Getting started
Your First 30 Days With a Forex or Gold EA: A Week-by-Week Plan From Install to Small Live Account
By Benjamin Lee · Updated · 6 min read
You bought an Expert Advisor and want to switch it on. The temptation is to attach it to a live account today. A better plan spends the first month learning how the EA behaves while the cost of mistakes is low. This guide gives you a week-by-week plan: what to install and read in week one, how to test in week two, how to run it on demo in week three, and how to take a careful first step with real money in week four. It includes what to record, so that on day 30 you can decide with facts rather than hope.
Key takeaways
- Week one is for installing, reading the manual and checking compatibility, not for trading.
- Week two is for backtesting on real ticks and understanding the report.
- Week three is for demo trading through a full range of conditions, including news.
- Week four is a minimum-lot live start, with a written stop rule.
- Record the same few numbers each week, so day 30 is a decision, not a feeling.
The plan at a glance
| Week | Goal | Main tasks | Money at risk |
|---|---|---|---|
| 1 | Set up and understand | Install, read the manual, check broker and account type, load the setfile | None |
| 2 | Test on history | Backtest on real ticks, read the report, compare with the vendor | None |
| 3 | Test on live prices | Run on a demo account through normal and news days | None |
| 4 | Careful live start | Minimum lot on a small live account, daily checks, written stop rule | Small, decided in advance |
These are not magic numbers. If the EA trades rarely, you may need more than a week of demo to see enough trades. The principle is to move from safe to riskier stages only when the previous one has gone well.
Week 1: Set up and understand
Step 1: Read the manual and the product page twice
Note the symbol, timeframe, account type, required settings, what it does in news and what the author says about risk.
Step 2: Check compatibility
Confirm your broker allows EAs, the symbol name matches, the account is hedging if needed and the minimum lot suits your account. See hedging versus netting.
Step 3: Install the EA
Follow the install guide or the safe setup walkthrough. Use a demo account.
Step 4: Load the setfile and read every input
See setfiles explained. Write down the lot size or risk percentage, stop loss and filters.
Step 5: Write your rules
Your risk per trade, the maximum drawdown at which you stop and the date you will decide. See when to turn off your EA.
Week 2: Test on history
Run the MT5 Strategy Tester with the mode based on real ticks, your broker's spread and commission, the deposit you plan to use and several years of data. The details are in the Strategy Tester settings guide and how to backtest an EA.
- Record net profit, maximum drawdown (balance and equity), profit factor, number of trades and the longest losing run. The report guide explains each.
- Compare with the vendor's figures. A large gap means a different spread, data or settings. Ask the seller.
- Test a period the EA's settings were not tuned on, to check it holds up.
- Look at the worst month in the test and ask whether you could sit through it.
Week 3: Run on demo with live prices
A demo account uses live prices but no real money. It shows the things a backtest cannot: execution on today's spread, how the EA behaves around news, and whether your setup works. Run it for the whole week with the intended lot size, through at least one high-impact event. If the EA trades only a few times a week, extend the demo until you have a meaningful number of trades. See forward testing on demo.
| Item | What to note |
|---|---|
| Trades opened and closed | Number, direction, size and duration |
| Result | Net profit or loss and the drawdown from the starting point |
| Spread and slippage | Typical spread at entry and any large slippage |
| News behaviour | What the EA did around the biggest event |
| Errors | Anything unusual in the Experts and Journal tabs |
| Match with the backtest | Were the trades what the test would have made? |
Week 4: A careful live start
If weeks one to three went well, take a first live step. Use a small account that you can afford to lose, the minimum lot, and a VPS or a computer that stays on. Do not scale up in this week, even if it wins. The purpose is to check live execution against the demo.
Step 1: Open a small live account with the same broker and account type as the demo
Use money you can afford to lose entirely.
Step 2: Attach the EA at the minimum lot
Check that the lot size works with your risk limit using the lot size calculator.
Step 3: Check twice a day
Connection, EA status, open trades with stops and free margin. A VPS makes this easier, see VPS setup.
Step 4: Compare with the demo
Look at spreads, slippage and fills. Differences are the cost of live trading.
Step 5: Hold your stop rule
If the drawdown limit is hit, stop and review, as planned.
Day 30: decide with facts
On day 30, put the numbers side by side: backtest, demo and the live week. The question is not whether the EA made money in thirty days, which is mostly luck. The question is whether it behaved as expected, whether you managed it calmly and whether the risk was what you planned. Based on that you can continue at the same size, extend the test, or stop.
For the wider picture, see the MT5 Expert Advisors guide, and size the account with how much money you need to run an EA.
Sources and further reading
- MetaTrader 5 Help: Strategy TestingThe Strategy Tester: testing modes, settings and forward testing.
- MetaTrader 5 Help: Testing ReportWhat each figure in the tester's report means, including drawdown.
- MetaTrader 5 Help: Strategy OptimizationHow optimisation and forward testing work in the Strategy Tester.
Frequently asked questions
How long should I test an EA before going live?
A common routine is a real-ticks backtest, a few weeks on demo including a news week, then a minimum-lot live start. Thirty days is a sensible first stage, but judge the EA over a much larger sample.
Can I skip the demo and go straight to live?
You can, but a demo costs nothing and shows setup mistakes, execution and news behaviour before real money is at risk. Skipping it is a common cause of early losses.
What lot size should I use in the first live week?
The minimum lot your broker allows, as long as one stop-out fits your risk limit. If the minimum lot risks more than you accept, the account or the EA is wrong for now.
What if the EA loses in the first week?
Compare it with the tested range. A losing week is normal. Check for setup faults first, then follow your drawdown rules. Do not raise the lot size to win it back.
How many trades do I need to judge an EA?
Hundreds, across different conditions. Thirty days may give far fewer, so treat the first month as a check of behaviour, not of profit.
Expert Advisors in these styles
Apply the checks above to any of these before you buy: read the manual, run your own backtest, and start on demo.
Keep reading
- EA basicsHow to Install and Run an EA on MT5Install an Expert Advisor on MetaTrader 5, load a setfile, set safe risk limits, and run it on a VPS. A practical walkthrough with a pre-live checklist.
- Pillar guideMT5 Expert Advisors: The Complete Guide for BeginnersEverything about MetaTrader 5 Expert Advisors in one place: how they work, strategy types, risk, backtesting, buying safely, gold, EURUSD, prop firms and Europe.
- BacktestingHow to Backtest an EA in MT5 ProperlyLearn how to backtest an Expert Advisor in MT5 the right way: tester modes, spreads, delays, optimisation, walk-forward checks and the red flags to avoid.
- Risk and sizingHow Much Money Do You Need to Run an EA? Euro ExamplesThe smallest account that can run an Expert Advisor safely: the 1% risk method, minimum lots on EURUSD and gold, margin, costs and euro examples from 500 to 10,000.