To begin with, let’s perceive what Prop Controller is. It’s a separate module constructed contained in the Knowledgeable Advisor, the duty of which is to forestall exceeding the allowable drawdowns on the account. And the kind of account doesn’t matter. It may be both a Prop account or your common account. Prop Controller will work identically on these accounts.
The settings of the Prop Controller within the Prop Grasp Knowledgeable Advisor appear to be on this image.
There are a number of parameters for setting the situations of your Prop Agency within the exterior settings of the Prop Grasp Knowledgeable Advisor. Let’s take a look at all of the parameters of Prop Controller:
- Problem On – permits/disables the module;
- Max. every day drawdown – needs to be set the utmost allowable drawdown on the account for one buying and selling day;
- Max. fairness drawdown – needs to be set the utmost allowable drawdown on the account for the entire time;
- Part Goal – needs to be set the goal revenue worth in % for passing the problem.
My suggestion is to set values not precisely the identical as people who the agency units, however rather less. That is required to keep away from slippage past the desired values. To illustrate the drawdown worth for the day is 4%, you’ve set 4% within the Knowledgeable Advisor. When the controller sees the drawdown on the account better than or equal to 4%, it would give a command to shut orders on the market value. Whereas the orders are being closed, the worth might change not in your course, and after closing the drawdown will probably be 4.01%. That is already greater than 4% and the agency will block the account. Due to this fact, set 3.8% and shield your self from slippage.
If the allowable drawdown has been reached on the account, Prop Controller will prohibit additional opening of trades to the Knowledgeable Advisor. If it was the Max. every day drawdown, the prohibition is ready till the subsequent buying and selling day. If it was the Max. eguity drawdown, the prohibition is ready till you manually appropriate the scenario on the account.
You will have observed the Part Goal parameter. What’s it for? The parameter is required in order that Prop Controller can repair the goal revenue worth. If the goal revenue on the account has already been reached, the controller blocks additional opening of orders to repair the passing of the problem slightly than to make the scenario worse.
Now you understand and perceive how helpful this module is within the Prop Grasp Knowledgeable Advisor. You possibly can make sure that the Knowledgeable Advisor is able to full the challenges of any Prop Corporations, simply configure the exterior parameters of the Knowledgeable Advisor in keeping with the principles of the Prop Agency you’re utilizing.
I want everybody to finish the problem efficiently!
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