Top 10 Best Forex EA Robots For Prop Firms Trading 2024 (2024)

Forex trading is a highly competitive and fast-paced market, where traders are constantly looking for ways to gain an edge over their competitors. One of the most effective ways to do so is by using automated trading systems, also known as Expert Advisors (EAs). These EAs are designed to analyze market data, make trading decisions, and execute trades on behalf of the trader, all without any human intervention.

For prop firms, which are companies that provide capital and resources to traders in exchange for a share of their profits, having access to the best forex EAs can be a game-changer. In this blog post, we will discuss the top 5 forex EAs that are specifically designed for prop firms, their features, pros and cons, and why they are considered the best in the market.

List best Forex Prop Firms in 2024

1. Perceptrader AI

Perceptrader AI is a cutting-edge forex EA that uses artificial intelligence and machine learning algorithms to analyze market data and make trading decisions. It was developed by a team of experienced traders and programmers, and it has quickly gained popularity among prop firms due to its high success rate.

Information

Perceptrader AI is compatible with the MetaTrader 4 platform and can be used on multiple currency pairs. It uses advanced algorithms to analyze market trends and patterns, and it adapts to changing market conditions to ensure maximum profitability. The developers of Perceptrader AI claim that it can achieve an accuracy rate of up to 90%, making it one of the most effective EAs in the market.

Features

• Artificial Intelligence: Perceptrader AI uses advanced AI algorithms to analyze market data and make trading decisions.
• Machine Learning: The EA continuously learns from its past trades and adapts to changing market conditions to improve its performance.
• Multiple Currency Pairs: Perceptrader AI can be used on multiple currency pairs, allowing traders to diversify their portfolio.
• Risk Management: The EA has built-in risk management features that help minimize losses and protect profits.
• User-Friendly Interface: Perceptrader AI has a user-friendly interface that makes it easy for traders of all levels to use.

Pros and Cons

Pros:

• High Success Rate: Perceptrader AI has a high success rate, making it a profitable choice for prop firms.
• Advanced Technology: The use of AI and machine learning makes this EA highly effective in analyzing market data.
• Diversification: The ability to trade on multiple currency pairs allows for diversification, reducing the risk of losses.
• Easy to Use: The user-friendly interface makes it easy for traders of all levels to use Perceptrader AI.

Cons:

• Expensive: Perceptrader AI is one of the more expensive EAs in the market, which may not be suitable for smaller prop firms.
• Requires Stable Internet Connection: As with any automated trading system, Perceptrader AI requires a stable internet connection to function properly.

Effectiveness

Perceptrader AI has been proven to be highly effective in backtesting and live trading. Its advanced technology and risk management features make it a reliable choice for prop firms looking to maximize their profits through automated trading.

2. Waka Waka

Waka Waka is another popular forex EA among prop firms, known for its consistent performance and low drawdowns. It was developed by a team of experienced traders and programmers and is compatible with the MetaTrader 4 platform.

Information

Waka Waka uses a combination of technical indicators and price action analysis to identify profitable trading opportunities. It focuses on short-term trades and is designed to take advantage of market volatility. The developers claim that Waka Waka has an accuracy rate of up to 80%, making it a reliable choice for prop firms.

Features

• Technical Indicators: Waka Waka uses a variety of technical indicators to analyze market data and identify potential trades.
• Price Action Analysis: The EA also uses price action analysis to determine the best entry and exit points for trades.
• Short-Term Trading: Waka Waka focuses on short-term trading, taking advantage of market volatility.
• Low Drawdowns: The EA has low drawdowns, which means that it can minimize losses and protect profits.
• Customizable Settings: Waka Waka allows traders to customize their settings according to their risk tolerance and trading preferences.

Pros and Cons

Pros:

• Consistent Performance: Waka Waka has shown consistent performance in both backtesting and live trading.
• Low Drawdowns: The EA has low drawdowns, making it a safe choice for prop firms.
• Customizable Settings: Traders can adjust the settings of Waka Waka to suit their risk tolerance and trading style.
• Affordable: Waka Waka is more affordable compared to other EAs in the market.

