Of course, you can make money today in Quotex, and grow your account balance from $100 to $200. $1000 even. But how do you ensure that your subsequent trades end up being as profitable as the previous ones? Here are some hacks, tips, and tricks to help you conserve your capital even as you strive to achieve more success in Quotex.
1). Use Money Management strategies
Money management refers to how a trader uses money to enter the markets and how they will take profits.
There are many different money management strategies that traders can use, but one of the most popular methods in digital options is called martingale.
With this strategy, traders will double their position on the next trade after a loss until they win.
The key to success with martingale is to have a good account balance. This will ensure that you stay in the market longer until you find a trade that helps you break even and others that bring profits.
2). Don’t change your trading strategies every other day
One of the most important things you can do as a trader in Quotex is to stay disciplined with your trading strategies.
This means that you should always stick to the plan that you have set for yourself and never deviate from it. When you start to see your account balance grow, it can be tempting to start taking more risks in order to make more money, but this is a surefire way to blow up your account.
It’s important to always remember that the goal of trading is to make money over the long term, not in the short term.
3). Use two or three technical indicators at most
When it comes to technical analysis, there are literally hundreds of different indicators that traders can use. While some of these indicators can be quite useful, the majority of them are useless and should not be used.
The very best traders will use two or three indicators at most – and they use indicators that they know inside out.
The idea is to avoid overloading your chart and making it too confusing to read. The more indicators you have on your chart, the harder it will be to find a trade setup and then enter it confidently.
4). Stick with one timeframe
The vast majority of new traders will spend hours looking at charts and trying to find the perfect trade setup.
Some will stay glued to their screens for hours (sometimes all night) in the hope of finding a trade that meets all their criteria.
The problem is that this approach can lead to serious fatigue, leading to mistakes later on.
A much better approach is just to stick with one timeframe and run a quick scan every hour or so.
Once you have found a potential trade, you can then look at other timeframes if necessary but do not spend hours looking for trades that may not exist!
5). Keep it simple
By keeping your trading system simple, you will be able to avoid the temptation of adding rules and indicators that you do not really need.
Many traders fall into the trap of thinking that more is better but this is rarely the case.
It is much better to have a simple system that you understand and can stick to than a complex system that you cannot implement consistently.
6). Stay disciplined!
All successful traders know that discipline is critical for long-term success. This means sticking with your trading rules even when things are going against you.
It also means avoiding those high-risk trades that seem like such a good idea at the time!
The bottom line
For many people, making a living trading digitally would be the ultimate dream. And it is possible. But it takes time and dedication. It also takes a disciplined approach to learning and an understanding that there are no shortcuts to success.
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