Getting started with IQ option
You’re interested in joining IQ Option as a trader. However, you have no idea how to get started.
If you aren’t sure about this online forex broker, read our detailed IQ Option review here.
I was once in your position not knowing how I would join IQ Option. My only source of information was the tutorials available on their platform. Then, the tutorials didn’t contain much information but have since been improved. My journey towards getting started with this platform was mainly through trial and error and I lost a good amount of my investment.
I don’t want you to go through the same process as I did. That’s why I created this detailed guide. Read it and by the time you’re done, I bet you’ll be able to use the platform like a pro trader.
Before getting started, it’s worth noting that this guide focuses on accessing the IQ Option platform via your PC. Although you can trade directly using your browser, I recommend downloading the app which can an on your computer.
If you’re yet to open an IQ Option account, click here below Fill in your details and you should be redirected to a page similar to the one below.
For purposes of this review, well use the demo account. I recommend you use the IQ Option demo account to practice before investing your own cash.
Select an asset to trade
Assets are simply financial instruments you speculate on. They’re listed in pairs and include stocks, currencies, indices and commodities. For new traders, I would recommend starting out with currency pairs. They’re easier to track and profit from compared to other instruments.
I will use the EUR/USD currency pair in this example.
Click on EUR/USD
Choose the expiry period
Before entering a trade, you must specify the expiry period. That is, how long you want to hold your trade position. Expiry can range from several seconds to several months.
How do you determine the expiry period?
In most cases, it will depend on your trading strategy and the asset you trade in. for example, currency pairs such as EUR/USD are usually stable seeing little price movements. This makes it easier to track their price movements. In this case, I will usually choose expiry periods ranging between 5
minutes to 60 minutes. If you consider a very volatile asset like BTC/USD (Bitcoin/US Dollar) the price is likely to change very drastically. I’ll want to enter and exit trades very fast. This means that I’ll choose expiry periods of under 15 minutes.
Back to our example. I will choose a 5 minute expiry as you can see in the diagram below.
Enter your investment amount
At the far right of your accounts user interface, there’s a field to enter your trade investment. I enter $400. IQ Option automatically calculates the amount I stand to earn as a profit if my trade is successful. Using the 91% mentioned earlier, I stand to make $364 on my investment.
Note that if the trade is unsuccessful, I will lose my $400.
Click on your prediction (UP or DOWN)
The final step involves entering your prediction. There are two to choose from. UP if you think the price will be higher at trade expiry or DOWN if you think the price will be lower at trade expiry. I choose UP since the EUR/USD currency pair has been in an oversold condition and returning back to normal as you can see in the RSI indicator.
At trade expiry, you will be able to see whether you earned profit or incurred a loss. Note that if you earn profit, your account will be credited with the invested amount as well as the profit. If you incurred a loss, only the invested amount is deducted.
Although it might seem intimidating at first, binary options is quite simple as you’ve seen from the guide. However, there are a number of things that go into becoming a successful trader. These include studying the price movements of the assets you want to trade before investing. Account management is also necessary to ensure you don’t lose all of your investment in a single trade. Finally, it takes will and practice to become successful. That’s why I recommend using a demo account before finally opening a real IQ Option trading account.