Cons:

• Limited Currency Pairs: Waka Waka is only compatible with a few currency pairs, limiting its diversification potential.
• Requires Monitoring: As it focuses on short-term trades, Waka Waka requires constant monitoring to ensure optimal results.

Effectiveness

Waka Waka has been proven to be highly effective in both backtesting and live trading. Its combination of technical indicators and price action analysis makes it a reliable choice for prop firms looking to maximize their profits through automated trading.

3. Golden Pickaxe

Golden Pickaxe is a forex EA that was developed specifically for prop firms. It uses advanced algorithms to analyze market data and make trading decisions, and it has gained popularity due to its high success rate and low drawdowns.

Information

Golden Pickaxe is compatible with the MetaTrader 4 platform and can be used on multiple currency pairs. It uses a combination of technical indicators, price action analysis, and market sentiment analysis to identify profitable trades. The developers claim that it has an accuracy rate of up to 85%, making it one of the most effective EAs in the market.

Features

• Advanced Algorithms: Golden Pickaxe uses advanced algorithms to analyze market data and make trading decisions.
• Multiple Currency Pairs: The EA can be used on multiple currency pairs, allowing for diversification.
• Technical Indicators: Golden Pickaxe uses a variety of technical indicators to identify potential trades.
• Price Action Analysis: The EA also uses price action analysis to determine the best entry and exit points for trades.
• Market Sentiment Analysis: Golden Pickaxe takes into account market sentiment to make more accurate trading decisions.

Pros and Cons

Pros:

• High Success Rate: Golden Pickaxe has a high success rate, making it a profitable choice for prop firms.
• Advanced Technology: The use of advanced algorithms and market sentiment analysis makes this EA highly effective.
• Diversification: The ability to trade on multiple currency pairs allows for diversification, reducing the risk of losses.
• Low Drawdowns: Golden Pickaxe has low drawdowns, minimizing the risk of losses.

Cons:

• Expensive: Golden Pickaxe is one of the more expensive EAs in the market, which may not be suitable for smaller prop firms.
• Requires Stable Internet Connection: As with any automated trading system, Golden Pickaxe requires a stable internet connection to function properly.

Effectiveness

Golden Pickaxe has been proven to be highly effective in backtesting and live trading. Its advanced technology and risk management features make it a reliable choice for prop firms looking to maximize their profits through automated trading.

4. Evening Scalper Pro

Evening Scalper Pro is a forex EA that was specifically designed for prop firms that focus on scalping strategies. It uses advanced algorithms to analyze market data and execute trades with high precision and speed.

Information

Evening Scalper Pro is compatible with the MetaTrader 4 platform and can be used on multiple currency pairs. It focuses on short-term trades and is designed to take advantage of market volatility. The developers claim that it has an accuracy rate of up to 90%, making it one of the most effective EAs for scalping strategies.

Features

• Advanced Algorithms: Evening Scalper Pro uses advanced algorithms to analyze market data and make trading decisions.
• Multiple Currency Pairs: The EA can be used on multiple currency pairs, allowing for diversification.
• Short-Term Trading: Evening Scalper Pro focuses on short-term trades, taking advantage of market volatility.
• High Precision and Speed: The EA executes trades with high precision and speed, minimizing the risk of slippage.
• Risk Management: Evening Scalper Pro has built-in risk management features to protect profits and minimize losses.

Pros and Cons

Pros:

• High Success Rate: Evening Scalper Pro has a high success rate, making it a profitable choice for prop firms.
• Advanced Technology: The use of advanced algorithms makes this EA highly effective in analyzing market data.
• Diversification: The ability to trade on multiple currency pairs allows for diversification, reducing the risk of losses.
• High Precision and Speed: Evening Scalper Pro executes trades with high precision and speed, minimizing the risk of slippage.

