For a year, I have been trading on the Pocket Option platform. I sometimes succeed and sometimes fail. However, I was confident that if I tried, I could obtain the funds. I only needed to learn how to accomplish it. I experimented with several various plans and then wrote them down. I may then continue to employ the successful strategies and abandon the unsuccessful ones.
Then I had the epiphany that something better was taking place. I want to tell you about four things I did that helped me succeed in trading. I would have lost if I had omitted even one of those points. These four factors, in my opinion, are what made me successful at Pocket Option.
Treat a demo account like a real one
In one crucial sense, the practice account is far superior to the real account. It is obvious that you do not trade with your own money, therefore if you lose, you do not suffer a financial loss.
To test out various techniques, you should always use a sample account. Your money is secure since it is not particularly harmful.
Every time I wanted to test the effectiveness of the method, I switched to a demo account. I repeatedly employ the same tactic. Until I am certain that a specific strategy performs as I want it to, I will not utilize it on my actual account.
I would experiment with various financial instruments and trade sizes on the practice account. I exercise and test several choices. I switch to my real account once I’ve figured out what works and what doesn’t. I then decided on the market, the approach, and the sum of money to invest right away.
Many novice traders utilize a practice account as a location to experiment. They don’t think much, invest a lot of money, and employ arbitrary schemes. It isn’t really their money, after all. However, this is incorrect. Don’t constantly think in this manner. Just as you would with a real account, use the demo account. If not, it can end up costing you money in the future.
You gain more self-assurance and trust by treating a demo account as though it were a real one. You may learn which moves are effective and which are not by doing this. Additionally, it demonstrates which approaches are effective so that you can be certain they will be successful in a genuine market.
I advise you to put in a lot more training time. Think of yourself as a sportsperson. Before you’re ready to demonstrate your abilities, you train for hours. And regardless of the outcome, you must return to your training.
In the world of business, you ought to act similarly. The good news is that a demo account for Pocket Option is free.
Stay away from 60 second trades
It is undeniably quite alluring to receive 82% of your money back in one minute. You smile just thinking about obtaining so much money so soon. But as you can see, there is an issue. It’s both very long and quite short. You’ll fret and experience fear. Additionally, these emotions impair your ability to think rationally, putting you in risk.
When you make a decent amount of money in just 60 seconds, you can feel extremely secure. So you start investing more and more money in one trade because you believe you have discovered a simple technique to make a lot of money. This is a simple way to waste every penny you’ve ever made. even worse.
Never ignore the fact that prices are constantly fluctuating, sometimes even minute by minute. Additionally, a tiny price change can cost you a lot of money.
On the other hand, the price fluctuation is not so significant over time that you lose everything. In the short or long term, the price will alter. However, it is simpler to monitor the market and make predictions about its direction when using the lengthier time range.
Check trading history often
Every trader’s primary objective should be to limit losses and increase profits. It’s much simpler when you can view your previous trades. In the past, traders kept handwritten records of each trade they made. He examined which transactions generated profits and which ones generated losses each day.
Positive News? It is not required. You can view a detailed list of every trade you’ve ever made with Pocket Option’s “Trades” function.
What can you now deduce about trading history? You must first determine whether you were profitable that day or not. Second, transactions using financial instruments were the most successful. What methods then yield the highest results, and when is the ideal moment to invest? For example, you might discover that the best payouts for candle trading on the EUR/USD currency pair occur between 10 and 11 am. You now know when to trade this specific currency pair because you are aware of this.
Create and follow a trading plan
I did nothing at initially to make money. I only traded to make money, therefore I picked markets at random and switched to another if one wasn’t profitable.
I must be sincere. It was ineffective. After losing more than 80% of my money, I decided that something had to change. I began imitating successful investors, and I soon discovered that they all had a trading strategy. I specifically sought after that.
Let’s examine what should be included in such a plan in more detail.
Choosing how long to use the Pocket Option sample account is the first step. This is what I decided to do for three weeks. That should give me ample time to determine which markets to invest in and when in order to maximize my profits. The amount of money you are willing to put in the company should also be determined.
As was previously said, it is crucial to consider previous trades. I examined each trade. I kept a thorough account of the time, tactics, metrics, resources, and timeframes I employed.
I switched to a real account after three weeks. I created a trading strategy that contained the following elements:
1-How much will I deposit?
2. How much will I put into a trade?
3-time cap
I can utilize pie charts and bar graphs, which are four.
4-When will I trade on which markets?
5- The final three losing deals for me were the appropriate time to discontinue trading.
6-When will I take my profit out of the bank and how much money will I take out of my account?
7-This is but one illustration of a simple approach to get money. I believe you ought to choose the one that best fits your trading approach. And most importantly, be sure to follow through with your money-making strategy.
What is your experience been like trading on Pocket Option so far? If you haven’t already, try out my 4 strategies by creating a demo account right now if you haven’t before. In the section below the comments, share what you learned.
