Regarding expert advisors (a.k.a EAs) My Forex Funds has a few different rules based on the account type. Read on to find out precisely what these rules are.
For Evaluation Accounts
Almost all expert advisors are allowed on evaluation accounts. The exceptions to the rule are when you attempt to exploit the system including:
- Using account management eas
- Eas that copy others’ trades
- Tick scalping eas
- Arbitrage trading
You may use both third-party and your own expert advisors so long as they abide by the rules above. For third-party eas, it would be wise to use your own settings to avoid any complications regarding copy trading.
For Rapid Accounts
The rules for rapid accounts are the same as those above for evaluation accounts.
For Accelerated Accounts
Nearly all expert advisors are disallowed with this type of account. The exceptions are:
- Trade copiers (own trades)
- Risk management eas (such as those that set up a stop loss)
What Happens if I Break the Rules on Expert Advisors?
If you do not follow the rules on expert advisors, it is highly likely your account will be deactivated and you will be required to start again (and pay the fee again). Therefore its wise to ensure you have a full understanding of the rules before taking on any challenge.