Cons:

• Expensive: Evening Scalper Pro is one of the more expensive EAs in the market, which may not be suitable for smaller prop firms.
• Requires Monitoring: As it focuses on short-term trades, Evening Scalper Pro requires constant monitoring to ensure optimal results.

Effectiveness

Evening Scalper Pro has been proven to be highly effective in both backtesting and live trading. Its focus on short-term trades and high precision and speed make it a reliable choice for prop firms looking to maximize their profits through automated trading.

5. Night Hunter Pro

Night Hunter Pro is a forex EA that was designed specifically for prop firms that operate during the Asian session. It uses advanced algorithms to analyze market data and execute trades with high accuracy and speed.

Information

Night Hunter Pro is compatible with the MetaTrader 4 platform and can be used on multiple currency pairs. It focuses on trading during the Asian session, taking advantage of the low volatility and high liquidity during this time. The developers claim that it has an accuracy rate of up to 95%, making it one of the most effective EAs for trading during the Asian session.

Features

• Advanced Algorithms: Night Hunter Pro uses advanced algorithms to analyze market data and make trading decisions.
• Multiple Currency Pairs: The EA can be used on multiple currency pairs, allowing for diversification.
• Trading During Asian Session: Night Hunter Pro focuses on trading during the Asian session, taking advantage of the low volatility and high liquidity.
• High Accuracy and Speed: The EA executes trades with high accuracy and speed, minimizing the risk of slippage.
• Risk Management: Night Hunter Pro has built-in risk management features to protect profits and minimize losses.

Pros and Cons

Pros:

• High Success Rate: Night Hunter Pro has a high success rate, making it a profitable choice for prop firms.
• Advanced Technology: The use of advanced algorithms makes this EA highly effective in analyzing market data.
• Diversification: The ability to trade on multiple currency pairs allows for diversification, reducing the risk of losses.
• High Accuracy and Speed: Night Hunter Pro executes trades with high accuracy and speed, minimizing the risk of slippage.

Cons:

• Expensive: Night Hunter Pro is one of the more expensive EAs in the market, which may not be suitable for smaller prop firms.
• Requires Monitoring: As it focuses on trading during the Asian session, Night Hunter Pro requires constant monitoring to ensure optimal results.

Effectiveness

Night Hunter Pro has been proven to be highly effective in both backtesting and live trading. Its focus on trading during the Asian session and high accuracy and speed make it a reliable choice for prop firms looking to maximize their profits through automated trading.

1. FTMO

FTMO is a well-known prop firm that offers funding for traders who use EAs. They have gained popularity due to their unique approach to funding traders. Instead of charging a monthly fee or taking a percentage of profits, they only charge a one-time fee for their evaluation process. Once a trader passes the evaluation, they are funded with a live account and can keep 70% of their profits.

How does FTMO work?

FTMO's evaluation process consists of two stages - the Challenge and the Verification. The Challenge stage requires traders to trade on a demo account and reach certain profit targets within a specific time frame. Once a trader passes the Challenge, they move on to the Verification stage where they trade on a live account with real money. If a trader successfully completes both stages, they are funded with a live account and can start trading with a maximum leverage of 1:100.

FTMO also has strict risk management rules in place to ensure the safety of their capital. Traders are not allowed to risk more than 5% of their account balance on any single trade, and they must maintain a minimum equity level of 70% at all times. This helps to protect both the trader and the prop firm's capital.

How to install a forex trading bot on FTMO?

To use an EA on FTMO, traders need to download the MT4 platform and install their EA on it. Once the EA is installed, traders can start trading on their demo account for the Challenge stage. If they pass the Challenge and move on to the Verification stage, they can continue using the same EA on their live account.

2. Funded Trading Plus

Funded Trading Plus is another popular prop firm that offers funding for traders who use EAs. They have a unique approach to funding, where traders can choose from three different funding levels - Basic, Advanced, and Pro. Each level has different profit targets and risk management rules, allowing traders to choose the one that best suits their trading style.

How does Funded Trading Plus work?

Traders first need to purchase a subscription to access the evaluation process. The subscription fee varies depending on the funding level chosen. Once a trader passes the evaluation, they are funded with a live account and can keep up to 80% of their profits.

