The FTMO company offers extremely favorable working conditions for talented and promising traders. It has developed a sophisticated multi-level evaluation system to select the cream of the crop. The reality is that even experts with many years of experience sometimes lack the knowledge and confidence to pass the FTMO Challenge and get an account for managing private funds. In this article, we will reveal a few tips to help you pass the test quickly and successfully and win a job in a global company.
Remember what time zone you are in
The working hours during the test are based on CET, which is not always the same as the time in the server settings. Therefore, this should be taken into account when using the platform.
Please note that very often violations of the maximum daily loss are associated precisely with the difference in the time zones. For example, if a trader went on vacation and kept on taking the test there, he or she might not take into account the difference and allow a greater daily loss than is specified by the FTMO requirements.
To prevent such unpleasant situations, there is a time zone converter on the website of the company, so that traders always know what timeframe to use.
Trade with Stop-loss
Usually, the traders who want to become part of the FTMO already have some experience in the financial market, but even this cannot guarantee that all their trades will be closed exactly as planned. In addition, if the trader violates the rules of the FTMO Challenge, he or she will be refused further evaluation. To eliminate the risk, it is better to use a Stop-loss. In this case, you will protect your results from unexpected asset volatility and other factors that the trader cannot control.
Please note that when setting stop-loss parameters, it is important to consider not only the limits set by the company but also the fee, swap, and even the risk of possible slippage.
Do not ignore economic news
As for the FTMO Challenge & Verification, there is no urgent need to monitor important economic news around the clock. However, experienced traders are well aware that the prices of certain assets largely depend on the current news, and that understanding how things will turn out beforehand you can succeed well in the financial market by opening and closing positions at the right time.
If economic news during the test can be a way to increase your chances of getting into the elite club, ignoring important information while managing your FTMO account is simply unacceptable since you will be trading with real money. Representatives of the company recommend that you regularly refer to the economic calendar to properly adapt your chosen trading strategy to possible changes.
Remember that any macroeconomic news has a huge impact on the price movement of key assets, and if you neglect the information, you may expose your trading account to unnecessary risk.
Hedging does not guarantee 100% protection
Even if your current position is hedged, the profit/loss ratio can still fluctuate due to floating spreads. In fact, due to the initial payment for the spread, any trade is opened with a small loss. As for the spread itself, its size depends on market liquidity.
Important economic news often leads to a significant increase in spreads, which causes a temporary loss and in some cases can lead to a violation of the FTMO Challenge & Verification rules. Thus, if you are approaching your limits, it is better to close positions rather than use hedging.
Do not take a manual trading test if unsure of your success
No matter how experienced and competent the trader is, no one can protect him or her from making wrong decisions. A strategy that has repeatedly proven its effectiveness can become unprofitable in a split second. Moreover, sometimes, experiencing serious emotional stress when going through the FTMO Challenge & Verification, the trader makes rash decisions.
The use of special automated software will increase the probability of passing the test. One of the great solutions is the FTMO BST16, which is specially designed for passing the two-stage test.
Choosing specialized software has many advantages:
Automated bots allow you to achieve fantastic results and win a job in one of the best FTMO Proprietary Trading companies in as few trading days as possible.