What Is the Best Possible Time to Trade

When Should You Trade?

Now one of the goals of any trader is to discover and then use the best entry point and then exit at the right time. In 80% of the cases finding the right time to enter determines how much money you will make. However, as easy as it may sound, the ever-changing markets make it challenging to find the optimal entry and exit points.

As seasoned traders, we understand that there is no single surefire way to know the best time to trade because if anything, we’ve learned that markets are unpredictable. However, as challenging as it may be, it is still possible to study the markets and find patterns, to find the best time to trade.

Following Trading Sessions

One of the best things about the financial markets is that they are always on 24/5. When a trading day ends in one part of the world, it is only the start in the other. Trading sessions also overlap each other, which creates brilliant opportunities for trades of all types.

Most traders will follow just 3x trading sessions with peak activity. Generally, it is the North American, European, and Asian trading markets that are followed. In particular, they tend to be Tokyo, New York, and London sessions.

When business is conducted in these regions, that’s when there is the most activity, since almost every bank or corporate entity will conduct their business in these markets. That being said, let’s examine trading sessions more closely.

Asian Trading Session

The trading session in Asia, aka Tokyo, starts at 23:00 GMT and runs till 8:00 GMT. While the Asian session mainly includes Japan, but it also includes New Zealand, China, and Australia. That’s why the timeline for the session extends slightly beyond Tokyo’s trading session.

It has been observed that the Asian session may set the trend for other sessions that follows it. That’s why many seasoned traders know that they should pay attention to the events during these sessions. Assets like currency pairs, especially where the JPY is involved, will fluctuate.

The European Trading Session

The European session tends to overlap somewhat with the Asian session and also the session in America. In Europe, the markets open up at 7:00 GMT, and the trading session will last till 16:00 GMT. The time zone has multiple markets, including Moscow, London, Paris, and Frankfurt. The popular currency pairs or assets include the EUR and GBP. Generally, volatility increases during these sessions.

The American Trading Session

The American exchange and trading session does not just include North America, but also countries like Canada, Brazil, and Mexico. The session starts at 12:00 GMT and will run till 20:00 GMT. Since as mentioned above, the European and American markets tend to overlap; it makes for more dynamic price fluctuations, especially for the EUR/USD currency pair.

It is important to understand the timings of each trading session and factor that into your trading strategy. The high volatility will contribute to gains, but it can also be attributed to losses. Traders need to keep a close eye on the situation and then adapt their strategy accordingly.

Keep an Eye on the News

We often tell people that following the trading sessions isn’t enough. It isn’t as important as understanding the underlying reasons for the decrease and increase in asset volatility. Traders should check the news and use their economic calendar to spot these instances.

Out of the many reasons, there could be national economic, regional tax policies, non-farm payroll, inflation rate, etc. Furthermore, there may be significant weather events, political turmoil like protests, or even a tweet by the President of America, that can influence the market.

It is important to see the bigger picture, and then make the right connections as that will help traders plan their deals accordingly.

Conclusion

We conclude by saying that there is no right or wrong time to trade. Furthermore, there isn’t the best time to trade either. It depends on many different components. The answer to this question will vary depending on your trading approach, the market being targeted, and the timeframe. So, you will want to follow the market and make sure to check the news so that you are updated with the latest developments.

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General Risk Warning:Binary options trading carries a high level of risk and can result in the loss of all your funds

Binary and digital options are prohibited in EEA

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Start trading now with our recommended Binary Options Brokers.

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How To Identify Seasonal Patterns in The Stock Market

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Patterns for Trading AnalysisNow it is important to start with an understanding that almost everything that people do has some type of seasonal cycle associated with it. The stock market, too, has a season associated with it. While the phenomenon is pretty complex and hard to explain in a few words, it is possible for traders to take advantage of it. Furthermore, mid and long-term investors can also benefit from these changes. Some short-term traders may also be able to make a few bucks based on this information.

Now it is a commonly accepted perception that the majority of money in the stock market is to be made between November 1st and April 30th, which is also incidentally winter. On the other hand, the period between May 1st and October 31st, i.e., the summer, should be avoided. That said, this is just a legend with no data to back it up.

