Practice trading IQ Option before opening a real account. The practice account will allow you to do everything, but it will not use real money. This gives you a way to learn the ropes, test strategies and learn how much risk you are comfortable with while trading. Once you have used a practice account for some time, you can open a real IQ Option account.
An important tip when trading IQ Option is to ensure that you lay out a plan first. This is important because you need to be completely aware of the market you are working with, as well as, your own concerns. You will find failure, if you do not understand the risks involved before trading. You must compare your goals to the status of the market and work from there.
At first, try to become an expert on only one currency pair. Read the newspapers, follow the reserve banks' press releases and keep track of the economic indicators relevant to those two countries. Doing this for only one currency pair, will help you to more deeply understand how the IQ Option market responds to news and world events.
When you first start out in IQ Option trading, keep your trades small for at least a year. This will give you a basis on which to learn without risking too much financially. The gains and especially the losses from that first year will tell you what actions to take in the future.
When trading in the IQ Option markets, don't always invest the same amount of money in each trade. Your trading position should be a proportion of the amount of capital you have available, not a fixed dollar amount. This helps maximize your potential earnings while minimizing the percentage risk to your equity.
Don't allow a few successful trades to inflate your ego causing you to over-trade. A few successes does not mean that you will never lose. Too many novice traders taste victory and decide to go all in and then they lose big. If you run into consecutive losses like that, just step away for a day or two and return and remind yourself that you are never guaranteed success in trading even if it has happened to you before.
Learn how to analyze the market. With experience, you will be able to notice how things work and predict what is going to happen. You will build up this knowledge as you experience with IQ Option. Do not rely on your analysis at first: wait until you have gained enough experience with IQ Option.
Know your IQ Option markets. The first market to open is the Australasia area, then Europe and finally, North America. Quite often a market's trading time will overlap with another one, making this the most active trading period. During the trading week, there is always a market open, where you will be able to make a currency trade.
IQ Option trading is like any other kind of financial investment: before venturing into it, it's essential to have an idea of your own tolerance for risk. Different investment schemes have differing amounts of risk, and IQ Option trading is no exception. You must assess your own appetite for risk before you invest any significant dollars in IQ Option trading.
Before you do your IQ Option trading for the day, make sure you check in currency rate forecasts, which are created by expert analysts. This is important because checking IQ Option trading changes every day and you want to know what the day is predicted to be like before putting your money on the line.
Even more so than with other investment opportunities, IQ Option is not a place to park money that a trader cannot afford to lose. Emotion is the enemy of the successful IQ Option trader, and it is impossible to overcome emotion when the trader is using capital that he or she needs to pay bills and living expenses.
As much as the time of day you trade matters in your success in the foreign exchange market, the day you trade matters as well. Although the market is open all the time, 24 hours a day, 7 days a week, it is best to trade in the middle of the week, on days such as Tuesday, Wednesday, and Thursday, when the market is at its best.
With any type of investment, there is always a risk involved, and IQ Option is no different. The key is to understand the market and learn the trends. These tips on IQ Option are a good beginning. What you should do is to keep building up your knowledge, apply the techniques, and make adjustments when necessary. If you follow this basic advice, you will be in a these details good position to do well in the market.