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Welcome to your ultimate guide on leveraging the power of both FTMO and Forex92 EA to succeed in forex trading. Are you an aspiring trader looking to break into the forex market but are unsure where to start? Or perhaps you’re an experienced trader looking for ways to elevate your game? Either way, this article has got you covered!
FTMO is a proprietary trading firm that offers traders the opportunity to manage capital and earn a share of the profits. What sets FTMO apart from other prop trading firms is its unique challenge. The FTMO Challenge allows traders to demonstrate their skills in a simulated environment before giving them access to real capital. Successfully pass the challenge, and you could manage an account up to $200,000!
Forex92 EA is an Expert Advisor designed for the MetaTrader 4 and MetaTrader 5 platforms. This algorithmic trading solution aims to take the guesswork out of forex trading by automating trades based on a variety of signals and strategies. It's your 24/7 trading assistant, monitoring the markets and executing trades even while you sleep.
The objective of this page is straightforward: to provide you with a comprehensive guide on how to maximize your trading opportunities by combining the power of FTMO and Forex92 EA. Whether it's understanding how to pass the FTMO Challenge or how to set up and use Forex92 EA for optimum results, we aim to guide you every step of the way.
And here's the best part! For those who join FTMO using our exclusive affiliate link, we're offering a free download of the Forex92 EA. That's right! You get to use this state-of-the-art Expert Advisor, which usually retails for hundreds of dollars, absolutely free!Stay with us as we dive deeper into the world of proprietary forex trading with FTMO and automated trading with Forex92 EA. Discover tips, strategies, and an exclusive offer that you won't find anywhere else.
FTMO is not just another name in the sea of forex trading platforms; it’s a proprietary trading firm that has been changing the game for traders worldwide. With a unique business model that includes a challenge to prove your trading skills, FTMO offers traders a chance to trade with significant capital, all while mitigating risk and maximizing gains. Let’s dive into the details.
FTMO specializes in providing traders with the necessary capital to trade on the forex market. But it's not as simple as signing up and getting started; there's a vetting process involved known as the "FTMO Challenge."
The FTMO Challenge is essentially a two-step evaluation process that traders must undergo to become an FTMO Trader. The challenge is designed to discover if you have what it takes to become a successful forex trader. Once you pass this challenge, you're given a funded account to manage. The challenge includes a series of objectives that traders must meet within a specified time frame, such as reaching a certain profit target while adhering to loss limits.
By incorporating this challenge, FTMO ensures that only skilled and disciplined traders gain access to their capital, thereby maintaining a high standard of trading performance across the board.
Now that you understand the entrance criteria, let’s talk about why you would want to trade with FTMO in the first place.
One of the most appealing aspects of trading with FTMO is the leverage they offer. High leverage allows you to open positions much larger than your original investment, amplifying both potential profits and potential losses. However, with great power comes great responsibility, and that's where FTMO's risk management strategies come in.
FTMO places a strong emphasis on risk management, providing its traders with various tools and educational resources to manage risks effectively. They employ maximum loss limits and offer features like the 'Profit Split,' which allows traders to share profits with the firm while limiting downside risks.
FTMO is generally discreet about revealing the precise pass rate for its challenge, making it challenging to pinpoint an exact figure. However, anecdotal evidence and trader testimonials estimate the pass rate to be in the vicinity of 5-10%. This suggests that only a select group of traders, representing a small fraction of total participants, successfully navigate the challenge’s rigorous profit targets and risk management criteria.
It's crucial to understand that the low pass rate isn't indicative of the challenge being unfairly difficult but rather underscores the level of skill and discipline required to succeed. The FTMO Challenge is crafted to be challenging by design; it aims to sift through the vast pool of applicants to identify traders who not only possess the technical skills but also the psychological resilience and risk management prowess needed for long-term success in the volatile world of trading.
FTMO's decision to keep the pass rate confidential may also be strategic. By not revealing the exact figure, the firm discourages casual participation and encourages only serious, committed traders to apply. This ensures that participants approach the challenge with the level of seriousness and preparation it warrants.
