Are you a prop trader looking to appear on FTMO Leaderboard? With more forex traders getting funded by the FTMO prop firm, the level of competition amongst the traders has increased significantly, making it super hard to win a slot on the global trading scorecard. Read on to learn the tricks that can help you get listed on the FTMO leaderboard.
Table of Contents
Important Tips And Tricks You Can Use To Appear On FTMO Leaderboard
Stick To The Same Trading Strategy
Changing your forex trading strategy when you start trading with FTMO can make it very difficult to make a significant profit and appear on FTMO Leaderboard.
The same strategy you have been using profitably has already built confidence in you to an extent that whenever you look at a forex chart, you feel like you already know what is going to happen next in the forex market.
Not changing your trading strategy will also help you to be disciplined. You will not have the temptation to take random trades that you don’t feel confident about.
If you believe the trading strategy you are currently using cannot help you appear on FTMO Leaderboard, do not be quick to purchase the FTMO challenge and verification account. Rather, test the new strategy you plan to use on the 14-day free trial version of the FTMO challenge account.
Trade What You See
Instead of opening new trades because you are advised by another trader, wait patiently for the forex chart to print the best setups according to your trading strategy then open the trades. Follow the trading rules you wrote down without thinking that any of the rules is less important.
For instance, if you plan to have a maximum of three open trades running at a go, do not fall into the temptation of opening the fourth trade because a nice setup has been printed.
Set A Profit Target But Lower Your Expectations
So many forex traders are confused about whether they should set a take profit or not. Here are some of the questions they ask:
“What percentage profit should I expect daily, weekly, or monthly in forex trading?”
“What percentage profit can I make daily, weekly, or monthly in forex?”
Having goals is good for a forex trader. However, setting expectations on how much you want to make will set you up to experience pain.
If you want to pass the FTMO challenge and appear on FTMO Leaderboard, do not try hard to make predetermined returns like 5%, 10%, etc.
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Join FTMO Prop Trading Communities
Participating in prop trading communities is an excellent way to boost your confidence and forex trading skills.
In case you want to appear on the FTMO Leaderboard, joining the prop firm’s trading communities allows you to meet, learn, and share trading ideas with experienced traders who have been listed on the leaderboard before.
When you join the FTMO forums, talk about topics and ask questions that relate directly to FTMO and prop trading.
Avoid Closing Losing Trades Late
Some traders prefer trading freely without setting stop losses while other traders set stop losses immediately after they open their trades.
If you are the type of forex trader that does not use stop losses, you need to understand that closing losing trades too late will lower your account balance and equity.
When your focus is to appear on FTMO Leaderboard and be celebrated as one of the FTMO’s most active and profitable traders, ensure you constantly check running trades to close them early whenever a chart setup is invalidated by the price action.
Are there you will be away from the forex chart when you have running trades without stop losses? Request someone you trust to watch the forex chart and close the trades for you when your setup is invalidated.
Get A Forex Mentor If You Need One
Maintaining winning trades in forex can be hard if you are a beginner trader. It is not feasible for you to appear on FTMO Leaderboard if you cannot trade profitably in days, weeks, or months.
In case you are having trouble keeping or adding profits to the ones you have made, look for a legit forex mentor who has a good trading experience with prop trading firms to help you.
FAQs About FTMO Leaderboard
How can I appear on FTMO Leaderboard?
To appear on the FTMO Leaderboard, you need to have a working forex trading strategy and a good risk management skills.
How many traders are listed on FTMO Leaderboard?
FTMO lists 10 traders on the leaderboard every week. The condition for a trader to be listed is that their account must be active and profitable.
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Thank you for the in-depth explanation!