This Gold Trading EA is specifically designed EA for prop firm traders, providing a robust and systematic approach to trading the gold pair (XAUUSD). This EA leverages the unique characteristics of gold, such as its high daily range, volatility, and strong correlation with stock market movements, particularly around market opens. Due to gold’s superior global liquidity, the EA typically ensures excellent order fills and execution.
Key Features of Gold Trading EA
- Trading Frequency: Gold Trading EA Places orders twice daily with a maximum of two trades filled.
- Entry Method: Uses pending order placement.
- Exit Strategy: Trades are closed by either stop loss, take profit, or trailing profit orders.
- Risk Management: Each trade has a $5 stop loss and take profit (50 pips).
- Order Management: All orders are either closed or canceled before the end of the day, with no overnight trades.
Strategic Trading Approach
The Gold Trading EA operates on a simple yet effective strategy based on price action and time-based trading. By focusing on the start of the US trading session, the EA identifies early moves in the gold pair, capitalizing on the market’s natural volatility. This strategic approach allows the EA to maintain long-term profitability, as it relies on the consistent logic of time-based price action trading.
Order Placement and Risk Management
The EA places orders twice daily, typically filling two trades, but ensures that only one trade is open at a time. It does not employ additional layering techniques or add multiple trades on top of losses, making it easier for traders to manage and predict their downside risk. Each trade is protected by a hard stop loss of $5 movement in gold (equivalent to 50 pips), with the same amount set for the take profit.
Moreover, the Gold Trading EA offers a recovery function, which increases the lot size for the next day’s trade if the previous day’s trade resulted in a loss. This feature is optional, allowing traders to choose whether or not to use it based on their risk tolerance and trading preferences.
Advantages for Prop Firm Traders
The Gold Trading EA is designed to meet prop firm traders’ specific needs, helping them pass challenges quickly and continue trading successfully on funded accounts. It is not a high-frequency trading (HFT) bot and adheres to prop firm rules regarding trade volume, making it compatible with any prop firm offering standard XAU spreads.
The EA is also accessible for traders with smaller accounts, as it can be used with accounts starting from $50. Since the EA only trades after the US markets open, it avoids the potential volatility caused by major news releases, further minimizing risk.
Recommendations
- Minimum account balance of 50$ or a Prop Firm challenge account. (EA will work on many prop firm accounts.)
- EA is specially designed to work on GOLD (XAUUSD).
- Work best on M5 TimeFrame. (work on any TimeFrame)