Given the challenge's stringent criteria and the estimated low pass rate, aspiring traders should approach the FTMO Challenge with thorough preparation. Many successful traders recommend rigorous back-testing of trading strategies, continual learning, and even mentorship as ways to increase one's odds of passing.
Given the challenge's stringent criteria and the estimated low pass rate, aspiring traders should approach the FTMO Challenge with thorough preparation. Many successful traders recommend rigorous back-testing of trading strategies, continual learning, and even mentorship as ways to increase one's odds of passing.
Successfully navigating the FTMO Challenge necessitates an integration of refined trading acumen, stringent discipline, and calculated risk management. Below are some expanded and enhanced tips to elevate your probability of passing the challenge:
Before even setting foot in the trading arena, ensure that you opt for a challenge that aligns closely with your trading style, asset preferences, and risk tolerance. FTMO offers a variety of challenge parameters; the key is to pick one that complements your strengths and strategies.
Developing and meticulously testing a robust trading strategy is crucial. Use historical data for back-testing and even consider paper trading to gauge the effectiveness of your approach. The strategy should not only target high-probability setups but also incorporate fail-safes for risk mitigation.
FTMO sets forth specific rules and risk management parameters for a reason—they’re the backbone of profitable, sustainable trading. Adherence to these guidelines is non-negotiable and is closely monitored during the challenge.
Impulsive trading driven by emotions can be your worst enemy. Maintain a disciplined approach to your trading activities. Be patient enough to wait for the high-probability setups that your trading strategy identifies, and avoid the pitfalls of overtrading or over-leveraging your account.
Emotional management goes hand in hand with trading discipline. Markets can be erratic, evoking a spectrum of emotions like greed, fear, and frustration. Mastering emotional resilience helps you make rational decisions under stress, contributing to a consistent performance.
Keeping a comprehensive trading journal can be transformative. It helps you document your trades, strategies, emotions, and outcomes. Regularly reviewing this journal provides valuable insights into your trading habits, illuminating both strengths to capitalize on and weaknesses to rectify.
Emotional management goes hand in hand with trading discipline. Markets can be erratic, evoking a spectrum of emotions like greed, fear, and frustration. Mastering emotional resilience helps you make rational decisions under stress, contributing to a consistent performance.
Stay abreast of market conditions, economic indicators, and news events that could impact your trades. Informed trading is successful trading. Subscribe to relevant newsletters, keep an eye on market analytics, and consider using technical indicators to confirm or disprove your trading intuitions.
Even if you falter on your first attempt, remember that perseverance is key. Treat every failure as a lesson learned and an opportunity for refinement. The FTMO Challenge is not just a one-off event but a stepping stone in your trading career.
Successfully completing the FTMO Challenge hinges on a harmonious blend of preparation, strategy, and discipline. Here’s an advanced guide to formulating the most effective strategy for passing the challenge:
FTMO provides a range of challenges, each varying in timeframes, profit targets, and maximum drawdown allowances. The best challenge for you is the one that dovetails with your trading experience, risk tolerance, and market preferences. Remember, the ideal challenge should not just be passable but should enable you to thrive and demonstrate your full trading prowess.
A crucial facet of any effective trading strategy is robust risk management. Utilize tools like stop-loss orders, take-profit levels, and position sizing to not just limit losses but also to lock in profits. These techniques reduce the impact of negative trades and enhance the effectiveness of profitable ones.
Once your strategy is formulated, subject it to stress tests under various market conditions. How does it fare during high-volatility events or market downturns? This allows you to gauge its robustness and make necessary adjustments before you engage with the FTMO Challenge.
Keep refining your strategy as you go along. Learning is a never-ending process in trading. Stay updated with market news, emerging tools, and, if possible, seek mentorship from traders who have successfully navigated the FTMO Challenge before.
Before jumping into the high-stakes environment of the FTMO Challenge, a demo account serves as your practice arena. Use it to fine-tune your trading strategy, uncover blind spots, and accustom yourself to the trading platform. This stage is not just about strategy testing but also about building the psychological resilience needed for live trading.
