Making profits on Pocket Option is not easy, we all know that when it comes to trading the financial markets. But how can you increase your profit, and more importantly: How to reduce the losses? With our 10 best Pocket Option tips & tricks we will help you with that!
The best tips, ticks and hacks for Pocket Option to make more money
- Firstly, use the demo account
- Start with small deposits
- Stay away from 60-second trades
- Improve your trading with indicators
- Create a clear strategy
- Use the asset with the highest return
- Do not trade OTC charts
- Do not trade during news events
- Stay away from automated robots
(Risk warning: You capital can be at risk)
1. Use the Pocket Option demo account as a beginner
What you will read in this Post
Before diving into live trading, it is crucial to get acquainted with the platform and practice your trading skills. You can trade with fake money using the demo account option offered by Pocket Option.
Take advantage of this opportunity to acquaint yourself with the platform’s features, understand different trading options, and develop your trading strategy without risking real money.
Here is how to make the most of it:
Familiarization
Use the demo account to become comfortable with the platform’s layout, buttons, and navigation. Understanding the platform’s interface is essential before committing real money.
Practice
Treat the demo account as if it were real money. Practice different types of trades, experiment with various assets, and refine your strategy without risking your capital.
Learning
Pay attention to how different market conditions affect your trades. This understanding will enable you to make well-informed choices once you switch to live trading.
(Risk warning: You capital can be at risk)
2. Start with small deposits
As a beginner, it is wise to start with small deposits on Pocket Option. This minimizes your risk while you are still learning the ropes of trading on Pocket Option. You can gradually increase your investment as you gain confidence and experience. Never put more money at risk than you can afford.
Consider these aspects:
Risk management
Smaller deposits mean less capital at risk. It is crucial to preserve your trading capital, particularly while you are still learning.
Psychological comfort
Smaller deposits can help you manage the psychological pressure of trading. Losing a small portion of your capital is less emotionally taxing than a large loss.
Steady progress
You can slowly raise your deposits as you gain confidence and expertise. This allows you to scale your trading in a controlled manner.
3. Use candlesticks for charting
Candlestick charts offer useful information about price changes and market sentiments. Learning how to comprehend candlestick patterns can assist you in making informed choices.
Understanding candlestick patterns can reveal information about the mood of the market, such as:
Understanding candlestick charts
Study candlestick patterns, such as the shooting star, doji, engulfing, and hammer patterns, to analyse them. These can assist you in spotting future price reversals of trends or continuations.
Timeframes
Pocket Option offers various timeframes for candlestick charts. Use shorter timeframes for day trading and longer ones for swing trading or long-term analysis.
Combine with indicators
Candlestick patterns can be even more powerful when combined with technical indicators on Pocket Option, providing a holistic view of market conditions.
(Risk warning: You capital can be at risk)
4. Stay away from 60-second trades
While 60-second trades may seem enticing due to their fast-paced nature, they are highly speculative and carry a higher risk of loss. As a rule, it is advisable to avoid these ultra-short-term trades, especially if you are a beginner.
Focus on longer timeframes and develop strategies that allow for comprehensive analysis:
High risk
These trades have a very short expiration time, making them susceptible to quick and unpredictable price movements. The risk of losing your investment is higher.
Lack of analysis
There is limited time for in-depth analysis or strategy execution. For beginners, it is advisable to focus on longer timeframes where you can apply analysis that is more thorough.
Psychological stress
Frequent 60-second trading can be mentally exhausting. It is easy to be caught up in a cycle of emotions, leading to impulsive decisions.
(Risk warning: You capital can be at risk)
5. Use indicators for better predictions
Pocket Option provides a range of technical indicators that can enhance your trading decisions. You can spot patterns and possible entry points by using indicators like MACDs, moving averages, and relative strength indexes.
Consider these:
Selecting indicators
Select indicators that are consistent with your trading objectives and approach. Bollinger Bands, RSI, MACD, and Moving averages are examples of frequently used indicators.
Confirmation
Indicators can help confirm potential trade setups. For example, if a candlestick pattern suggests a bullish reversal, a corresponding indicator might reinforce that signal.
Avoid overloading
While indicators are helpful, do not overcomplicate your charts with too many of them. A crowded chart can lead to misinterpretation and analytical paralysis.
6. Create a clear trading strategy
Success in the financial markets depends heavily on having an explicit trading plan. Your trading plan should specify your risk appetite, entry and exit standards, and ultimate trading objectives. Stick to your Pocket Option strategy, and do not let emotions dictate your trades.
Risk acceptance
Establish the level of risk you are prepared to accept for each trade. This ought to represent a small portion of your total capital.
