The PROP GT Expert Advisor is a specialized tool designed for navigating Prop Firms’ challenges while adhering to established rules and maintaining specific drawdown limits. It is primarily tailored for the EURUSD currency pair, operating on a 15-minute timeframe and functioning at the tick level. Proper configuration of the GMT parameter is essential, aligning it with the broker’s trading server time.
Prop GT EA Review
The PROP GT EA features a PROP Controller Module, which plays a crucial role in risk management. This module monitors and collects essential account metrics, overseeing daily and maximum drawdowns. In the event of these metrics nearing critical levels, the module can initiate commands to close all orders to protect the account. It also restricts the opening of new orders on the same day if the drawdown approaches a critical point. Additionally, it monitors the account’s profit and can close orders if it surpasses the predefined target, temporarily halting trading until the EA is restarted.
Trading Strategy
The Expert Advisor employs a breakout scalper strategy, relying on the breakout of support and resistance levels. Coupled with a trailing stop module, this strategy aims to minimize drawdowns and potentially enhance the completion of Prop Firm challenges. It offers configurations for five currency pairs and is most suitable for those listed in the provided properties. Users need to set the risk level for each trade and configure the GMT parameter, as per the guidelines.
Pros:
- Tailored for Prop Firms’ challenges, ensuring compliance with specific rules and drawdown limits.
- Utilizes a breakout scalper strategy that aims to reduce drawdowns and potentially aid in challenge completion.
- Includes a PROP Controller Module for comprehensive risk management, allowing for the careful handling of drawdowns and profits.
- Offers flexible risk management options, including fixed lot or risk per transaction.
- Provides additional signal strategies, such as “Imbalance” and “Trend follow,” offering some diversity in trading approaches.
Cons:
- Requires meticulous configuration of the GMT parameter, which might pose a challenge for less experienced traders.
- The Expert Advisor is primarily suited for trading the EURUSD currency pair, potentially limiting diversification options.
- Users must be cautious about not opening trades during important news releases or near significant support and resistance levels, requiring manual monitoring.
- The performance and adaptability of PROP GT in different market conditions may vary, making it less predictable.
- Prop Firm challenges may have specific criteria and timeframes that could limit its applicability to some traders.
Verdict
PROP GT Expert Advisor offers a specialized solution for traders targeting Prop Firms’ challenges. Its emphasis on risk management and the breakout scalper strategy could enhance the likelihood of challenge completion. However, users should be prepared for challenges in configuring the GMT parameter and consider the limitations and criteria associated with using this EA.