Developing a strategy with a high success rate is vital, but it’s equally important that the strategy is versatile. Markets are dynamic; thus, your strategy should be agile enough to adapt. Incorporate both technical and fundamental analysis into your approach. While technical indicators may guide you on entry and exit points, understanding fundamental indicators can offer a broader view of market trends.
Developing a strategy with a high success rate is vital, but it’s equally important that the strategy is versatile. Markets are dynamic; thus, your strategy should be agile enough to adapt. Incorporate both technical and fundamental analysis into your approach. While technical indicators may guide you on entry and exit points, understanding fundamental indicators can offer a broader view of market trends.
Often overlooked but immensely important is the psychological aspect of trading. Mindfulness techniques, visualization exercises, and even pre-trade routines can equip you to manage stress and make more rational decisions when trading.
Each FTMO Challenge has a specific timeframe within which you must hit your profit targets. Time management is vital—don’t rush to meet targets, but also don’t lag to the point where you need to take unnecessary risks to catch up.
The FTMO Challenge is designed to be a rigorous evaluation of your trading aptitude, discipline, and risk management skills. While no service can provide a 100% guarantee of success, there are various avenues for preparation and improvement that can substantially increase your chances of passing. Below are some highly recommended options:
A personalized coaching experience with experts familiar with the nuances of the FTMO Challenge can provide invaluable insights. They can offer tailored strategies, techniques for effective risk management, and even psychological tips to keep your emotions in check during trading. One-on-one sessions can focus on the areas where you need the most improvement, making the coaching more effective.
Numerous online platforms offer courses designed to improve your trading skills. These courses often encompass technical and fundamental analysis, trading psychology, and advanced trading strategies. Look for courses that specifically cover proprietary trading challenges or those recommended by traders who have successfully passed the FTMO Challenge.
Being a part of a like-minded community can provide a wealth of knowledge. Through forums, webinars, or specialized Discord channels, you can share strategies, get critiques, and stay updated on market news. You’ll also find moral support from those who are on the same journey or have already completed it successfully.
Trading simulators offer a real-time, risk-free environment for you to sharpen your skills and refine your strategies. Some advanced simulators also provide performance analytics, which can give you a detailed understanding of your strengths and weaknesses.
Services like Forex92 offer account management specifically designed to help you pass proprietary trading challenges such as the FTMO Challenge. Forex92 specializes in fund management and their fees are only invoiced after successful completion of the challenge, thereby aligning their interests with yours. However, it’s crucial to do your due diligence before entrusting your trading to an automated service.
Some proprietary trading firms, including FTMO, offer their own preparatory materials, webinars, or even free trials of their platforms to give you a head start.
Do not underestimate the power of psychological preparedness. Tools like guided meditations for traders, mindfulness apps, or even short courses on trading psychology can make a difference.
By carefully evaluating these factors, you can confidently select a managed forex account that aligns with your financial goals and risk tolerance. Each element is a piece of the puzzle that, when put together, will provide a clear picture of the reliability and profitability of the managed forex account you’re considering.
The FTMO Challenge offers traders an excellent opportunity to showcase their skills and earn a funded trading account. However, many traders often fall short due to some common mistakes. Understanding these pitfalls and how to avoid them can significantly increase your chances of success.
The Mistake: Traders often make the mistake of overtrading, thinking that the more trades they place, the higher the likelihood of meeting the profit target. The Solution: Focus on quality over quantity. It’s better to place a few well-thought-out trades than to trade impulsively. Follow your trading plan and maintain discipline to avoid this common mistake.
The Mistake: Traders sometimes underestimate the importance of risk management, focusing solely on profits, which can lead to severe losses. The Solution: Always use stop-loss orders and only risk a small percentage of the trading account on any single trade. Stick to the risk management guidelines provided by FTMO to safeguard your chances of passing the challenge.
The Mistake: Entering the challenge without a concrete trading plan can result in an erratic trading strategy and emotional decision-making. The Solution: Before attempting the challenge, develop a comprehensive trading plan that outlines your trading strategy, risk management techniques, and exit criteria. Stick to this plan throughout the challenge.