The so-called legend led two Massey University professors to draft two articles on this very subject in 2012 entitled “Are Monthly Seasonal Real?”, The other was “Three Century Perspective and The Halloween Indicator: Everywhere and All the Time.” The papers included results from over 108 countries over a period of 319 years, which suggests that the divide between Winter and Summer is real.

The two most profitable months for traders are December and January; on the other hand, October and September tend to be the worst. So, there is reason to believe that winter tends to be on average more profitable as compared to the hot season, though it does not mean that the markets will swing in this same direction each year.

Now, if you are to observe over 300 years of history, there are going to be many outliers. However, the pattern, in general, is what needs to be looked at, as it outlines the nature of fluctuations in different seasons. At the end of the day, it is up to you to use this knowledge as a trader.

How can this information be helpful? Now, if you are a bullish investor, you will opt to trade during months where the return is highest, i.e., April, January, and December. On the other hand, an investor that chooses to short a position, i.e., a Bearish one, will decide to trade in October, September, and July.

While seasons do play a role as observed, it also depends on your trading strategy. Though when it comes to playing in the financial market, every little bit of information can potentially give you an edge.

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General Risk Warning:Binary options trading carries a high level of risk and can result in the loss of all your funds

Binary and digital options are prohibited in EEA

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

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The Best Way To Manage Risks in Trading

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Most traders and even those who are new know that there is risk associated with trading. However, a great deal depends on what trading strategies are used, and the trader’s knowledge and experience when it comes to managing losses. That being said, let us examine the steps that are required to come up with a good risk management strategy.

Understand the Market

One of the prime reasons why traders have to bear heavy losses is a lack of market knowledge. Interestingly both experienced and professional traders contrary to popular belief do not rush into trades before consulting their strategy. In other words, they don’t rely on luck. That’s why it is imperative to make sure that you know the market and understand its trend lines. Guessing isn’t strategy and ends up doing more harm than any good.

Traders need to employ fundamental analysis, which is critical to gaining a better understanding of prevailing market conditions. While it sounds complicated on paper, in reality, it isn’t. Take, for instance, many traders might start small and just focus on one market which interests them the most. For instance, if you are interested in technology, then you’ll enjoy trading mainly IT company stocks.

Good technical analysis is very important and hugely beneficial. We have a few indicators on our platform, which will help you evaluate assets.

Draft a Trading Plan

The other reason why many people lose money is trading hectically. You are probably selling for a very small profit only to realize that the asset’s price is increasing. You are hoping that the price will reverse, and then holding on to a losing deal means you might lose even further. When you have a trading plan, these are the types of things you can prevent because there is control. Mapped out correctly, a trading plan helps to eliminate the pressure associated with uncertainty and consequently ensure that you will not make any panicked moves.

It is imperative to plan out all the investments you are going to make. Then set limits and a budget. Think about how much you can afford to lose at this point if things go south. What type of returns can you expect? Then consider the instruments you are going to trade as well as the exit points of each deal. The best way to manage risks is to scheme every step. When you are organized, it pays off in the trading industry.

Don’t Let Your Emotions Control Your Actions

Emotions can interfere in your decision making power, and that can affect you greatly. It can result in lost opportunities and losses. Furthermore, never let anger take over as it can cause you to trade irrationally.

Losses are hard for everyone to accept, but you need to know that it is part of trading. Moving forward and learning from those losses is important. Traders will go through five different stages when there is a loss, i.e., denial, then anger, later bargaining, then some depression, and finally accepting it. Many times traders will lose money in the way of realization. That’s why when traders know how to avoid this broad spectrum of emotions, and know how to retain their composure, it allows them to plan and be successful.

It is worth noting that it is essential to focus on the trading plan. Don’t get carried away, stick to the plan, and it will ensure profits.

Conclusion

It is essential to take some time out to map your risk management strategy. When you have a plan written down, it helps put you in the right mindset, prioritize and strategize all actions while managing any losses that may come your way.

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General Risk Warning:Binary options trading carries a high level of risk and can result in the loss of all your funds

Binary and digital options are prohibited in EEA

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

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How To Make Trading Less Complicated

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Stock Market Clipart 18No matter what they say, trading is a hard hobby. There is no single best strategy that suits everyone. And there is no one solution that can turn you into a trading guru in the blink of an eye. In order to become an expert, you have to spend years and dedicate a lot of time to this pursuit. And still, many fail. Why is it so complicated and how do you get over all the complexities?

