TL;DR - Before the start: read the rules (ranking metric, what counts, excluded countries, how the prize is paid), finish KYC, register on the event page, move funds to the right wallet and write three personal rules on paper. Week one: trade your normal size and ignore the leaderboard. The middle: check the board once a day and review your journal weekly. The last days: decide in advance whether you will protect your place or push. Afterwards: claim the prize, save the final standings and review what you would change.
A first tournament is won or lost before the first trade, mostly by not reading something. This checklist puts the steps in the order they come up. It is written for a free exchange tournament or a paper contest lasting three to six weeks, which is what most first-timers enter; for the background on choosing one, see how to choose your first trading tournament.
The week before
- Read the ranking metric. Return (ROI), profit (P&L) or volume? It decides whether a small account can win. ROI vs P&L vs volume.
- Read what counts. Closed positions only, or open ones at the bell? Fees and funding inside the result? Bonus-funded trades excluded? How tournaments count volume, trades and P&L.
- Check your country. Is it on the excluded list? 91 of 150 catalogued events exclude at least one country.
- Finish KYC. Verification queues get long during big events.
- Read how the prize is paid. Cash, bonus or voucher, and any trading requirement before withdrawal.
- Write three rules on paper. Maximum position size, maximum loss per day, the setups you trade. Nothing else.
The day before
- Register on the event page and screenshot the confirmation. Trades before registration usually do not count.
- Move your balance to the wallet the event counts (futures or spot).
- Open a journal: one line per trade with entry, exit, reason and whether you followed your rules.
Week one
- Trade your normal size. The leaderboard on day three will show returns that look impossible. They are mostly people who will be gone by week three.
- Do not look at the board more than once a day.
Timothy J. Maxwell, with World Cup quarterly podiums behind him:
"Trade your normal plan, not a lottery ticket. In a competition it's very tempting to size up and swing for first place from day one. Most traders who do that are out of contention within the first few weeks, and some damage their accounts badly in the process."
The middle weeks
- Review the journal once a week. Count how many trades broke one of your three rules.
- If you are far behind, do not double your size to catch up. A late entrant to the World Cup, Brent Carlile, was fifth going into the final month of his first championship and still finished second, at a monthly drawdown under 10%.
The last days
- Decide your ending in advance, in writing. Protect your place or push for a higher one? Both can go wrong. Sergey Shirko, on two World Cup forex seasons:
"In 2020, I took risks right up to the very end and ended up slipping from first to third place after a few consecutive losses, whereas in 2021, having learnt from past experience, I hardly traded at all towards the end, trying to hold on to at least third place, only to be overtaken at the very last moment."
- Check the rule for open positions at the end: closed at the bell, or ignored?
After the bell
- Save the final standings page and your rank. Tournament pages disappear; see why trading tournament results disappear.
- Claim the prize within the deadline and complete any KYC the payout needs.
- Review the journal: which rule did you break most, and when? That is the one thing to fix for the next contest.
- If you placed, add it to your record: how to prove you are a good trader.
Frequently asked questions
How do I prepare for my first trading tournament?
Read the ranking metric, the counting rules, the excluded countries and the prize terms; finish KYC; register on the event page before trading; move funds to the right wallet; and write down three personal rules for size, daily loss and setups.
Should I check the leaderboard every day?
Once a day at most. Early leaders are usually traders taking oversized risk, and chasing them is the most common way first-timers lose.
What should I do in the last days of a trading tournament?
Decide in advance whether you will protect your place or push for a higher one, and check how open positions are treated at the end.
What should I do after a trading tournament ends?
Save the final standings, claim the prize, and review your journal for the one rule you broke most often.
Related
- Trading competitions for beginners
- What you need to join a crypto trading tournament
- What a leaderboard does to a trader
External references: The Leap by TradingView, World Cup Trading Championships.
Last reviewed 2026-10-20 by the trading-tournaments.com editorial team. Quotes are verbatim from published interviews; corrections via the Suggest a change form.