The Mistake: Traders often make the mistake of overtrading, thinking that the more trades they place, the higher the likelihood of meeting the profit target. The Solution: Focus on quality over quantity. It’s better to place a few well-thought-out trades than to trade impulsively. Follow your trading plan and maintain discipline to avoid this common mistake.
The Mistake: Some traders may neglect proper market analysis and rely on gut feeling or speculative news. The Solution: Utilize both technical and fundamental analysis to make educated trading decisions. Make sure to be aware of major news events that could impact the market and adjust your trading strategy accordingly.
The Mistake: Procrastinating and then rushing to meet the profit targets as the deadline of the challenge approaches can result in hastily made decisions and increased risk. The Solution: Manage your time wisely. Break down the total profit target into smaller, manageable goals and aim to achieve them consistently over the duration of the challenge.
The Mistake: Ignoring trading costs like spreads and commissions can eat into your profits and make it more challenging to reach your profit targets. The Solution: Always account for trading costs in your trading plan. Some trading platforms, like Forex92, offer competitive fees and trading conditions that can help you manage your trading costs more effectively.
The Mistake: Sticking to a failing strategy without making any adjustments can result in a continual loss. The Solution: Be flexible and willing to adapt your strategy based on performance and changing market conditions. Keep an eye on your performance metrics and be prepared to tweak your approach if necessary.
Passing the FTMO Challenge requires more than just trading skills and market intuition; you also need the right set of tools to assist you. Utilizing a combination of software and analytical tools can make your trading more effective, helping you meet profit targets while adhering to the challenge’s risk management guidelines. Here is a comprehensive list of recommended software and tools:
The MetaTrader platform is a favorite among traders for its user-friendly interface and powerful features. Forex92 and many other services are compatible with MT4/5, which offers technical indicators, charting tools, and automated trading through Expert Advisors (EAs).
Known for its intuitive interface and advanced charting tools, cTrader is another reliable platform, especially for those who prefer a more modern interface.
Offered by TD Ameritrade, this platform is ideal for traders who also want to engage in options and stock trading.
This web-based platform offers robust charting tools, social networking, and the option to backtest strategies. It provides various timeframes and indicators, helping traders make informed decisions.
This tool scans market patterns and offers trading ideas based on technical analysis, which can be particularly helpful for traders who prefer a more automated approach to charting.
Whether standalone software or part of a larger platform, these tools can help traders identify potential support and resistance levels.
This is an online automated analytical tool for tracking, comparing, analyzing and sharing your trading activity and strategies. It can help you understand your trading habits, helping you to improve.
Keeping an eye on upcoming economic events is crucial. The Forex Factory Calendar provides a comprehensive list of global economic events that might affect currency values.
Offers real-time exchange rates, charts, and an economic calendar, as well as market analysis and news that can be crucial for making informed trading decisions.
This tool can help you determine the optimal position size based on your risk tolerance, helping to manage your capital effectively.
These tools can automate the process of setting appropriate stop-loss and take-profit levels, making risk management more efficient.
A trading journal that allows you to track and analyze your trades, recognize your weaknesses, and improve your trading strategy.
This journaling tool not only allows you to document your trades but also to import your trading history, making it easier to review and analyze your performance.
This is especially useful for traders who prefer automated trading. ZuluTrade allows you to copy the strategies of successful traders.
For those who have a strategy but lack programming skills, EA Builders can help create custom Expert Advisors for MetaTrader platforms.
This tool can aggregate news from multiple sources, helping you stay up to date with market developments.
Real-time news and data service that can provide you with the latest market-moving stories.
The psychological aspect of trading is often underestimated, yet it’s a crucial component that can significantly impact performance. Trading is not just about strategies, algorithms, or market knowledge; it’s also about managing emotions and maintaining a disciplined mindset. Below are some of the common mental and emotional challenges traders face and how to cope with them.
After a few successful trades, traders may become overconfident, which can lead to risky behavior like overleveraging or ignoring key indicators.
Whether it's the fear of losing money or the fear of missing out (FOMO), this emotion can cause traders to make impulsive decisions.