Changing markets

Markets are ever-changing and ever evolving, it is part of their nature. Odds are, you will never witness identical market conditions more than once. The reason for this is the sheer number of different factors that influence the performance of the assets you trade in. The price of an asset is influenced by hundreds or thousands of many different factors. Every time you look at a price chart, the conditions are different. International markets are a complex financial system.

How does one address this issue? As mentioned previously, markets aren’t static, and market conditions are seldom identical. Yet, there may be patterns that repeat themselves. These patterns might be used as signals but, of course, should be double checked for confirmation.

Human factor

Human nature plays a huge role in trading. After all, it is we, humans, that open and close deals, buy and sell assets from and to each other. There are several ways to cope with this. As a small investor, you cannot influence the behavior of others, but you can change your own attitudes.

This is something you have probably already heard of. All you have to do is minimize the human factor in your own trading. For this purpose, try to get rid of emotions in your decision process as they can negatively affect your performance. Trade according to your trading strategy, not a gut feeling, and you will be able to manage the unnecessary risks associated with human factors.

Excess of information

Stock Market Clipart 17At this point, the amount of information explaining how the market works has become a problem. Many times, it is impossible for a novice trader to navigate in the sea of trading-related knowledge.

After all, there is so much you can learn about trading that it is sometimes easy to get lost. From books to articles and guides — you have to learn hundreds of things before you even grasp the basics of trading. When you move on to a more advanced level, knowledge itself starts not being enough, and you will require extensive first-hand experience. As if that wasn’t bad enough, there are countless different ways to analyze the market and predict the future of the asset.

What is a possible solution to this problem? Focus on one asset type, one time period and one strategy at a time. It is easier to get lost when you lack a clear picture. Different assets are handled differently and need different strategies. Different time frames use different analysis. Different tools provide different trading signals. Therefore, you might want to choose one in each category and master it before jumping to something else.

Conclusion

The overall complex nature of the financial markets is a result of its many moving parts being complex. Having covered three of them, it should be easier to work with complex systems when you break them down into easily digestible pieces.

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General Risk Warning:Binary options trading carries a high level of risk and can result in the loss of all your funds

Binary and digital options are prohibited in EEA

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Start trading now with our recommended Binary Options Brokers.

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Recommended Brokers:

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Developing a Trading Strategy of Your Own

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Now many newbie traders may not realize this, but it is possible to come up with your own unique trading strategy. However, it is difficult to come up with a strategy that can guarantee steady payouts. So, the question is, how should you choose trading strategies also what to avoid during the process? That’s what we will be discussing in this article.

Perhaps the first thing we’ll tell newbie traders is not to set your expectations too high. Initially, that trading strategy isn’t going to make your rich. Think of it more as a starting point. So, below is where you should start.

The Five C’s of Strategy Building

Choosing a market. Start with a market you are comfortable trading in. Most people choose Forex, but it is different from stocks, bonds, and cryptos. So, the factors that govern movement in currency isn’t the same as what would move your stock position. That said, the trading strategy should be market-specific.

Choose a time frame. You should have a time frame in mind. Every time frame should be traded successfully. You should put both long and short term deals in place. Regardless of the time frame, the long term and short term strategies shouldn’t be identical.

Choose the tools of your trade. Many traders strongly believe there are bad and good indicators, and if they can find the right combo, they won’t have to make trading decisions. In reality, it does not work that way. Every indicator is essential at some time. That’s why it is possible to trade without using any indicators. That said, for novice traders, an indicator or maybe a couple will help them better understand prevailing marketing conditions. That’s why you should find a tool that’s best suited to your style of trading.

Effective Money Management Strategy for Binary optionsChoose an entry signal or signals. As a trader, the gut feeling shouldn’t be guiding you. Not having enough trading experience makes it difficult for you to predict how the market will move based on instincts. So, to improve your chances of success, it is essential to make a list of all the entry triggers. Triggers are defined as conditions that would allow for a position to be taken. Take, for instance, a sudden reversal of the trend or a piece of news that may affect the market.

