I’ve been trading on the Quotex platform for a year now. Sometimes I won and lost as well. But I was convinced that I could get money. All I had to do was figure out how to make it happen. What I did was try a variety of strategies and keep track of them. As a result, I was able to keep working on the methods that were effective while discarding those that weren’t.
Then came the realisation that something was changing for the better. My trading was successful when I did four things, which I’d like to share with you now. I would have suffered losses if I had only omitted one of those items. These, I believe, are my four secret steps to success at Quotex.
Treat a demo account as if it were a real one.
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The practice account has one significant advantage over the real one. It is obvious that you do not trade with your own money, which means you do not lose your own money in the event of a failure.
That is why you should always test your strategies on a demo account. It does not involve a high level of risk, so your funds are secure.
I would switch to a demo account whenever I wanted to see if the strategy was effective or not. I try the specific tactic several times. Only after I am certain that it works as intended will I proceed to the real account and implement the given strategy.
Furthermore, I will test not only strategies but also different financial instruments or the investment amount for a single trade on the practise account. I practise, I experiment with different options, and when I know what works and what doesn’t, I switch to the real account. And I choose the market, strategy, and investment amount without hesitation.
4 trader-secrets from a seasoned trader at Quotex
Many new traders use the practise account as a sandbox. They invest a lot of money, use random strategies, and don’t think much. After all, it’s not their money. But this is incorrect. Do not become accustomed to such thinking. Treat a demo account as if it were real. Otherwise, it could end up costing you a lot of money in the long run.
Using a demo account in the same way you would a real one increases your confidence and trust. It teaches you how to tell the difference between good and bad moves, how to identify winning strategies, and how to be confident that they will work in the real world.
My advice is to devote a significant amount of time to training. Assume you are an athlete. You work out for hours before you’re ready to show off your abilities. And whether you win or lose, you return to training.
In the trading field, you should do the same thing. And the good news is that Quotex offers a free demo account.
- Register with Quotex and receive a free $10,000.
- Beginners can get a free $10,000.
- Avoid 60-second trades at all costs.
Of course, making 82 percent of the investment in one minute is very appealing. Even the prospect of such quick money makes you happy. But, as you can see, there is an issue. 60 seconds is both short and long. You will experience anxiety and fear. And your rational thinking is being robbed by these emotions, leaving you vulnerable.
Making a lot of money in just 60 seconds can make you overconfident. So you’d think you’d discovered the easy way to make a lot of money, and you’d put more and more money into a single trade. This is a simple method that can result in the loss of all previous profits. Or even worse.
- 4 trader-secrets from a seasoned trader at Quotex
- 1-minute trades are not suitable for everyone.
You should never forget that prices change constantly, even in as little as one minute. Even a minor price change can result in a significant loss for you.
Price fluctuations over longer timeframes, on the other hand, are not severe enough to cause you to lose everything. The price will fluctuate over short and long time periods. Longer timeframes, on the other hand, make it easier to analyse the market and predict its direction.
Check the trading history on a regular basis.
Every trader’s main rule is to minimise losses and maximise winnings. It will be much easier when you have the opportunity to review your previous trades. The initial traders kept a handwritten transaction log. Every day, they checked to see which transactions resulted in a profit and which resulted in a loss.
Is this good news? You are not required to do so. Quotex offers a tool called “Trades” that allows you to view the entire history of your previous transactions.
- 4 trader-secrets from a seasoned trader at Quotex
- Keep track of your previous trades.
What conclusions can you draw from the trading history? First and foremost, determine whether you made a profit or a loss on that particular day. Second, financial instruments produced the most profitable trades. Then, which strategies are most effective, and when did you make the best investments? For example, you might notice that the highest payouts on the EUR/USD currency pair occur between 10 a.m. and 11 a.m. And now that you have this information, you know when to trade this particular currency pair.
Create and stick to a trading strategy.
I didn’t work on any money-making strategy at first. I just wanted to make money trading, so I chose random markets and if one didn’t work out, I switched to another.
I must confess. It was ineffective. After losing more than 80% of my money, I told myself that something had to change. I began to follow in the footsteps of successful investors and discovered that they all had a trading strategy. That’s exactly what I was looking for.
- 4 trader-secrets from a seasoned trader at Quotex
- Make decisions in accordance with a trading strategy.
- Let us take a closer look at what such a plan should include.
The first step is to determine how much time you want to spend on the Quotex demo account. I decided to make it a three-week commitment. It should be long enough to figure out which markets to invest in and when to do so. Another step is to decide how much money you are willing to invest in the trade.
As previously stated, it is critical to review the trading history. Every single trade was scrutinised by me. I kept my own detailed log in which I detailed the time, strategies, indicators, instruments, and timeframes that I used.
After three weeks, I switched to a real account. I devised a trading strategy that included details such as:
- The amount of money I’d put down as a deposit
- The amount of money I’d put into a single trade
- Timeframe
- I’d use charts and indicators.
- Markets and times when I would conduct transactions
- When is the best time to stop trading? (for me it was 3 subsequent losing trades)
When I would withdraw profits and what percentage of my account balance I would withdraw.
This is just one example of a money-making strategy. I recommend that you design one that is tailored to your trading style. Above all, make certain that you stick to your money-making strategy.
How long have you been trading at Quotex and what have your results been? If you haven’t already, open a demo account today and try out my four secrets. Please share your discoveries in the comments section below.
