firms.
My general impression is that 5ers arenât bad either, overall, but I know that some Babypips members have also been dissatisfied by 5ersâ customer service and abandoned them for that reason.
But why anyone would want to use a CFD one at all, when they could use a futures one, I canât understand. But certainly many people donât read all the fine print. Usually, buried in there somewhere, it reveals either that theyâre your counterparty or at least that they âreserve the right to beâ (meaning that they are). Theyâre not regulated, so their websites and ârepresentationsâ can be as misleading as they want. And that IS generally what these CFD prop-firm companies want.