Choosing existing conditions is also important. Exiting is just as important, if not more imperative than entering. Existing is defined as when you move out on the deal, evaluate your past performance, and then adjust the strategy used accordingly. Having an exit strategy is the final ’C,’ and the outcome of your entire deal hinges on getting this right.

Factors All Newbie Traders Should Consider

To start with, your trading strategy should be simple. The biggest misconception amongst newbie traders is that the more indicators and triggers they follow, the better off they will be. Having an overly complex trading strategy rarely ever works and, in most cases, results in losses. So, keep things simple.

You shouldn’t be afraid to make changes because adapting is the key to surviving as a trader. Continue to fine-tune your trading strategy until there are steady returns. Also, when a strategy fails to work, then it is time to use a new one.

Copying the trading strategies of other traders is perfectly fine. When you’re starting, using a successful trader’s strategy is a good way to start making money. When you emulate, more experienced traders there will be a success. However, you’ll want to develop a strategy of your own in the long term as you gain experience in the industry.

Open a Free IQ Option Demo Account by Clicking the Green Button Below

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General Risk Warning:Binary options trading carries a high level of risk and can result in the loss of all your funds

Binary and digital options are prohibited in EEA

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Start trading now with our recommended Binary Options Brokers.

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Recommended Brokers:

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Review
All brokers >>

How to Become a Great Trader?

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The common misconception amongst regular people is that becoming a trader is easy. All you need is to open an account with a leading brokerage and start trading your assets of choice. In reality, things aren’t so easy especially if you want to become a good trader, who makes a fulltime living off the profits made on the market. Not only does it require a lot of effort but many missteps to learn. So, the question is what do you have to do to become a good trader?

IQ Options which is one of the leading online brokerages for a variety of assets, knows a lot about trading and their advice to become successful is to learn. That same advice is echoed by The Market Wizards’ author Jack Schwager, who says that a trader is someone who isn’t into a particular asset for a long time. A trader goes init for the short term, makes a profit and hops on to another asset.

What Schwager is alluding to is that traders will trade both when markets are bearish and bullish. Also, traders change their position often compared to someone who is a long-term investor. A good instance of a long-term investor is Warren Buffet. So, traders need to continue making good decisions unlike an investor who can say:

I’ll put a third of my capital in equities, then a third in bonds and the other half into cryptocurrencies, and hold that for the next decade.

Traders don’t do this!

The big mistake many novice traders make is thinking that there is one winning strategy used by seasoned traders. When in fact that’s not the case. No one strategy works all the time. Even if there was a strategy theoretically speaking, if everyone was using that strategy, do you think it will continue to work?

Binary Options Breakout StrategiesSo, the question is what trading strategy should be used? Every trader is different and so the answer will vary. It depends on your personality, your experience as a trader and trading style. Jim Rogers for instance, relies heavily on fundamental analysis. Though other traders like Martin Schwartz will focus on technical analysis.

The choice of what strategy you use will also depend on what assets you are looking to trade. Do you want to trade indices, stocks, currencies, or crypto? Each one is traded differently. You also need to factor in long-term vs. Short term.

It is up to you to find a strategy that works best. It is, after all, a significant part of becoming a profitable trader.

Once a strategy has been fleshed out, the next step is risk management, which is the second most important thing for any day trader. Sure, a brilliant trading strategy will make you money but it isn’t complete if you want to trade regularly. Risk management ensures that at times when you’re not making money, those losing trades aren’t blowing away your capital. So, it isn’t hard to see just how important risk management is for traders. Not to mention self-discipline helps to prevent impulsive decisions.

The final on your list to becoming a successful day trader is flexibility. Global markets don’t have a single pattern or trend, which means that you want to adapt and be as flexible as possible. That means you’ll be bullish one minute and then pivot to becoming bearish the next. You will want to change your mind as the situation changes and that means not using a single strategy that is outdated for that moment. That is a quality a winning trader will need to have.

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General Risk Warning:Binary options trading carries a high level of risk and can result in the loss of all your funds

Binary and digital options are prohibited in EEA

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Start trading now with our recommended Binary Options Brokers.

