Pocket Option Broker has become a household name in the world of binary options trading, thanks to its user-friendly interface, diverse range of assets and high payouts. However, like any other trading platform, it comes with its own set of complexities that can be challenging for both beginners and experienced traders alike. This article aims to unravel some of these mysteries and provide insider tips on how to trade successfully using Pocket Option Broker.
Firstly, it is important to understand the basics. Pocket Option Broker offers over 100 different tradable assets including currencies, stocks, commodities and indices. The platform provides two types of binary options: High/Low and Turbo. High/Low options have expiry times from 15 minutes up to several hours whereas Turbo options have shorter expiry times ranging from one minute up to five minutes.
To start trading with Pocket Option Broker, you need a strategy – a plan that outlines your financial goals and how you intend to achieve them. One popular strategy among traders is the ‘Trend Following Strategy’. This involves identifying an asset’s price movement trend (upward or downward) and placing trades accordingly.
One insider tip when using this strategy is paying attention to market news as they can greatly influence trends. For example, if a company releases positive earnings reports or there’s good economic news about a country whose currency you’re trading in – these could trigger upward trends which would be ideal for placing ‘High’ trades.
Another vital aspect when trading with Pocket Option Broker is risk management. Despite what some may think, successful trading isn’t about making huge profits all at once but rather making consistent gains while minimizing losses. Therefore setting stop-loss orders (an order placed with a broker to sell a security when it reaches a certain price) can help protect your investment from significant losses.
Additionally utilizing features such as the ‘Early Closure’ option can also help manage risks effectively by allowing you close trades before their expiry time if they aren’t going as expected.
Finally, it’s important to remember that practice makes perfect. Pocket Option demo acount account which is a great tool for beginners to get a feel of the trading platform and test different strategies without risking real money. Even experienced traders can use this feature to try out new strategies or fine-tune their existing ones.
In conclusion, while trading with Pocket Option Broker might seem complex at first, understanding the basics, having a well-thought-out strategy and effective risk management can greatly enhance your chances of success. And always remember – no matter how much you learn about trading, there’s always more to discover in this ever-evolving financial world.