I actually advise new traders to spend equal or even more time on the practice account. That's how you get better at trading. Consider pro athletes. They'll spend months training for a few minutes or hours competing on the field. The training is what determines their success on the pitch. And even if they win or lose, the athletes will go back to the training ground again and again.
The only way to get better at trading is to practice. And what better way than the free practice account by IQ Option? There's always a great rush that accompanies making quick cash. But the problem is, that's 60 seconds you'll spend anxious and full of fear. These two emotions aren't good for a rationally thinking trader.
Making a string of winning 60 seconds trades on IQ Option might make you overconfident. You have a hot hand and you believe that you've discovered the easiest way to make money. So you increase your trading amount. A single losing trade might end up wiping out all the profits gained on previous trades.
You must keep in mind that within 60 seconds, the prices are constantly fluctuating.
A small change in price can turn a trade against you. Longer time frames also have price fluctuations. However, the fluctuations cannot be so significant that you might lose all your money. A longer time frame is also easier to analyze and determine the direction of the market before you enter a trade. Every professional trader's creed is to minimize losses and increase winning trades. Early traders kept a handwritten trading log. This was reviewed every day to determine what profit or loss they incurred during that particular day.
Four Secrets Learned After Trading at IQ Option for 1 Year
IQ Option gives you a free tool that automatically documents each trade you entered. It's the trading history tool you'll find on the left bar of your trading interface. A simple check will tell you which trades won and which ones lost. So how do you use the information found on your trading history? The obvious way to use this information is to determine whether you've made a profit on a particular day or not.
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However, there are a lot more details you can uncover. For example, which financial instruments produced the most winning trades. In addition, what strategies are working and at what specific time? During the time when I was losing many trades, I went in without any money making plan. I simply chose a random market and started trading. If the market worked out, I continued trading. If it didn't I'd choose another random market.
But this clearly didn't work for me. So I decided to look at what successful traders did.
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Then, I created my own trading plan. The first thing I did was decide how long to use the practice account before I added money to my real account.
Four Secrets Learned After Trading at IQ Option for 1 Year - IQ Option Wiki
I practiced for 3 consecutive weeks. During this time, I wanted to find which markets are best for me and what times they were most favorable to trade. I also decided on the amount to invest per trade. Every trade was analyzed. Luckily the trading history came in handy. But I had to write a trading journal which detailed each trade in more detail.
That is, what time I traded, the indicators and strategy used as well as the instrument and amount of time the trade lasted.
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After 3 weeks, I decided to recharge my real account and start trading. My money making plan included some of these things. This is just a simple example of a money making plan.
I advise that you create one that best suits your trading style. And above all, make sure that you follow through on your money making plan. How long have you traded on IQ Option and what are your results? If you're yet to open an IQ Option account, open a practice account today and try out my 4 secrets. Share your findings in the comments section below.
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Average rating 4. Vote count: No votes so far! Be the first to rate this post. Every news may affect the price significantly. Indicators like Bollinger lines, Stochastic, MACD are necessary to analyze the trends and understand further price movement. There exist tens of different strategies for binary trading. Among the most widespread strategies the following ones can be pointed out: Ishimoku Cloud, Profitable hedge, Slaughter, Ninja, Puria, Trend Channel, etc. Strategies are worked out for particular expiration time. There exist turbo ones for minutes or ordinary oriented on longer time.
In fact, every strategy should be tested on different assets and personal experience only may tell which strategies are the best ones. Our platform offers perfect conditions for strategies testing. Every user obtains a demo account after registration. The main advantage of a demo account lies in getting virtual money. When those funds are spent, an account can be refilled again.
Refilling is unlimited. No real money is necessary for an account refilling. Thus, traders are free to pick up different assets and test different strategies in order to find the most effective ones.