Question 1

What type of strategy does Your First Chance EA MT4 use?

Accepted Answer

It is a simple trend-following EA with basic recovery logic (opens a second chance trade if the first one loses).

Question 2

Is it safe to use?

Accepted Answer

Low to Medium Risk — The settings are very simple and conservative (0.01 lot + 2% profit target). However, the recovery trade can still increase drawdown if the market trends strongly against you.

Question 3

Does it use Martingale or Grid?

Accepted Answer

No. It uses a very mild recovery system (same lot size for initial and recovery trades).

Question 4

What is the profit target?

Accepted Answer

It aims to close the cycle when total profit reaches 2% of your account balance.

Question 5

Can I change the risk?

Accepted Answer

Yes. You can lower Your Profit in Percentage to 1% or 1.5% for even safer trading, or increase the lot size if you want more aggressive results.

Question 6

Is it suitable for beginners?

Accepted Answer

Yes — This is one of the simplest EAs to use. Just set the lot size and let it run.

Question 7

What is the recommended starting capital?

Accepted Answer

At least $500–$1,000 when using 0.01 lot.

Your First Chance EA MT4Premium

Before You Start