At this time you have probably come to the realization that the banks and regular vehicles that you can park your money provide a big benefit to the places the money might sit but offers you a very low reward for doing so as many banks tend to offer as little as 1% for your hard-earned money.
By taking back control of your finances and establishing a strategy to significantly boost your rate of return by treating your money as your very own employee that goes to work for you and being rewarded for identifying assets that have potential growth for the future, the world of options trading and advantage of a broker that offers not only options trading but access to CFD’s across multiple asset classes allows you to control and manage what you can carve out the markets to meet your goals and targets.
Of course, many individuals have happy careers and others require certain jobs to meet the requirements for everyday living or of course to fund that course to obtain that degree necessary for the chosen career path, but everyone is starting to notice that the successful individual has not only his or her career but they have also established multiple streams of revenue, either by means of a certain passive side business or establishing a strategy to take advantage of the financial markets where all the big players and the 1% of the population take their biggest piece of the cake.
At IQ Option you are meet with a clean and easy to use proprietary platform that you can have either set up with the application on your desktop or mobile or indeed on their web browser when traveling the world and access to the home desktop is not readily possible, Iq Option has considered all these factors and tailored the solution to the client, so let’s dive into the platform and have a look around.
- Here you can select your desired Time Frame as well as change between candlesticks or line graph and technical tools such as indicators for all your technical analysis.
From this tab, you have the option to select the chart type you prefer and color that best suits you to distinguish between bullish and bearish candles
Time is of course fractal, but certain time frames may be more favorable to you than others depending on the strategy and or style of trader you are, if you’re a scalper you would elect to trade perhaps the 5 min chart and leave the daily chart to position traders.
Graph tools are important for you to mark out specific points in price that may be significant to you, these tools will help you clarify what your seeking in the chart to minimize the time it will take you to look back at that specific chart to execute on the opportunity.
2. Is your side tab, for quick access to check what is in your portfolio that is open and all the positions at work for you so you can see which ones are making money and which ones you will need to close to not lose the money you made.
Under chart analysis, you will find the selection of indicators that will assist you in spotting, when a particular asset is overbought or oversold or a combination of indicators to build a strategy to minimize the probability of taking a loss when identifying, current market opportunities you can exploit without having to go candle by candle doing all the work that the indicators perform for you.
3. Reminds you which is the asset you are trading so you don’t mistakenly open a position in the wrong pair.
4. Is the tab where all the assets you have open can be found to quickly change between them.
5. The plus sign tab when you click on it will show all the available trading products and the assets available to trade on them. These include Option (Binary or digital), Forex, Stocks, Commodities, cryptocurrencies and ETF’s.
6. Shows your current balance and will change t the same time with any existing open positions to reflect the balance of your account with your current profit or loss so you are in constant control of the health of your account.
7/8. Is the time of expiry of an option, for this, you can see the expiration and the various strike prices based on the strike price you would earn the representing % return on your investment should the strike close in the money, by selecting a strike price outside of the money, the further out the higher the return on investment, if you decide to close the position prematurely you can select the selling feature which will get you out the trade. Binary Option, on the other hand, the investment amount is fixed and the % return is also fixed at the start, so you can use it to control your potential gain or loss or use binary options to protect your trades when you have more than one trade. What this means is if you have a trade let’s say on digital options to go up, but the price keeps going down, you can use binary options to go the opposite direction and protect your trades.
The tab on CFD’s (below the digital options tab) would instead of a time expiration, it would be the value of your trade and underneath you can select the multiplier which is an investment tool to increase the size of your trade without having to have the required amount in your account, this is known as margin trading when you trade in this way, you can place a trade of let’s say $1,000 (the money you put up from your account with a multiplier of 1:30, this would allow you to trade the equivalent of $30,000, the difference is loaned by the broker, hence since it’s a loan to strengthen your position if you hold it overnight a small fee is added to your trade that would be covered from your profit or loss, if you only used it say in a short space of time before the next calendar day then there would be no overnight fee applied, it is simply another facility IQ Option offer to provide you with the means to trade your portfolio.
As you can see above this is what the difference in selection looks like, on the left is the digital options strike prices and on the right is the binary options time expiration and below on both images is the potential profit available for you on that trade.
9. This is where you decide if the price will go up or down based on what you think, if you believe the price will go higher then you select the higher tab and for lower, you would select the lower tab and this would finalize your trade.
10. Is the average price shown between the bid and the ask (the Bid is the lowest price for willing sellers and the Ask is the highest price for willing buyers).
11. Shows the Bid and the Ask where the Bid is the bottom line while the Ask is at the top
An interesting feature to note at this point, is the economic calendar, while other platforms do not readily have this feature available, the IQ Option platform does not require you to go searching the web for economic information relevant to your trade, instead, the tab on the left provides you with up to date event drivers for the day that you should always acknowledge as to the time and the degree of significance as you do not want to be caught off guard on a trade if the Federal Reserve of America decides to cut or raise interest rates. Another feature that is available for traders looking to trade stocks or cryptocurrencies, is the quick tab that shows the relevant news to the cryptocurrency of choice which may be hard to sometimes find a good source of news and of course the earnings tab for all the stock traders who are looking to get ahead of the earnings of a company to take advantage of the rise or fall in price based on the company’s earnings.
Of course, as you start out you may be seeking some instructional videos when you’re not in contact with one of the trade experience team members to walk you through either the platform of trading strategies, for that IQ Option has you covered, they have established an entire library to help you navigate through and earn a better understanding of what you’re doing and how to manage your own portfolio, as well as an alert feature to help you keep track of certain price levels of interest, these can alert you to the opportunity you have been seeking in the market saving you time to focus on other things while you await the price to hit your target.
So this has been your quick guide to how the IQ Option platform works, what to expect and how to use the IQ Option trading platform, bear in mind that as many traders all over the world come together to trade on the platform, IQ Option have also come up with a solution to make it easy for traders to deposit and make withdrawals with zero fees’s on deposits or withdrawals and fast execution, you can select a few choices of methods to fund your account depending on your where you are in the world, the deposit methods that would be suit you will be shown to you under the deposit tab.
Be sure to verify your account so that when looking to conduct withdrawals, once the verification process is done you can proceed with business as usual but some traders may forget to do this and come time to withdraw they are reminded to verify first, so to avoid any frustration and of course, for both your safety and the broker it is simply good to get this all completed as you setup your account so that things continue to always run smoothly for you as the trader and the broker can facilitate that with an ongoing business relationship.
The only thing you need to do now is deciding the type of trader you are, what is it you are looking to achieve, and why did you start?
The importance of asking these questions will help you understand which time frame you want to trade, or which of the many products you would like to use to trade.
Let me clarify this for you, let’s say you are not very patient, and you want to try maximize your trading day by taking advantage of as many opportunities as you can in short in within the day, well you are likely to be considered a scalper, as scalper looks for short term opportunities under 5 minutes typically so that he or she does not have to wait long for see rewards from their analysis. On the other hand, a position trader will seek to take on long term positions sometimes ranging over months as they do not have time to always be at the chart and will like to buy and hold stocks for example and take advantage of rising stock prices with their preferred company.
It is not easy to understand at the start which type of trader you are, this requires some time and of course some mistakes as we all do to understand who we are, what we want and where our limitations are. By understanding this over time you will develop your own strategy that will be unique to you, this will be the business model that you will look to improve and expand every day and you will have a state of the art unique platform to give you all the tools to learn this process and come up with an ability to turn the financial markets into you’re very own cash machine.
Be safe and have a great trading journey ahead!