After a few successful trades, traders may become overconfident, which can lead to risky behavior like overleveraging or ignoring key indicators.
raders may dwell on "should-haves" and "could-haves," which can affect their focus and decision-making in future trades.
Being overwhelmed by too much information or too many choices can lead to inaction, causing traders to miss out on profitable opportunities.
Trading can be stressful, especially when sustaining losses. Prolonged stress can lead to burnout and impaired decision-making.
A well-thought-out plan provides a solid foundation that can bring stability and rationality to your trading activities.
Never risk more than you can afford to lose. Knowing your exit strategy in advance can remove emotional decision-making during trades.
Stick to your trading strategy and resist the temptation to deviate based on emotions.
Techniques such as deep breathing, meditation, or even short breaks can help clear your mind and improve focus.
Unrealistic expectations can lead to excessive risk-taking. Make sure your goals are achievable and aligned with your risk tolerance.
Record not just your trades but also your emotions and thought processes. Reviewing this journal can provide insights into any emotional patterns affecting your trading.
Before and after each trading session, take a few minutes to assess your emotional state. Are you calm, anxious, excited? Tailoring your trading approach to your emotional state can be beneficial.
Before you start trading, visualize different scenarios - both losses and wins. This prepares you mentally for any outcome.
Keep a daily journal where you note down three things you're grateful for. This practice can help shift the focus away from losses or stress, fostering a more balanced emotional state.
Physical activities like jogging, swimming, or even a quick walk can help to reduce stress and improve mental clarity.
By being aware of the psychological aspects of trading and taking steps to manage them, you can improve not only your well-being but also your decision-making skills on the trading floor. Services like Forex92 can provide additional support in strategy and risk management, but a balanced psychological state is something only the trader can bring to the table.
Successfully passing the FTMO Challenge opens doors to a multitude of career opportunities in the trading world. Not only do you gain access to a funded trading account, but you also establish credibility and a track record that can serve you well in various professional capacities. Here’s a look at the potential career paths and some tips on how to manage your funded account successfully.
The most immediate opportunity is becoming a proprietary trader for FTMO. You can continue trading with their capital, adhering to their guidelines and sharing profits.
With a solid track record, you could start your own trading account or even your trading firm. Your success in the FTMO Challenge can act as proof of your skills to potential investors.
With the credibility of having passed the FTMO Challenge, you can mentor aspiring traders, offering strategies and tips for passing proprietary trading evaluations.
The analytical skills acquired can be easily transferred to other roles in the financial sector, including jobs that involve market analysis or risk assessment.
If you’ve used algorithmic trading to complete your challenge successfully, this expertise can be an entry into the world of FinTech, focusing on developing trading algorithms.
Make sure you fully understand and comply with all FTMO guidelines, including risk management rules, drawdown limits, and other criteria. Non-compliance can result in losing your funded account.
What helped you pass the challenge will likely aid you in real trading scenarios. Stick to your tested trading strategies.
Use analytics and performance metrics to evaluate your trading regularly. Make adjustments as needed but avoid knee-jerk reactions based on temporary setbacks.
Don't put all your eggs in one basket. Diversifying your trading portfolio can help mitigate risks and improve your chances of long-term profitability.
The trading world is ever-evolving. Keep updating your skills, understanding of the market, and trading strategies. Attend workshops, webinars, and training sessions to stay ahead.
Engage with other traders and financial professionals to exchange insights, strategies, and industry best practices. The right connections can provide early access to valuable market information and opportunities.
Just as you have risk management for your trading, have a solid plan for your earnings. Whether it's reinvestment, savings, or diversification, smart financial planning is critical for sustained success.
Make use of the customer support and mentorship provided by the proprietary firm. If you're trading with FTMO, they offer extensive support and educational resources that can help you manage your funded account more efficiently.
Navigating the legal and ethical landscape of proprietary trading is essential for maintaining not just your credibility but also your career longevity. If you’re trading with a proprietary firm like FTMO, you will be subject to specific rules, regulations, and ethical guidelines. Here are some key points to consider:
Before you start the FTMO Challenge or engage in any trading activities with a proprietary firm, thoroughly review the terms and conditions. This will help you understand the rules, obligations, and potential penalties you might face.
