I have always been fascinated with becoming the best at anything I do. But never in my life have I been number one at anything.
You could argue that the best is good enough. After all, the word best is relative, but is it better than becoming number 1?
As you continue reading, do keep in mind that I am a top trader in Kenya.
I’ve been the best at my game since binary options started being a thing in Kenya and this week alone, I have been featured on the Quotex leaderboard at least thrice.
I also have a few traders that I mentor. And believe it or not, one of my traders (Ponlaphat K. from Thailand) was the trader of the week in Quotex on 27th October.
I guess what I’m trying to say is, I am a kingmaker 😆 he became a trader of the week under my watch.
I have since studied how Ponlaphat K. from Thailand traded in the week that he earned $26,023 to become a trader of the week in Quotex and this is what I found…
To make things more interesting, I have also looked at the trades that David L. from Colombia, trader of the week November 9th made to beat everyone including myself for the top spot.
Here are some common traits that I found interesting among these successful traders in Quotex.
I hope you will use these recommendations to trade successfully in the future.
1). 1 Minute Trading Timeframe
For the longest time, I have been trading binary options with 5 minutes timeframe and 5 minutes duration, and guess what? I have never been among the top 10 traders on any binary options trading platform.
Is it because I was losing more than I was winning with 5 minutes trades? Maybe!
It is until I started studying these top traders in Quotex that I instantly jumped to the top 10 on Quotex leaderboard.
I realized that most successful traders on the platform used 1-minute timeframes.
The logic behind this is that the best binary options strategies are trend-following strategies, and the best timeframe to find trends fast is the 1-minute timeframe.
The moment you set your chart to a 1-minute timeframe you will start seeing trends in almost all the assets you switch to.
My two-penny advice? The trend is your friend but nothing lasts forever. Stop trading a trending asset immediately after you lose 1 trade.
2). Set Trade Duration to 2 Minutes
Should you choose to trade on a 1-minute timeframe, make sure you also change the trading duration to 2 minutes.
Doing this allows the price an extra candlestick to adjust when there is a correction in the trend.
As soon as I noticed that this is the trade duration my friend Ponlaphat K. from Thailand used to become a trader of the week in Quotex, I also started using the same duration. The results? I have continued to be one of the top traders in Quotex.
Even today, I am number #8 with over $2,000 in profits in a single day.
3). Trash Money Management Strategies
While we have been conditioned on Youtube and through blogs like these that we must always use money management strategies if we want to make money trading, following these money management strategies won’t make you a millionaire in binary options.
It is almost always certain that you will win 1 trade and lose the other in binary options. So how do you ensure that you come on top even if you end up losing more overall trades in binary options?
Trash money management and go all in when you can. If you die you die 😆
This may sound funny but it is actually what all the top traders I have studied do.
Trader of the week David L. from Colombia has done this multiple times. Trader of the week Mohamed A. from Algeria did this in the week that ended and the result? They both won over $20,000 in 1 week and topped the leaderboard.
I have also tried to trade with big money one too many times and that’s how I have managed to make $2,000 plus in profits on the Quotex platform every day.
4). Fund Your Account if it Dries Out.
This may seem like common sense but it is not common to everyone. Trading is not for everyone. If you do not have the muscle to keep your account running at all times just forget about ever becoming the trader of the week.
One trait that all traders share is loss.
At some point, you must blow your binary options account regardless of your experience or account balance. When this happens, be ready to refill your account and start again.
Believe it or not, Mohamed A. from Algeria lost some money in his journey to becoming the trader of the week but did that stop him? David L. from Colombia also lost some money but what did he do next?
Ponlaphat K. from Thailand earned over $65,000 and lost almost everything. Refilled his account and continued again.
In the end, all these three gentlemen rose to glory because they were not afraid to try again when they lost.
Have I also mentioned that I have had to refill my account countless times and I always ended up profitable afterward?
5). Withdraw Your Profits
The reason most of us never end up being profitable trading binary options is failing to withdraw our profits. Next time before you hold back on withdrawing your money from any trading platform, ask this question?
Is this trading platform my bank?
If you answer NO, log in to your account and withdraw your profits. Only leave the amount you wish to continue trading with.
Doing this not only gives you the peace that your earnings are safe with you but it also helps you limit overtrading.
To become the top-earning trader on any binary options trading platform is to trash all the norms of trading safely as we know them.
All traders who have become a trader of the week in Quotex have either deposited huge sums of money for trading, traded without holding back, or traded one too many times.
In other words, to become a successful trader in binary options is to become an irresponsible trader. Are you willing to take that chance? Let’s talk in the comments.
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