IQ Option’s Binary Options Tournaments

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IQ Option’s Binary Options Tournaments

There has been a lot of mention about how innovative the IQ Option trading platform and offering is. One of the best examples of this are the binary options tournaments they run (the tournaments are subject to terms and conditions). This is a unique feature to IQ Options and brings an element of fun and competition to binary options trading.

There is a serious side to them too though.

There is an entry fee to take part in the tournament, and they normally last about 30 minutes, so you don’t have to allocate much time to get involved. Your entry fee gets you a virtual tournament balance of $10,000. You then have to get to work placing binary options trades. The participant with the highest virtual tournament balance at the end gets the top prize. Some of the prizes are variable, so they depend on the number of tournament participants there are, while other prizes are guaranteed.

The rules for each tournament can vary, but some give you the option of buying back in to the tournament if you lose your virtual tournament balance. This buy-in typically costs the same as the initial entry fee and usually brings your virtual tournament balance back to $10,000 so you can start trading again.

The tournaments are an exciting new twist on binary options trading. If you haven’t tried one yet, you should give it a go. In fact, we have seen prize funds worth 100 times the entry fee.

Trading Patterns for Tournaments

The tournaments at IQ Option are exciting and fun, but they are also a competition that is there to be won, and there is real money up for grabs. This presents an opportunity, particularly given the fact that many people involved in the tournaments do so without a clear pattern.

Here are some things you should remember:

• Always go for the win – Most tournaments have a number of prizes, although the value of each depends on where you end up on the leader board. Therefore, it can be tempting to consolidate your position if you are in a lower place to ensure you get something. However, this type of trading pattern limits your potential and means you may never get the top prize. It is almost always significantly more valuable than the runners-up prizes, so you should always try to win – even when you are in second place.

• Take your time initially – Don’t jump straight into trading when the tournament starts, as you will be doing it blind. You should first take a couple of minutes to learn how the other participants operate. For example, are they aggressive or cautious? Of course, don’t let anyone build out too much of a lead too quickly, but observing in the initial minutes instead of trading will give you information you can use later to win.

• Adapt your trading pattern as the tournament progresses – By the tournament’s mid-point, you should have a good idea of the approach of the other participants. You will also know where you sit on the leader board. This is the time you should start adapting your trading pattern to maximize your position. For example, if the main competitors in the tournament are using a cautious trading pattern, you could try putting clear distance between you and them by being more aggressive. If you are already the leader, you can start to consolidate your position without taking unnecessary risks. If you are not the leader, you can work on strategies that keeps you as close to the leader as possible so you can make a final push for the win closer to the end.

• Towards the end of the tournament, go for it if you are not winning – If you have not had a good tournament and are low down on the leader board towards the end, don’t lose hope. If you still have a tournament balance, you still have a chance. It is a time to throw caution to the wind and take a high risk / high reward approach. If you don’t, you are going to lose anyway, so you might as well go for the win.

• Analyze and measure – Whether you win or lose, analyze your trading pattern when the tournament is over to identify areas for improvement. You can then use what you learn the next time you participate.

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