How to avoid losses with Quotex

Traders find binary options to be very straightforward and easy at first. But you will understand the real struggle when you enter the market and try to understand the trends.

This complication causes traders to lose a huge amount of money, which is why many people avoid entering the market. But if you want to safely trade binary options, you should avoid some mistakes that traders usually make. Scroll down to know the mistakes.

How to avoid losses with Quotex?

If you want to avoid losses while trading through Quotex, follow a few important steps. At first we’ll give you a short overview before going into detail.

Focus on the market 

An important initial step in making successful binary options trades is knowing the market. Since the trading market regularly fluctuates, you need to keep a constant eye on the market. 

You can focus on the market through technical and fundamental analysis. Technical analysis is a way that will help you understand how the price of the asset will move in the market. You need to carefully observe the asset movement and price charts to find your next step.

Compared to technical analysis, fundamental analysis is a broader aspect that requires you to check different trading situations. Through the fundamental analysis, you need to focus on the factors that can influence the market. 

Create your trading strategy 

Your chances of winning a trade is extremely less if you are entering the market without any clear trading strategy. A strong trading strategy will help you have a better approach so you can handle any situation without losing your money. 

Select the right asset

If you are trading through Quotex, you get access to numerous assets. But you must only choose an asset that you are aware of.

The four popular asset’s category Quotex offers to include commodities, indices, currency pairs, and cryptocurrencies. 

Common Binary Options trading mistake

In the binary options world where you can make much money with simple steps, there are several mistakes you should be aware of.

Do not have realistic expectations 

Many traders enter the binary options trading world with unrealistic expectations of earning huge money. But they don’t understand that a small mistake can make them all the traded amount. 

Having a mindset with unrealistic expectations favors the brokers and their odds. That’s because brokers only make money when you lose. Not having a disciplined perspective, market analysis, and trading strategy cannot help you survive in the long run. This way, you cannot become a better trader. 

Not knowing the asset

Binary options are a risky market where your chances of losing money are high. But you can limit this risk by knowing your asset. If you choose to trade an asset that you know nothing about, you are preparing a recipe for disaster. 

A study has revealed that when binary options traders enter a market through a new asset, their chances of losing money increase. It doesn’t matter what asset others are trading in, you must only choose the one you know everything about. 

You must let the trend be your friend. In addition, it’s important to wait for the right moment. You must invest your time studying the market trends and how the asset reacts. This way, you can better understand the binary options market and your chances of losing money decreases. 

Not having a clear strategy 

When trading in the binary options market, it’s important to have a clear strategy. What makes an excellent tactic? Well, a good trading time, proper market analysis, educational content, trading tools, and tips to manage money. You can create an excellent trading strategy with all this information. 

If you continuously lose trades, you do not have a good trading strategy. Remember that only you can design a better trading strategy. Without a good strategy, your trading career might end up fast. 

Stay away from scammers 

Ever since binary options trading has gained popularity, some shady brokers have been scamming traders. These brokers offer a better payout, low deposit fees, fast withdrawal, and similar features to attract traders. 

Unfortunately, many new traders are not aware of this practice. Thus, they end up getting scammed. Shady brokers hiding behind the internet make traders lose huge amounts in binary options trading. 

But there are some good traders as well, like Quotex. A trusted company legally authorizes this excellent trading platform. Millions of people use it since it keeps its terms and conditions transparent. 

Indecisive trading

If your trading does not result in an immediate win, you might suffer from trading remorse and start doubting your skills. It can make you think that you have made a wrong move. 

Overtrading 

No matter whether you have won a continuous series of trades or you have lost it, overtrading is never a solution. Overtrading is a bad habit, which can eventually bring you down. That’s because when you overtrade, you do not follow any strategy and you keep unrealistic expectations. 

Most of the time traders end up overtrading with an expectation to double the money that they have in their account. And other times they do it to compensate for the losses. It’s important to remember that overtrading will only result in loss. 

Uncontrolled emotions 

If you don’t want to lose money, you must control your emotions. While making trades, whenever you get afraid or greedy, try to maintain your calm. You should also avoid rushing into trades at any cost. Controlling your emotions can help you save a lot of money. 

Not believing yourself 

Many times traders end up losing money because they do not feel confident. Traders have a huge knowledge and education of the binary options market, but they lose money as they do not believe in themselves. 

Trading strategies to win trades on Quotex 

If you want to win binary options trade, you need to follow the right trading strategy. Below are some trading strategies that traders commonly use. 

Candlestick strategy

Using the candlestick strategy, you can understand the market’s mood. Having an idea of the market’s mood helps you understand the direction in which the market will act. 

If you are trading in a fast-paced environment, the candlestick strategy is helpful. If you compare, the signals on hourly charts are weaker than those on daily charts on the candlestick chart. 

You can also increase the chart’s timeframe correctly using the candlestick strategy. It can be done by knowing the support and resistance on the chart. 

Price action strategies 

Price action is easy and simple trading that helps traders understand an asset’s [rice action using minute-to-minute changes. This strategy also helps them know the price action’s behavior. Traders can use multiple aspects to understand price action, including ticker tape, MT4, and similar charting packages.

If you are using 1, 2, or 5 minutes charts, MT4 will work perfectly. At the same time, patterns like pennants, diamonds, triangles, and head and shoulders indicate continuation or reversal in the trading market. 

Momentum swing strategy 

The force needed to move the price of a commodity in the market is called momentum. Remember that the market will create a price swing in the opposite direction if the asset moves too far in a particular direction. It is done to establish a balance. 

Swing or momentum strategy is considered an important part of technical analysis. Through indicators like stochastic or MACD indicators (see screenshot), you can trade with momentum. Consider using 1 or 2 minutes charts for trading when the momentum moves too far. 

Scalping strategies 

Scalping is a process that shows how the market will behave in the next period. It can also be seen as a form of price action strategy.

Using this strategy, you can understand whether the market will continually move in the same direction or not. For 5 minutes charts, scalping strategies seem to work well.  

How to use the Quotex app?

You can easily use the Quotex app by simply downloading it from the app store. Search for “Quotex – Online Investing Platform” on your phone. Then click on install to complete the download. Follow the below-mentioned steps to complete registration. 

• Create a strong password and enter an email id. Avoid sharing the password with anyone
• The second step is choosing a currency to make deposits
• Lastly, go through the service agreement and click on the register

Once you have clicked on the register, you will see a section that says “trade on the demo account.” You can practice trades through a demo account. After you feel confident, you can use real money to make actual trades. 

Customer support 

Quotex is one of the best platforms that offer premium customer service and support to its traders. It lets you directly contact the customer care team. In addition, this trading platform also offers support through the live chat option and email id. 

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Security 

Unlike other trading platforms, Quotex does not reveal its users’ information. In fact, it uses high-security standards and specialized techniques to keep the information safe. That means the possibility of Quotex disclosing the trader’s information to any third party is nil.

Conclusion 

If you want to make money through binary options, you need to trade smartly. Losing a huge amount of money after each trade will make you a loser. Repeating trading mistakes will only lead to failure and losses. 

You must enter the binary options trading market through Quotex so you don’t lose a series of trades. This reliable and transparent platform is legally registered and regulated by a trusted organization. That means it is safe for trading.