Use These Tips, Tricks And Cheats to Win More in Expert Option

Expert Option is one of the most popular online trading platforms in the world. It offers over 100 assets to trade, including stocks, commodities, forex, and cryptocurrencies. It also has a user-friendly interface, advanced charting tools, and social trading features.

But how can you make the most of the Expert Option platform and increase your chances of success?

In this article, we will share some tips, tricks, and cheats to help you trade like a pro on Expert Option in 2023.

Tip #1: Choose the right account type

Expert Option has six account types to choose from: Micro, Basic, Silver, Gold, Platinum, and Exclusive.

Each account type has different benefits and requirements, such as minimum deposit, maximum trade amount, number of simultaneous trades, withdrawal priority, and access to educational materials.

To choose the right account type for you, you need to consider your trading goals, budget, and experience level.

For example, if you are a beginner with a small budget, you might want to start with a Micro or Basic account.

These accounts have a low minimum deposit of $10 and $50 respectively, and they allow you to trade up to 10 assets at a time.

On the other hand, if you are an experienced trader with a larger budget, you might want to upgrade to a Silver, Gold, Platinum, or Exclusive account.

These accounts have higher minimum deposits ranging from $500 to $50,000, but they also offer more benefits such as higher maximum trade amounts, more simultaneous trades, faster withdrawals, personal managers, and access to exclusive strategies and webinars.

You can compare the features and benefits of each account type on Expert Option’s website.

Tip #2: Use the demo account to practice

Before you start trading with real money on Expert Option, it is highly recommended that you use the demo account to practice.

The demo account is a free and risk-free way to test your skills and strategies on the platform. You can access the demo account by clicking on the “Try Demo” button on the top right corner of the website.

The demo account gives you $10,000 of virtual money to trade with.

You can use this money to trade any asset and any time frame on Expert Option.

You can also use all the features and tools available on the platform, such as indicators, signals, social trading, and news.

The demo account is a great way to learn how the platform works, how the market moves, and how to manage your risk.

It also helps if you experiment with different strategies and techniques without risking your real money.

Should you run out of the demo account balance, you can reset your demo balance at any time by clicking on the “Reset Balance” button on the top right corner of the website.

The demo account is not only for beginners. Even if you are an experienced trader, you can use the demo account to test new ideas and improve your performance. You can also use it to familiarize yourself with any changes or updates that Expert Option might introduce in 2023.

Tip #3: Follow the market trends

 

One of the most important skills in trading is to follow the market trends. A market trend is the general direction in which the price of an asset moves over a period of time.

There are three types of market trends: uptrend (when the price makes higher highs and higher lows), downtrend (when the price makes lower highs and lower lows), and sideways trend (when the price is moving within a range).

Following the market trends can help you identify the best entry and exit points for your trades.

Trends can also help you determine your trading bias (whether you are bullish or bearish).

To identify the market trends on Expert Option, you can use various tools and indicators such as trend lines, moving averages, Bollinger bands, MACD, RSI, etc.

You can also use different time frames to analyze the trends on different levels.

The general rule of thumb is to trade in the direction of the dominant trend.

For example, if you see an uptrend on the daily chart, you might want to look for buy opportunities on the lower time frames (such as 4-hour or 1-hour).

Conversely, if you see a downtrend on the daily chart, you might want to look for sell opportunities in the lower time frames.

However, keep in mind that trends are not always clear-cut or consistent. Sometimes they might change or reverse due to various factors such as news events, market sentiment, or technical analysis.

It is therefore important that you monitor the market conditions and adjust your strategy accordingly.

Tip #4: Use signals and social trading

Another way to improve your trading results on Expert Option is to use signals and social trading. Signals are alerts or recommendations that tell you when to enter or exit a trade based on certain criteria.

If you are not sure of where to get accurate Expert Option signals, then maybe you should try turning on the social trading feature.

And what is social trading you ask?

