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A Guide to Weekly trading on the IQ Option platform
The month of January ended fairly profitable for me. Although profits dipped during the last 2 weeks, I still did manage to make at least $100 each day. Overall, my January profits were around $1700.
Have you ever wondered how to enhance your trading experience? Read this guide for answers.
How do I manage to trade with consistency on the IQ Option platform while the majority of traders struggle?
Patience plays a huge role
At times, I'll enter less than 4 trades in a day. Why? I discovered that trading just for the sake of it won't make me money. I must identify the favorable market conditions before I consider entering into a position. This means patiently reading the charts for hours.
Depending on the trading strategy I'm using, I'll need to analyze the markets until they're favorable enough for me to apply the strategy. In addition, I won't try to change to a different market just because my chosen market doesn't have the conditions I prefer. Trading successfully is a waiting game.
Once the right market conditions present themselves, I know that my trades have a higher percentage of winning. It's just like a highly trained sniper. He needs to wait until all conditions are favorable before taking the shot. Top traders are like snipers waiting for favorable market conditions before entering a trade It also pays to develop a personalized trading plan. I'd advise you to create your own trading plan. This should complement your trading goals.
For example, if you want to make $100 per day, your plan will be much different from that of a trader who wants to make $50 per day. How to create a trading plan for trading on IQ Option A good trading plan has two essential parts: The first focuses on your individual trades. The second focuses on how you'll manage your account. The IQ Option plan for individual trades should include a Market entry strategy (what conditions must be met before you enter a trade?)
- Amount to invest per trade
- Financial instrument to trade
- The time frame that a trade lasts
- IQ Option money management plan
Plan your Capital Management strategy
A money management plan focuses on several things that include the following:
- What your trading expectations are
- How many transactions should be made per day
- Amount of capital you are willing to invest
- The maximum amount of losses you can risk before stopping trading that day
Now, creating a plan is the easy part. Following through and learning what's working or not is the hard part. Every successful trader must keep a detailed trading journal. If you want to be one of iq option top earners every trade entered must be documented giving reasons why you entered it. The journal should also be used to keep track of your progress.
Keeping a trading journal is important if you want to keep learning from your trades on IQ Option On IQ Option Wiki, you might have noticed that our guides and articles are based on what we actually do. But I always encourage traders to take time to practice and learn how to trade. There's no other way to make profits as a trader. Or is there?
Can you make money on IQ option?
A shortcut to becoming a more professional trader on IQ Option
Learning new trading strategies from experienced traders can cut your journey to becoming a professional trader.
That's why we prepare guides on this site.
However, it's only by practicing the strategies that you truly understand how they work. Practicing a new strategy on the IQ Option practice account for a week or two before trading real money doesn't guarantee that you'll become a pro trader. But it will significantly cut down your learning curve.
Creating your personal IQ Option trading plan
There are 3 tips for trading on IQ Option platform. The first is trading by yourself. Only you are responsible for the money you make or lose in the markets. You're responsible for creating and executing your own personalized plan.
Here's how I got started on IQ Option. After using the practice account for over 1 month, I decided to give the real account a try. My initial deposit was $30. My goal was to make $2 per day.
This meant that at the end of the week, I would have increased my account balance by $10. Each trade lasted 5 minutes. In addition, I wouldn't invest more than $1 per trade. I still use these principles today.
Create a personalized trading plan for IQ Option Remember I asked if there are other ways to trade? There actually is.
You can opt to get paid signals. That is, join a group of experienced traders who sell trading signals. This allows you to let others do the market analysis on your behalf.
The downside of this approach is that the signals provider are not liable for losses you incur following their advice. Alternatively, you can invest your money with fund managers.
They do the trading on your behalf and you split the profits. But this approach requires a huge amount of capital to get started. The risks are also quite high. Remember what recent financial crashes did to top funds?
My recommendation would be trading for yourself. I have been trading on IQ Option for over 4 months now. My monthly progress has continued increasing over this period.
I can attribute this to patiently following my laid down trading and capital management strategies. You should do the same.
Here displayed: The Withdrawal of funds on the IQ Option platform.
Final tips to help you trade consistently and make money with IQ Option
Every trade entered should account for 5% or less of your account balance. Many traders make the mistake of investing a huge amount (sometimes 100%) of their account balance on a single trade.
It's a huge risk that can wipe out your entire account in a few trades. Fewer trades are better than many. My rule is to never enter more than 10 trades per day. From experience, I've found that making too many trades per day doesn't necessarily increase profits.
On the contrary, it actually increases my risk exposure. Always use the practice account when trying out a new strategy. It should be used to test your trading strategies including money management.
Avoid trading 1-minute sessions. I prefer longer sessions for one main reason. Charts are easier to analyze for longer time frames.
What are your suggestions for trading on IQ Option? Please share them in the comments section below.
Good luck!