Regulatory compliance is non-negotiable in proprietary trading. Make sure you're aware of any legal regulations that apply to your trading activities, whether they're specific to your country or to international trading.
Use analytics and performance metrics to evaluate your trading regularly. Make adjustments as needed but avoid knee-jerk reactions based on temporary setbacks.
Depending on your jurisdiction, profits earned from trading may be subject to taxes. It's advisable to consult a tax professional to understand your obligations.
If you are developing algorithms or other trading tools while associated with a proprietary firm, understand who retains ownership of this intellectual property.
Be aware of the legal pathways for resolving disputes. Typically, proprietary firms will outline dispute resolution mechanisms, often involving arbitration, in their contracts.
Always maintain a high level of honesty when reporting trades, sharing results, or engaging in any activities that involve the firm's capital.
Proprietary firms may share sensitive data or trading strategies. Never misuse this information or disclose it to unauthorized third parties.
Any forms of market manipulation, like front-running or pump-and-dump schemes, are strictly prohibited and unethical.
If you're trading in multiple capacities (for instance, personally and for a firm), full disclosure may be legally required. Non-disclosure can lead to conflicts of interest.
Treat other traders and market participants with respect. Ethical trading ensures that the market remains a level playing field for everyone involved.
This extends to the ethical consideration of what and how you trade. Some traders opt to avoid instruments or companies that don't align with their values, such as those harming the environment or engaging in unfair labor practices.
You're not just responsible for your own actions but also for staying informed about the ethical implications of the financial products you're trading. This is particularly relevant for complex derivatives and other financial products that may have broader economic implications.
Taking the FTMO Challenge can be a pivotal moment in your trading career, providing you with the opportunity to trade with significant capital and benefit from professional resources. However, it’s crucial to get off on the right foot, and that begins with the registration process. Here’s a detailed step-by-step guide on how to register for the FTMO Challenge:
Before you even register, take the time to do some research. Familiarize yourself with FTMO's program offerings, terms and conditions, and the structure of the challenge itself. Assess your own trading skills, strategy, and risk tolerance to determine if you're ready for the challenge.
Navigate to the FTMO website. Spend some time exploring their offerings, understanding their different challenge programs, their rules, and the rewards of passing the challenge.
FTMO offers various challenge programs tailored to different trading styles and levels of risk tolerance. Consider factors like timeframes, profit targets, and maximum drawdowns when choosing the challenge that suits you the most.
Click on the "Sign Up" or "Register" button typically located at the top right corner of the website. You'll be prompted to fill out an application form.
Enter the required details in the application form. This usually includes personal information, trading experience, and your preferred trading platform. Make sure all the information is accurate to avoid any issues later.
Choose a payment method that you're comfortable with. Options usually include credit/debit cards, bank transfers, or online payment services like PayPal. Pay the one-time evaluation fee associated with the challenge you've chosen.
After your payment is processed, you should receive a confirmation email. This email usually contains important information like login credentials for the challenge platform.
Use the login details sent to your email to access the challenge platform. This is where you'll conduct your trades for the duration of the challenge.
Before you start trading, familiarize yourself with the platform’s interface, tools, and resources. Most platforms offer a range of analytical tools, so spend some time getting comfortable with these.
Keep an eye on your performance metrics. Many platforms offer real-time analytics, so use these tools to adjust your strategy as needed.
Strive to meet the profit targets and adhere to the risk management rules. Once the challenge is over, you'll undergo a performance review to determine if you're eligible for a funded account.
If you pass the challenge, you’ll be given details about the next steps, including the onboarding process for your funded account.
If you've successfully completed the challenge, you'll likely have to review and sign some legal agreements before you can start trading with FTMO's capital.
Congratulations, you are now eligible to trade using a funded account! Maintain your performance and adhere to FTMO's risk management rules to continue your trading journey. By carefully following these steps and preparing adequately, you're positioning yourself for the best chance of success in the FTMO Challenge. Good luck!