Social trading is a feature that allows you to copy or follow other traders on the platform.

Expert Option provides both signals and social trading for its users.

You can access the signals by clicking on the “Trends” button on the left side of the website.

When this feature is turned on, you will see the signals for different assets and time frames.

To use the signals, you simply need to click on the “Asset you are interested in” and buy or sell depending on the signal.

The alternative to using trends/signals to trade in ExpertOption is activating the social trading feature on the left side of the website.

Just by clicking on the social plus button, you can see the list of top traders in Expert Option, as well as their statistics, such as profit, win rate, number of trades opened, etc.

How to use the ExpertOption social trading feature

 

To use the social trading feature, you simply need to click on the name of the trader you want to copy and their chart will be shown on your screen.

Look at the direction of their latest trades and copy just by clicking on either the up or down button.

My two-penny advice?

Both signals and social trading can help you save time and effort in analyzing the market and making trading decisions.

They can also help you learn from other traders and improve your own skills and strategies. However, keep in mind that signals and social trading are not 100% accurate or guaranteed.

They are based on past performance and do not reflect future results. Therefore, it is important to always do your own research and use proper risk management when using these features.

Tip #5: Use a trading strategy

One of the most common mistakes that traders make on ExpertOption is to trade without a clear strategy.

And what is a trading strategy you ask?

A trading strategy is a set of rules or guidelines that tell you when to enter or exit a trade based on certain conditions.

Good trading strategies should help you achieve consistency, discipline, and profitability in your trading.

Types of trading strategies

There are many types of trading strategies that you can use on ExpertOption. For example, you can trade with trend-following strategies, breakout, reversal, scalping, swing, etc.

Each strategy has its own advantages and disadvantages, as well as suitability for different market conditions and time frames.

To choose a trading strategy that works for you, you need to consider your trading goals, personality, style, and risk appetite.

For example, if you are a patient and cautious trader who prefers long-term trades with low risk and high reward, you might want to use a trend-following strategy.

On the other hand, if you are an aggressive and impulsive trader who likes short-term trades with high risk and high reward, you might want to use a scalping or breakout strategy.

You can also combine different strategies or create your own custom strategy based on your experience and preferences.

However, whatever strategy you choose, make sure that you test it thoroughly before using it with real money.

You can use the demo account or backtesting tools to evaluate your strategy’s performance and optimize its parameters.

Tip #6: Manage your risk

The last but not least tip for trading like a pro on ExpertOption is to manage your risk.

And what is risk management?

Risk management is the process of controlling or reducing your exposure to potential losses in your trading. If you ask me, I’ll say risk management is crucial for any trader who wants to survive and succeed in the long run.

How to manage risks when trading in ExpertOption

There are many aspects of risk management that you need to consider when trading on ExpertOption, such as position size, stop loss, take profit, leverage, diversification, etc.

Each aspect has its own importance and impact on your trading results.

To manage your risk effectively, you need to have a clear plan and follow it strictly.

You need to know how much money you are willing to risk per trade, how much profit you are aiming for per trade, how much leverage you are using per trade, how many trades you are opening at a time, how many assets you are trading at a time, etc.

Also, need to monitor your risk regularly and adjust it according to the changing market conditions and your performance.

And even when you are beginning to see success in ExpertOption, beware of your emotions and psychology when trading and avoid overtrading, revenge trading, or gambling.

Risk management is not only about protecting your capital but also about maximizing your potential returns. By managing your risk effectively, you can increase your chances of making consistent and profitable trades on ExpertOption.

Conclusion

These are some of the tips, tricks, and cheats that you can use to trade like a pro on Expert Option in 2023.

However, remember that trading is not a get-rich-quick scheme. It requires hard work, dedication, and continuous learning.

You also need to be aware of the risks involved and never trade with money that you cannot afford to lose.

We hope that this article has been helpful and informative for you. If you have any questions or feedback, please feel free to leave a comment below. Happy trading! 😊