Entry and exit rules
Establish clear criteria for entering and exiting trades. This could include specific price levels, indicator readings, or candlestick patterns.
Backtesting
Use previous statistics to see how your approach would have worked in the past. You can use this to determine your strengths and shortcomings.
Adaptability
Be open to adjusting your strategy as market conditions change. It is possible that a rigid strategy will not work well in every market setting.
(Risk warning: You capital can be at risk)
7. Trade the asset with the highest return
Pocket Option provides a diverse choice of assets, like currency pairings, commodities, and cryptos. These assets can potentially yield higher profits, but be sure to research and analyse them thoroughly before trading.
Consider the following when selecting assets:
Return rates
Keep an eye on assets with the highest return rates. These assets can potentially yield more significant profits on successful trades.
Research
Before trading any asset, research its historical performance, market conditions, and news that may influence its price. A well-informed decision is a more confident one.
Diversify
While chasing high returns can be tempting, it is also essential to diversify your portfolio by trading different assets to spread risk.
8. Do not trade OTC charts on Pocket Option
Over-the-counter (OTC) charts are often considered riskier and less clear than standard trading charts. It is advisable to avoid trading on OTC charts to minimize the risk of unexpected price movements or market manipulation.
To protect your investments:
Stick to standard charts
Use standard charts provided by Pocket Option for your trading analysis. These charts are typically more reliable and widely accepted in the trading community.
Transparency
OTC charts may lack the transparency of standard charts, making it challenging to verify their accuracy.
(Risk warning: You capital can be at risk)
9. Do not trade during news events
Major economic news releases can significantly affect the financial markets, leading to unpredictable price fluctuations. It is recommended to avoid trading during high-impact news events unless you have a well-thought-out strategy specifically designed for such situations.
It is recommended to approach news events with caution:
Volatility
News events can lead to rapid price movements that are difficult to predict. Sudden spikes or crashes can result in unexpected losses.
Wait for stability
Consider waiting for the market to stabilize after a significant news release before entering a trade. This allows you to assess the new market conditions more accurately.
(Risk warning: You capital can be at risk)
10. Stay away from automated robots
While automated trading robots and systems may promise quick and effortless profits, they often come with significant risks and can lead to substantial losses. It’s essential to understand the mechanics of any automated system thoroughly and
consider the potential drawbacks before using them for trading on Pocket Option.
They come with several risks:
Lack of control
Automated systems trade on your behalf, which means you have limited control over the strategy and decision-making process.
Unpredictability
Market conditions can change rapidly, and automated systems may not adapt quickly enough, leading to losses.
Risk of scams
Be cautious of automated trading systems that make unrealistic claims. Many scams target unsuspecting traders.
(Risk warning: You capital can be at risk)
What is Pocket Option?
The Binary trading industry is infamous for its unpredictable nature. It can be troublesome to trade in it without prior experience or knowledge. A legit broker is something a new trader needs to progress in it successfully. Pocket Option is one of the most dependable binary brokers out there. In addition to all the lucrative features it offers, you can get tips and tricks to maximize the profit more efficiently.
Features
After its launch in 2017, it has risen to become an online trading platform that has the sole purpose of making trading convenient.
Some of the attractive features that anyone can use for their benefit include the withdrawal process. It comes without any commission and deposit. Along with that, Pocket Option possesses assets of more than 100 types, making it one of the diverse brokers in the service.
Methods for payment
Payment methods are something that causes discomfort to traders many a time. They may get their payment stuck or get it done without having any assurance. But while dealing with this responsible trader, that is not an issue of concern. It offers more than 50 types of payment methods that make your job easy.
Any trader with no experience can reliably start trading with a minimum investment amount of just 10$. And the trade amount is priced even lower at 1$.
(Risk warning: You capital can be at risk)
Can Pocket Option bring you profits in binary trading?
From the start of their enterprise itself, the people at Pocket Option have been keen on enhancing the trading experience for everyone. It is what prompted them to introduce social trading first and then expand their services further with an affiliate program and other types of trading, including tournaments market and achievement systems.
It is how a small company of the finest tech specialists aims to provide their customers with an increase in their trade profit. Additionally, they bring tricks and tips that can help anyone excel in Binary Trading. It is not surprising to see it become one of the best brokers at present in such a short period.
Conclusion
Trading on Pocket Option can be a rewarding experience when approached with care, knowledge, and a well-defined strategy. Begin with the demo account, start with conservative investments, and use technical indicators for informed decision-making. While there are no guarantees in trading, these tips and the avoidance of common pitfalls can increase your chances of success. Happy trading!
(Risk warning: You capital can be at risk)