Funded Trading Plus also has strict risk management rules in place, similar to FTMO. Traders must not risk more than 5% of their account balance on any single trade, and they must maintain a minimum equity level of 70% at all times.

How to install a forex trading bot on Funded Trading Plus?

To use an EA on Funded Trading Plus, traders need to download the MT4 platform and install their EA on it. Once the EA is installed, traders can start trading on their demo account for the evaluation process. If they pass the evaluation, they can continue using the same EA on their live account.

3. Topstep

Topstep is a well-established prop firm that offers funding for traders who use EAs. They have a straightforward evaluation process and offer different funding options for traders to choose from.

How does Topstep work?

Traders first need to purchase a subscription to access the evaluation process. The subscription fee varies depending on the funding option chosen. Once a trader passes the evaluation, they are funded with a live account and can keep up to 80% of their profits.

Topstep also has strict risk management rules in place, similar to the other prop firms mentioned above. Traders must not risk more than 5% of their account balance on any single trade, and they must maintain a minimum equity level of 70% at all times.

How to install a forex trading bot on Topstep?

To use an EA on Topstep, traders need to download the MT4 platform and install their EA on it. Once the EA is installed, traders can start trading on their demo account for the evaluation process. If they pass the evaluation, they can continue using the same EA on their live account.

What is a Prop Firm EA Trading?

Prop firm EA trading refers to the practice of using automated trading systems, or EAs, to trade on behalf of a prop firm. These prop firms provide funding for traders who use EAs, allowing them to trade with real money and keep a portion of their profits. This allows traders to have access to more capital and potentially increase their profits.

How do forex EAs for prop firms work?

Forex EAs for prop firms work by executing trades based on pre-programmed rules and algorithms. These EAs are designed to analyze market conditions and make trading decisions without human intervention. Traders can choose from a variety of EAs available in the market or create their own custom EAs.

How do I install a forex trading bot?

To install a forex trading bot, also known as an EA, traders need to follow these steps:

• Download the MT4 platform from your chosen prop firm's website.
• Open the MT4 platform and go to the "Navigator" tab.
• Right-click on "Expert Advisors" and select "Open Data Folder."
• Copy and paste the EA file into the "MQL4" folder.
• Close and reopen the MT4 platform.
• Go to the "Navigator" tab, right-click on the EA, and select "Attach to a chart."
• A pop-up window will appear, click "OK" to confirm.
• The EA is now installed and ready to use.

How to choose the best forex EA for prop firms

When choosing the best forex EA for prop firms, there are a few factors to consider:

• Performance: Look for EAs with a proven track record of profitability. This can be done by checking backtesting results and live trading performance.
• Risk management: Make sure the EA has strict risk management rules in place to protect both the trader and the prop firm's capital.
• Compatibility: Ensure that the EA is compatible with the prop firm's trading platform.
• Support: Choose an EA that comes with good customer support in case of any issues or questions.

FAQs

Do prop firms allow EA?

Yes, most prop firms allow traders to use EAs for trading. However, they may have specific rules and guidelines in place regarding the use of EAs.

What is the most successful forex EA?

The most successful forex EA is subjective and varies depending on individual trading strategies and preferences. It is essential to do thorough research and backtesting before choosing an EA.

What is Ultimate EA for prop firms?

Ultimate EA for prop firms is a popular automated trading system designed specifically for prop firm trading. It uses advanced algorithms and risk management techniques to execute trades and maximize profits.

Conclusion

In conclusion, using forex EAs can greatly benefit prop firms by increasing efficiency, reducing human error, and maximizing profits. The 5 EAs discussed in this blog post have proven to be highly effective in backtesting and live trading, making them the best choices for prop firms. However, it is important to note that no EA can guarantee 100% success, and traders should always conduct thorough research and testing before choosing an EA for their prop firm. With the right EA and proper risk management, prop firms can take their trading to the next level and achieve even greater success in the competitive forex market.

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