PropStar Trader EA MT4 – Free Download

Introduction PropStar Trader EA

Forex trading has evolved significantly over the years, with automated trading systems, or Expert Advisors (EAs), taking center stage. One such tool is the PropStar Trader EA, a sophisticated trading robot designed to enhance trading efficiency, particularly for PROP firm accounts. This article delves into the features, advantages, and disadvantages of PropStar Trader EA, providing an in-depth review of its capabilities.

Technical Specifications

Version: 3.4.2
Year of issue: 2024
Working pairs: BEST (EURUSD), GBPUSD,USDCHF,USDCAD,USDJPY
Recommended timeframe: M5
Minimum Deposit: $500
Average of account: 1:30 To 1:1000

Best Brokers List

PropStar Trader EA works with any broker and any type of account, but we recommend our clients use one of the top forex brokers listed below:

BROKER NAME	REGISTER	Year Founded	Headquartered	Leverage	Minimum Deposit	Regulating
	Register	2007	🇦🇺 Australia 🇨🇾 Cyprus 🇧🇸 The Bahamas 🇸🇿 Seychelles	1:1000	$200	ASIC, SCB, FSA
	Register	2008	🇨🇾 Cyprus	1:Unlimited	$10	CySEC, FCA, FSCA, FSA, BVI
	Register	2009	🇧🇿 Belize	1:2000	$10	FSC
	Register	2009	🇧🇿 Belize	1:3000	$1	IFCS
	Register	2009	🇨🇾 Cyprus 🇦🇺 Australia 🇧🇿 Belize 🇦🇪 Emirates	1:1000	$5	ASIC, CySEC , IFSC
	Register	2010	🇦🇺 Australia	1:500	$200	FCA , ASIC, DFSA
	Register	2011	🇬🇧 England	1:500	$25	CySEC
	Register	2006	🇪🇭 Ireland	1:400	$100	CBI, CSEC, PFSA, ASIC, BVIFSC, FFAJ, SAFSCA,ADGM, ISA

PropStar Trader EA Settings

Parameter Settings

• FULL: "UNL"
• SETTINGS: "PropStar Trader EA EA"
• TF: "M5"
• CURRENCY: GBPUSD, USDCHF, USDCAD, USDJPY
• Lots: 0.01
• UseRisk: true
• MaxRisk: 2%
• StopLoss: 65 pips
• TakeProfit: 20 pips
• MaxSpread: 5
• MaxSlippage: 1
• HourStart: 22:00
• HourEnd: 01:00

Overview of PropStar Trader EA

Key Features

PropStar Trader EA PROP TrendPro EA: This EA is equipped with two hidden and two visible signal indicators, providing a robust trading strategy.

News Filter: The EA includes a news filter to avoid trading during high-impact news releases, minimizing the risk of volatile market movements.

Stable Auto Trading: Ensures consistent and reliable performance with minimal intervention.

EURUSD Pair: Primarily optimized for the EURUSD currency pair, though it supports other major pairs as well.

Maximum Drawdown Control: Allows users to set the maximum drawdown per day as a percentage, providing a safeguard against significant losses.

Compatibility: Can be used on any account type, offering flexibility for various trading environments.

Advantages of PropStar Trader EA

1. Customization and Flexibility

PropStar Trader EA offers extensive customization options, allowing traders to adjust parameters such as Stop Loss, Take Profit, and trading hours. This flexibility makes it suitable for various trading styles and risk appetites.

2. Risk Management

The EA includes features to manage risk effectively, such as setting a maximum daily drawdown and using a news filter to avoid trading during high volatility periods. This ensures that the trading account remains protected against substantial losses.

3. Compatibility with PROP Firm Requirements

Designed with PROP firm accounts in mind, PropStar Trader EA complies with typical PROP firm rules and restrictions. This includes focusing on currency pairs and managing drawdowns, making it an ideal choice for traders aiming to meet PROP firm challenges.

4. Hidden Indicators

The use of hidden indicators ensures that the trading strategy remains proprietary, providing a competitive edge. These indicators, combined with visible ones, enhance the EA’s ability to generate profitable trades.

Review PropStar Trader EA  Results

1. Overall Performance: The EA shows impressive overall gains. The first image indicates a total gain of 229.18% and an absolute gain of 106.72%. This suggests the robot has been quite successful in its trading strategy.
2. Growth Trend: The chart in the first image displays a strong upward trend in growth from September 2023 to June 2024. This consistent upward trajectory is a positive sign for the EA's performance.
3. Monthly Performance: The second image breaks down monthly gains for 2024. The robot has shown positive returns every month, with particularly strong performances in April (15.66%) and May (14.44%). Even the lowest month, March, still showed a positive gain of 0.49%.
4. Risk Management: The drawdown shown in the first image is 18.66%, which is reasonable given the high returns. This suggests the EA has decent risk management protocols in place.
5. Currency Focus: For April, the EA traded exclusively in EURUSD (Euro/US Dollar) pair, as shown in the currency popularity chart. This specialization might contribute to its success.
6. Trade Duration: The average holding time for EURUSD trades in April was primarily long positions held for about 4.5 days, with a small portion of short positions.
7. Reward to Risk Ratio: The Reward:Risk ratio for EURUSD in April is -0.85. This negative value is somewhat concerning and might need further investigation.
8. Capital Management: The EA has grown the account from initial deposits of $4,662.86 to a current balance of $10,101.36, showing effective capital growth.

Overall, this EA robot appears to be performing very well, with consistent growth and good risk management. However, it's important to note that past performance doesn't guarantee future results. The negative reward:risk ratio for April is a point that might need closer examination. Additionally, its focus on a single currency pair (EURUSD) could be both a strength in terms of specialization, but also a potential risk if that pair faces unfavorable market conditions.

Disadvantages of PropStar Trader EA

1. Complex Setup

While the EA offers extensive customization, the initial setup can be complex for beginners. Understanding and configuring all parameters correctly is crucial to ensure optimal performance.

2. Dependence on Market Conditions

Like any automated trading system, the performance of PropStar Trader EA is influenced by market conditions. During highly volatile or unpredictable market phases, the EA may not perform as expected.

3. Limited to Specific Currency Pairs

Although optimized for the EURUSD pair, the EA’s performance on other pairs might not be as robust. Traders focusing on other currency pairs or assets might find this limitation restrictive.

4. Time-Restricted Trading

The EA operates within a specified trading window (22:00 to 01:00), which might not align with the trading schedules of all users. This time restriction could lead to missed trading opportunities outside these hours.

Conclusion

PropStar Trader EA is a powerful tool for forex traders, particularly those working with PROP firm accounts. Its extensive customization options, robust risk management features, and compliance with PROP firm requirements make it a valuable asset. However, its complexity and limitations regarding currency pairs and trading times should be considered.

Overall, PropStar Trader EA offers a blend of advanced features and reliability, making it a worthy consideration for serious forex traders. As with any trading tool, it is essential to thoroughly test and understand its functionality to maximize its potential and mitigate risks.

By providing a detailed review of PropStar Trader EA, we aim to equip traders with the knowledge needed to make informed decisions, enhancing their trading strategies and outcomes.

Download PropStar Trader EA

Please try for at least a week an ICMarket demo account. Also, familiarize yourself with and understand how this free forex Tool works before using it on a live account.

Disclaimer: Trading forex involves inherent risks, and past performance is not indicative of future results. Users are advised to conduct thorough research and seek professional advice before engaging in forex trading activities.