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Recommended Brokers:

 Min. InvestMin. DepositMax. Returns   
iqoption
$1
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Gold
Review
FX Advisor
$1
$10
91%
Review
All brokers >>

7 Mistakes Novice Traders Make (Please, Avoid Them)

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Many people who are considering trading or are new to it need to understand that they can make a lot of mistakes. We know that mistake costs traders money, so every mistake we can save you from will help you save if not make money. In this article, we’ll discuss 7 mistakes to avoid as a novice trader.

Investing More Money Than What You Otherwise Can Afford to Lose

Let’s face it; trading has a very high risk associated with it. So, every trader will lose money a couple of times each month. The key is knowing how to manage your risk, and one way of doing that is not invest more than you can afford to lose.

Sure being positive is good, but don’t be unrealistic. Make sure to track your losses as that will make you less prone to risky behavior. However, believing in luck and anticipating that you’ll win is highly risky.

The ’All-In’ Approach

The best and fastest way to watch your capital disappear is to put it all in one stock, asset, or currency pair. You shouldn’t be banking on lady luck to make a profit as a trader. Each time you go all in, there is a considerable risk associated with it i.e., you can lose it all. It goes without saying nobody can win all their deals. So, if you continue to use this approach, you will lose all your capital.

The Wrong Trading Time Frame

According to trading fundamentals, using a 5-minute graph is detrimental. Many basic factors can take several years to unfold. You need to consider GDP growth, inflation, and the political situation all of which can’t be factored into each 5-minute interval. So, your timing is critical. If you are a minute too fast or too slow, an opportunity will be missed and you may lose money.

Not Having a Trading Strategy

Using your emotions and gut is a bad idea. Only a handful of traders have been successful using only their gut and emotions. As a trader, you are tempted to believe in luck when trading and so there is a chance you will rationalize your decision and then confuse it for a gut feeling. All you are experiencing is the desire to win on that trade. Again as mentioned above, you are trading and not gambling, so your approach needs to be different.

Not Putting a Stop-Loss in Place

We’ve seen that many traders don’t use the stop-loss feature on their trading platform. Not doing so could mean that you end up losing more money than you should because the trade didn’t auto close where it should have to prevent the hemorrhaging of your investment. The stop-loss feature will automatically close a position if a trade dips below a certain threshold.

Changing The Strategy Too Frequently

Sure, you should switch to another trading strategy when it stops working for you. However, what is your definition of a sub-par strategy? Some may define it as a strategy that fails for 5 consecutive times, but for others, it may be fewer times or other factors. That said, going through a losing streak is a fundamental part of trading and it will happen to everyone. So, even the best strategy will have its days.

Correlated Assets

Many novice traders may not know this, which makes it very dangerous. Sure, you might know about diversification to mitigate risks, i.e. buying and selling a myriad of assets instead of investing in just one. Though what you might be overlooking is that even though some assets appear to be different, they are correlated. For instance, the USD/JPY and EUR/USD currency fair behave in a very similar fashion because of the common dominator i.e. USD. So, your goal of diversification should be to choose independent assets.

Open a Free IQ Option Demo Account by Clicking the Green Button Below

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General Risk Warning:Binary options trading carries a high level of risk and can result in the loss of all your funds

Binary and digital options are prohibited in EEA

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Start trading now with our recommended Binary Options Brokers.

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Recommended Brokers:

 Min. InvestMin. DepositMax. Returns   
iqoption
$1
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Gold
Review
FX Advisor
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Review
All brokers >>

5 Day Trading Tips You Want to Know

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Now for many people being a successful daytrader is a dream come true. It is amongst the most popular trading strategies for individual investors. All daytraders make money off the regular fluctuations on exchange rates and will use a multiplier to increase their ability to make money exponentially. Traders will trade stocks, currency pairs and assets regularly.

The important thing to keep in mind is that even using the best trading strategy can end up delivering subpar results if it isn’t used correctly. At IQ Options, our emphasis on getting things right, and that’s why we’ve put together five tips to improve your skills as a day trader.

What Type of Person are You?

Don’t worry about currency pairs, technical indicators and the market in general, until you are capable of knowing yourself. As a trader, you need to be aware as to how much of a risk tolerance you have, and the best-preferred method of trading based on that. Professional traders use different methods of trading that suit their style, so what will work for one trader will not for another.

