Example - FIFO Trading

Example - FIFO Trading

• Goal: My broker mandates FIFO trading therefore I want the EA to enter and exit trades according to the FIFO rules. I want to use 25 pips for Take Profit for the initial trade.
• How-to: Here is an example EA configuration how to achieve the above:
  1. Initial: Take Profit = 0
  2. Initial: Hidden TP = 25
  3. Allow Buy & Sell at the Same Time = Only One Direction Allowed at Same Time
  4. Topup TP Mode = Hide Topup TP from Broker
  5. Start Pruning at Trade Count in a Direction = 0
• Description: The EA enters an initial trade in either buy or sell direction if the market is not yet traded in that direction. The EA does not set the 25 pips TP for the open initial trade on the broker server as that could violate the FIFO rules later on. The EA monitors the market price and closes off the initial trade when the price hits the 25 pips hidden TP. Should the market price move against the initial trade the EA enters 1 or more topups. The EA does not set the TP for the group of open trades as that could violate the FIFO rules. Instead, the EA monitors the market price and closes off all the open trades on that market in FIFO manner when the TP is reached.