Last month I earned quite a satisfactory profit. It does not mean that I won every time I was trading. Occasionally, I lost. But I gained approximately $100 a day during the first two weeks, and at the end of the month, my profit was around $1700.
Trading is not all about winning. You have to be prepared to lose at times. The most important thing is to keep going and be able to cover the losses so you are on plus at the end of the day. Today’s guide will help you to work out a consistent profit on IQ Option.
Guidelines for making a regular profit on IQ Option
Learn to be patient
A trader has to be a little bit like a sniper. Both have to wait patiently for a favourable situation to occur. It does not make any sense to shoot randomly just because you hold a rifle. A sniper lies low and only take a shot when he is pretty sure he will hit the target.
Trading is no different in this matter. There are days when you may just open a few positions or no positions at all. You need to analyse the market carefully and enter only when you receive a strong signal to enter the trade. This gives you a much higher chance for a winning transaction.
Do not get discouraged by waiting. It is not the best idea to change a strategy or the market when the prices are not moving in the desired direction. Trading is a waiting game, so arm yourself with patience and shoot when you are sure your aim will be reached.
Develop a trading plan
To trade successfully you should follow your trading plan. It ought to be adjusted to your needs. In the beginning, it might seem a difficult job to design a personalised trading plan. But with time and with appropriate guidelines, you will discover it is feasible and very useful. Why it is so important that the plan is personalised? Because every trader is different. Some prefer to work in the morning, others during the night. Some would rather enter short positions, while others favour long-term trades. Also, the desired daily profit will differ. That is why you need to create your own plan.
There are two main parts that must be included in your trading plan.
The first part is about singular trades. You should consider things such as:
- How much money you wish to invest in a single trade.
- What assets you would like to trade.
- What time frame you are going to use.
The second part is about managing your account. Here, you need to think a money management plan through.
- How big daily profit you hope to gain.
- How big profit you wish to make from one transaction.
- How many trades you plan to conduct in a day.
- What size of capital you need to reach your daily goal.
- How many losses you allow to occur before ending the session.
Once you have developed the plan you ought to follow it. And this can be even harder than creating it. You may sometimes feel tempted to exceed the number of trades or investment amount that you have specified in the plan. Stick to the plan and keep a trading journal. It will help you to analyse your activities and find out what works well and what does not.
Learn from the professionals
You have basically two options. You can make your own mistakes and learn from them, or you can listen to the professional traders. They have already walked through the path you are on now. They analysed different markets and different approaches. And so you can benefit from their tips and advice. This can shorten your journey to converting into a successful trader.
Use a demo account
IQ Option offers a free demo account. This is a wonderful feature that you can treat as a training field. When you come across a new strategy or you want to try a different market, head off to the demo account first. It does not guarantee that you will make a huge profit once you shift to the live account, but it surely saves some of your money and the time.
You trade for yourself or let the others do the job
With the guidelines stated above, you can start making a consistent profit on the IQ Option platform. You are responsible for developing a personalised plan and following it. Sometimes you will win, sometimes you will lose. But all this is the effect of the decisions taken by yourself.
There is another way, though. You can pay for the trading signals. There is a group of skilled traders who conduct market analysis and offer the signals to enter the positions. You trade based on these signals. But the traders who are selling them, do not take responsibility for your losses.
There are also the fund managers who will trade on your behalf. You must have quite a big capital to get started. They will open the transactions for you and then share what they have earned. You must be aware of the huge risk if you opt for this alternative.
I suggest you trade for yourself. Maybe it will take a longer time to learn necessary skills, to develop the trading plan and enter profitable trades. But you will be the one responsible for your money.
I have started with just $30 in the account. I plan to make $2 per day. I opened the positions for a 5 minute period. And I invested $1 in a single trade. This was the beginning. It taught me to stick to the plan and draw conclusions from analysing the trading journal. My profits continued to increase.
A handful of additional tips to make a regular profit on IQ Option
The investment amount per single trade should not exceed 5% of your account. This is quite a common mistake made by beginners. They are sure the trade will turn out to be successful and they put a large amount on it, even 100% of their capital. The price moves fast and unpredictably at times. What will happen when this transaction loses?
Perform up to 10 trades daily. From the professional traders’ experience, I can tell you that increasing amount of the trades you enter daily does not make your profits grow. What it does is expand exposure to risk.
It would be a good idea to enter long-lasting trades in the beginning. 1-minute time frames are more difficult to analyse and so the probability of success diminishes.
Remember about the demo account and use it wisely. Try new instruments and strategies there as well as test your money management.
Feel free to share your thoughts about making a regular profit on IQ Option in the comments section below.
Enjoy the journey!