It is important to remember that you’re not trading to make that one trade profitable, but instead, make a stable income over time. That’s where your personality comes into the picture. Having goals and priorities is what will help. Think about what you want to achieve as a day trader? Try to see the goals in your mind’s eye and the best way to get there. Now take one step back and try to redo everything.

Getting Down to the Basics

Now that you’ve completed the first step, the next one is to understand the basics of Forex. Don’t start with the expert level stuff but instead start simple. Only start trading currency pairs and use tools that you know. There is a great deal of forex-related material available and it is easy to get lost in it all. So, we recommend that you don’t jump from one source to the other as it will leave you disoriented and confused. Keep your sources limited.

GCMForex Platform Image 4Don’t Bet Against the Market

You shouldn’t try doing that until you fully understand what is going on. People who believe they can outsmart the market often get it wrong. Most will lose their working capital. Our advice is to go with the market, move with strong market trends. Not only is this strategy sustainable but less stressful and you’re not going to get as emotionally involved.

Ongoing Learning

Trading isn’t without risks. You like everyone else hates losing money, but traders will stake their capital on a deal without even wholly understanding the terms. However, you don’t want to do that. It is called trading for a reason and not gambling. So, you shouldn’t only rely on luck.

Trading in the currency market is all about weighing the risks and probabilities. You can only win with an education, but you’ll have to educate yourself about all the risks and how to manage it. Plus, you have to learn how to increase your chances of winning.

No Magic Pill

As much as scammers would like you to believe there is no trick to turn $50 into billions during a single trading day. Like any occupation, it requires hard work, educating yourself and being patient. You should be ready to lose money, and you will lose money during the initial trading phase.

Stay away from so-called ultimate tools, robots and strategies that promise to make you rich as you sleep. Some might even be effective for the first few days but most aren’t. Your goal should be to boost your ability to trade and make a profit not taking shortcuts.

Open a Free IQ Option Demo Account by Clicking the Green Button Below

Open Free Demo Account

General Risk Warning:Binary options trading carries a high level of risk and can result in the loss of all your funds

Binary and digital options are prohibited in EEA

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Start trading now with our recommended Binary Options Brokers.

Start trading now with Binary Option Robot

Recommended Brokers:

 Min. InvestMin. DepositMax. Returns   
iqoption
$1
$10
92%
Gold
Review
FX Advisor
$1
$10
91%
Review
All brokers >>

Why You Should Keep a Trading Journal

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Talk to any trader, and we can bet that they are searching for the holy grail of success. Seasoned traders have grown to figure out that there isn’t a holy grail or secret, so to speak. A successful trader plans and knows which tools are best suited for the job.

A trading journal happens to be the most powerful tool in any trader’s arsenal. It can help a good trader become better. A journal, as you might have already guessed, is a written record of what is happening during a given trading day. You should add essential factors like the day’s market conditions, sizes of each trade, prices, expiration times, success rate, and your own emotions. Make sure to customize the journal entries so that they fit your style of trading.

Sure, some people may balk at the thought of keeping a trading journal because, after all, it is tedious. That said, recording your trades will help to keep you consistent and accountable, which means disciplined, and that is what pays off in the long-run. Let’s look into other reasons why a trading journal can make you a successful trader.

Helps You Identify Market Patterns and Trends

You can use the notes to analyze which of your trading strategies are working and which aren’t. You should take note of the various charts you’re using, also the patterns you’re watching as well as how various events are impacting your trading abilities. What this will do is help recognize the mistakes you might be making, which are costing you a lot of money.

For instance, you’d probably come to the realization that you’re exiting trades too hastily which is costing you money. You could also be setting the wrong limits and also in the wrong places. You could also be falling victim to incorrect signals. So, primarily a journal will help prevent you from repeating those mistakes.

Trading JournalHone Your Trading Technique

When you have a detailed record of all the past trades, it allows you to identify weaknesses. Remarking about how you feel each day is a good idea because it can help you realize if your decisions are driven by emotion, which is hurting the trade. A journal will reveal what type of trader you are and what needs to be focused on to improve your skills.

