Focus more of your energy on longer time frame trades. You can trade in 15 minute cycles, but those are based less on trends and analysis than they are on luck. You can spend a little energy on the short term cycles, but place the bulk of your attention on daily and 4-hour charts.
Know the difference between trading currencies and trading stocks before you become involved in Expert Option trading. Currencies are never figured in absolute values, but only in their relative strengths. This means they are also only traded in pairs; you can't buy just one type of currency. Instead, you are buying into the value of one currency against another.
Stop "taking a shot" or "testing the waters" just to see what happens. That is gambling not trading. Your trades should be based on an analysis of the trends and the market state, not on your hunches. Build this into your trading plan. Require that you have a firm reason before making any trade.
To be successful in Expert Option trading, begin with a small sum of money as well as low leverage, and add to your account as you generate profit. A larger account will not necessarily allow you to make greater profits, so do not be fooled into thinking that bigger is better.
As a solid tip for the beginning Expert Option trader out there, never Going Here leverage yourself beyond 10:1. Around 7:1 is ideal. Anything beyond this is just too much of a risk for you to assume. Even when you begin to learn the marketplace, the most you should leverage yourself at is 50:1.
If you plan on participating in Expert Option trading, one great tip is to never count the profits made on your first twenty trades. Calculate your percentage of the wins. Once you figure this out, you can increase your profits with multi-plot trading and variations with your stops. You have to get serious about managing your money.
A great Expert Option trading tip is to be aware of your financial needs. You never want to allocate too much money to Expert Option if you can't afford it. You also want to have enough capital if you can tolerate the risks. It's all about knowing where you stand financially.
When setting up your Expert Option trading platform, avoid cluttering the space with too many indicators. All of the price action is happening right in front of you on the screen. Having too many indicators can work against you, becoming confusing and causing you to lose focus. Choose two indicators that help you the most, and keep your screen simple and clean.
It's all about profiting at the end of the day. No one gets into Expert Option in order to just break even. If you can follow the advice in this article, you should be well on your way to understanding how to use Expert Option to your advantage to make a nice living. Start slowly and always remember to keep learning.