Are you considering trading binary on IQ Option or any of the other platforms out there? If your answer is yes, then this article is for you.
One of the first online businesses I started when I decided to work online was binary trading.
When I started, I did not know about IQ Option so I used Binomo and I can categorically tell you that I lost a lot of money there.
After a while, I came across IQ Option and even though I still lost some money on that platform (which was my fault by the way) it has been the best platform I have used.
Well you may want to ask why I said it was my fault.
Let me explain
When I started trading on the IQ Option platform, and even on Binomo, I never sat down to learn how it all works.
All I did was when I saw the chart going up I place a trade and when I saw it coming down I placed another trade.
This I can say was the most stupid thing I have ever done and it cost me a lot of money.
After learning the hard way, I decided to put it on hold so I can learn how binary really works and how best I can maximize the IQ Option platform.
With the use of books and YouTube videos, it has helped me to understand the platform much better and made trading much easier.
As a trader, decision making is something you can’t do without.
No matter your level whether you are a beginner or an expert, the decisions you take while trading will go a long way to determine your failure or success.
When it comes to trading, there is no such thing as a refund. This is the reason why you have to be very careful so you don’t make a wrong decision when trading to avoid loss.
Trading requires you to know when you need to open a trade and when it’s best you close your trade.
When trading, how you start really matters so if you get it right from the onset you are sure to succeed but if you start without proper knowledge you will fail.
I have heard my fair share with trading IQ Option and over the years I have learned something which I would love to share with you in this article.
Without wasting much time lets dive into the 6 things you need to know before trading IQ Option
Information Is Power
Compared to other online businesses I have ventured into, I can say that trading binary is the most difficult.
When it comes to trading binary, you have to keep up with information and get to know everything you can on the financial market.
For example, when it comes to starting a blog, you can just read one book, blog post or watch one YouTube video and you good to go but in trading binary the more information you get, the more your chances of succeeding.
When it comes to binary trading, you have to learn how to understand financial analysis and how to read charts.
With the knowledge, you have on the financial market and how to read charts, it will help you in decision making.
Practice Regularly With Demo Account
My first mistake was to start off using my real money to trade.
Like the popular saying goes “practice makes perfect” this is applicable when it comes to trading binary.
Once you sign up to the IQ Option platform, you are given 2 accounts (real and demo accounts).
The demo account helps you practice your strategies to see if it works or not.
With the use of a demo account, you can test out different currencies (Instruments), pick the chart that best suit you and explore numerous strategies before you invest your real money.
Start Small And Grow
One of the best parts about using IQ Option is that you can start with as low as $10 and scale it up to whatever amount you desire.
The problem most people is that they believe that they must invest big to earn big but the truth is the little beginning really matters.
If you are waiting to start big, you might end up never starting at all.
With as little as $10 with a good strategy, you can grow it to $1,000 and more. All you have to do is be patient.
Have A Trading Limit
In as much as binary option has the capacity to make you a millionaire you have to realize that it does not happen overnight.
Once you start trading using the real account on IQ Option, I advise that you pick a limit and stick to it.
Without a trading limit, the chances of you wanting to make more money in a single day and ending up losing even what you have are high.
If you are starting with as low as $10, you can decide that when your profit increases to $5 you will stop trading for that day.
You might look at it as small but trust me it grows in the long run.
The greed to make all the money in one day has been the major reason for most of my loses when it comes to trading.
Select The Right Trading Chart
The charts you use when it comes to trading binary on IQ Option go a long way to determine how you understand the chart so as to place your trade.
The most common types of charts include Line Charts, Bar Charts, and Candlestick Chart.
Though for me and the majority of the people I see trading the Candlestick Chart is the most popular and very easy to understand.
The Candlestick chart consists of a Red and Green candlestick lined after one another. The red candlestick indicates that the price is going down while the green candlestick indicates that the price is going up.
Select The Right Currencies
With the little time I have invested in understanding how binary trading works on IQ Option, I have found out that the currencies you use in trading matters a lot.
There are most currencies that their charts are stable and you can easily detect if a trend is an uptrend or downtrend while some currencies are difficult.
While practicing with the demo account, you can also use that opportunity to test out which currency works best for you and stick to it.