Keep an Eye on Progress

If you have been a trader for a very long time, it can be hard to gauge success. When you write down everything, i.e. your goals, it helps you keep things on track. It also helps to keep you motivated and inspired by looking back at where you started from and how far you’ve come. Not to mention that having a trading journal will help you keep an eye on your growth as a trader, which in turn will instill more confidence.

As you can see, there are numerous advantages to having a trading journal. However, these are just the tip of the iceberg. Keeping a trading journal does not have to be tedious, it is up to you how it is made fun so as long as you keep track of all the useful stuff. So, what are you waiting for? The time to start keeping a journal is right now.

Open a Free IQ Option Demo Account by Clicking the Green Button Below

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General Risk Warning:Binary options trading carries a high level of risk and can result in the loss of all your funds

Binary and digital options are prohibited in EEA

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Start trading now with our recommended Binary Options Brokers.

Start trading now with Binary Option Robot

Recommended Brokers:

 Min. InvestMin. DepositMax. Returns   
iqoption
$1
$10
92%
Gold
Review
FX Advisor
$1
$10
91%
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Great IQ Option Platform Features

Are There Any IQoption Complaints?

IQoptionA professional trader needs to be attentive, alert, have a strategy and knowledge, all of which are crucial to them being able to make lucrative trades. That said it is just as essential to be a pro when it comes to understanding and leveraging all the features of a platform. Just about any trader will tell you that knowing how to make the most out of the tools at your disposal has a mega impact on the outcome and allows more control. That’s why we’ll examine just how well you know the platform with our quick checklist below.

Here are a couple of features we are pretty sure you might have missed.

1. Use balance

Now, this feature enables you to keep a position open. So, you can keep the deal open even after it has gone beyond the otherwise autoclose level. The feature is of particular importance for a trader who might have run out of money for the deal but believes that the price may soon be reversed and their trade will be in the green. Enabling this option allows them to hold on to the trade. The deal is maintained by using up funds from the balance if it happens to go in the opposite direction. If the price as expected by the trader goes in the right direction, the funds which are deducted from the balance are returned.

Purchase Options IQ2. Trailing stop

Using this feature, traders are able to secure a given amount in profit and absorb a certain amount of loss once a trade is in the green. Once a Stop Loss level is set it then follows that price of the asset if it goes in the direction you want it. However, if the price goes in the opposite direction of what is predicted it will not move. For instance if you are a forex trader who just purchased the EUR/USD currency pair and predict that the price will rise and you set a Trailing Stop Loss of just 50%. So, if the currency pair price rises so will the Stop Loss Level, in the desired direction.

3. Purchase At

Using these feature traders can execute a trade but with conditions that are favorable to them as a pending order. The feature can be used by setting the investment amount, the Stop Loss, Take Profit levels and the multiplier. After all of these are set, then just set the price of the asset for which you want to open a position and then decide the position you are opening. You can choose a short or a long position and click on either the Sell or the Buy button as required.

Once you have followed these steps a confirmation will be shown that your order is now created. Once the asset reaches the level you predicted, that will trigger the order, and a deal is automatically opened.

4. Market analysis

Staying on top of the latest market trends does not require that you leave your desk or even the trade room. You can practically become an analysis professional by finding information about the very best assets, glance at updated forex and crypto calendars while using all of that information to forecast a winning trade. No longer do you need to open multiple tabs as now you have all the required information at your disposal allowing you to open a trade and choose an asset within seconds with the click of your mouse. So, now you have everything needed in one place with indicators and fundamental analysis all tied up into one package.

You are more than welcome to take these features for a spin. We are pretty sure they will become a valuable addition to your trading arsenal.

Open a Free IQ Option Demo Account by Clicking the Green Button Below

Open Free Demo Account

General Risk Warning:Binary options trading carries a high level of risk and can result in the loss of all your funds

Binary and digital options are prohibited in EEA

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Start trading now with our recommended Binary Options Brokers.

Start trading now with Binary Option Robot

Recommended Brokers:

 Min. InvestMin. DepositMax. Returns   
iqoption
$1
$10
92%
Gold
Review
FX Advisor
$1
$10
91%
Review
All brokers >>