ExpertOption are known as a broker with which traders of all experience levels can easily participate. This is in part down to the unbelievably intuitive nature of the user interface, but also the excellent educational materials available, these can be broken down into two categories; tutorials and strategies – both of which can be used when practicing on the Free $10,000 Demo.
If you’ve read our article explaining ‘How to use ExpertOption’ we covered some of the basics already. Now we’ll provide a more in-depth overview of some of the most popular tutorials and strategies, including; where to find them, and how to use them.
Accessing ExpertOption Tutorials
ExpertOption frequently publish new and engaging tutorials, outlining how different aspects of the platform work. Most of these come in video form and are regularly uploaded to all the companies social media channels. The Official ExpertOption YouTube Channel is just one of the excellent resources available, here is a taste of some of the tutorials;
Getting to know the Platform
The above video gives us an excellent insight into the workings of the platform.
This tutorial video introduces the toolbar
Here we can watch a tutorial outlining the numerous graph and chart types available for analysis.
Which strategies should I use?
This question comes up frequently, whenever we’re asked about any brokers – the important thing to remember is that a strategy is the culmination of many different elements coming together, including the likes of; technical and fundamental analysis, signals, trends, indicators and many more. Which of these work best for you will vary from trader to trader, and from asset to asset.
Details of the most effective and well know trading strategies can be found here: https://expertoption.com/education/trading-strategies
This vital information is complemented by further videos explaining each strategy, and how best to implement them whilst trading;
Relative Strength Index
RSI, or Relative Strength Index is one of the most popular indicators when it comes to chart analysis
The Alligator Indicator can also be immensely useful for analysis.
Utilising Strategies & Tutorials
There are many trading strategies which can be used to earn a profit, but it’s not reasonable to expect one trader to use all of them – it would likely just lead to confusion. To be successful it is usually recommended that you use two or three strategies which have historically worked for you, this way you’re simplifying the process by having a clear strategies for given situations.
Often the simplest strategies are most effective, but there are higher-risk methods which can earn much higher profits in a shorter time, which you decide to use is down to your own judgement.
Often overlooked, money management is key for traders who wish to earn a steady profit. This technique is about tracking your losses – allowing you to define your loss limit, at which point you would reevaluate your current trading strategy. Money management goes hand-in-hand with risk management, the idea being you should not commit more than you can afford to lose.
Where many of the strategies outlined fall on the technical side of things, the fundamentals should not be forgotten. The markets are known to react to the publication of business / economic news and forecasts, being able to follow and predict these events can be a huge advantage when combined with the technical side. One such example would be the Nonfarm Payroll statistics released on the first Friday of each month, which publishes the monthly jobs data from the USA, and will frequently have a significant impact on the price of USD.
We’ve touched upon a few of the most popular strategies in this article, there will always be more to learn and practice when it comes to trading on the financial markets. However as a stepping stone you can’t go wrong with the educational materials made available by ExpertOption, it truly is a wonderful product that allows you to improve your knowledge and trading ability with such easily accessible educational materials and of course the free demo, which is truly the best resource available.