If you are willing to try trading using IQ Option, but are still a beginner, you should read this guide!
Every successful trader was once a newbie. Many people start off by learning as much as possible via tutorials online. However, those aren’t always that helpful. The ones you can find on the platform however, have been improved. A lot of beginners gain knowledge through trial and error which also costs them money.
This guide for those who have no idea where to start and would like to minimize their losses from the beginning. Afterward, I am sure that you will be able to take full advantage of the platform in no time.
This guide is focused on accessing the platform using your PC. It is advisable to download the app. Firstly, you will hate to create an account. It would be a good idea to start trading using a demo account, since this will help you practice without actually losing any money.
Getting started
To start off, you should select an asset which you would like to trade. Those listed in pairs and could be stocks, currencies, commodities and others. As a beginner you should start off with currencies because they are much easier to track and profit from.
In this guide I will take EUR/USD pair as an example. Click on it and put in the desired expiry period – for what period of time do you want to hold the position going from seconds to months.
Determining the expiry period
It all depends on the strategy you’ve decided to utilize and the chosen asset you. The currency pair I mentioned earlier is stable and would see little fluctuations in value. In this way it would be easy to see the movement so set it for up to 1 hour.
If the chosen asset is volatile you should enter and exit trades very fast. Setting an expiry period of less than 15 minutes would be ideal.
Next you have to enter the investment amount. I will be putting in $400. IQ Option will then calculate on its own the potential profit. With this trade the system showed me that I can earn $364 on my investment.
Lastly, you need to submit your prediction. You can pick UP if you think the price will increase when the trade expires or DOWN if you believe the value will drop. For this example I am picking UP. This is because the EUR/USD currency pair has been in an oversold condition. When the trade expires, you will see if you have earned or lost some money.
Conclusion
It might seem tough in the beginning, but with practice, you will become better at predicting. You have to study the fluctuations in the price of the assets you want to trade beforehand. Managing your funds is also crucial so that you don’t end up losing it all at once. Start off with a demo account and after some practice move to the real deal.
