Mastering the Hunting Strategy: Essential Tools and Tips for Successful Hunting on Quotex

The hunting strategy on Quotex can be a great way to profit in online trading. Below, we’ve covered everything you need to know about this strategy.

WHAT IS ONLINE TRADING ON QUOTEX?

Online trading has gained significant popularity as a method of conducting online financial transactions. Quotex has embraced digital platforms that offer a wide range of financial instruments such as stocks, commodities, bonds, ETFs, and futures.

Previously, you would traditionally contact your brokerage firms via phone to request the purchase of stocks from a specific company at a designated amount. The broker would then inform you about the current market price of the stocks and confirm the order.

Upon your confirmation of the trading account, the broker’s fees, and the desired period for the order, the trade would be executed on the stock exchange.

As you can see, this approach involved several steps and was quite time-consuming. However, it’s no wonder that online trading platforms have revolutionized the trading landscape due to their numerous benefits:

1. Convenient account management: Using internet-connected devices, you can effortlessly open, manage, and close trading accounts from the convenience of your home.
2. Easy transactions: Quotex has streamlined the transaction process, making it more convenient and efficient for you.
3. Access to diverse financial products: Previously, specific financial products required physical visits to certain locations or banks. Now these products can be bought and sold online, reducing the need for intermediaries and saving time.
4. Real money involvement: Quotex allows you to trade with real money, allowing you to analyze and select from a wide range of stocks and products available in the market.

What Is the Hunting Strategy?

Stop hunting is a tactic employed to compel certain traders to exit their positions by manipulating the price of an asset to reach a level where numerous individuals have placed stop-loss orders. This simultaneous triggering of stop losses often leads to heightened volatility, which can benefit investors looking to capitalize on such market conditions.

You can actively participate in stop hunting because asset prices fluctuate significantly when multiple stop losses are triggered. The volatility in price serves as an advantage for you as it creates potential trading prospects.

TOOLS YOU NEED FOR THE HUNTING STRATEGY

Traders can incorporate several tools to improve the effectiveness of the hunting strategy on Quotex. Here are some of the tools that can benefit you.  

A Professional Trading Platform

First, you need a proper trading platform. Here are some of the advantages of using Quotex as your platform.

With Quotex, you have the convenience and affordability of opening real accounts with a minimal deposit of just 10 USD. The platform also offers a demo account so you can practice strategies, become familiar with indicators, and build confidence in a risk-free setting. 

Quotex provides multiple deposit methods without additional fees from the broker, although transaction fees may apply. There is also 24/7 multilingual customer support that addresses your technical issues promptly, ensuring uninterrupted trading experiences. 

You can diversify your portfolios and explore multiple markets by trading assets such as cryptocurrencies, gold, silver, bonds, and 26 currency pairs. Quotex employs advanced technology to create user-friendly interfaces, enhancing your trading experience with sleek designs and visually appealing graphics.

Technical Indicators and Charts

Technical indicators are pivotal tools when applying the hunting strategy on Quotex. You should utilize a variety of indicators to help you identify profitable hunting opportunities. Some indicators you can use on Quotex include moving averages, the Relative Strength Index (RSI), stochastic oscillators, Bollinger Bands, and Moving Average Convergence Divergence (MACD).

Price chart analysis is also very important. Quotex offers various price charts, including candlestick, linear, and bar charts. With these, you can analyze major support and resistance levels, chart patterns, and common candlestick patterns.

Lastly, concerning technical indicators and charts, you must consider which time frame best suits your trading style. Different time frames, such as daily, hourly, or even shorter intervals, can provide varying levels of detail and insight into price movements and stop-loss placement.

Mobile Apps and Alerts

You can also use mobile apps and alerts to improve your hunting strategy.

Quotex offers a mobile trading app for Android devices. The Quotex app for Android enables you to trade various assets using Android smartphones or tablets. This app offers a convenient and easily accessible platform to buy and sell securities and effectively manage your investment portfolios while on the move.

The Quotex Android app brings several advantages, some of which are highlighted below.

• Accessibility: The Quotex app ensures that users can access the financial markets anytime and anywhere using an Android device.
• Convenience: With the Quotex app, there is no longer a need to be confined to a desktop computer or rely solely on the company’s web platform. You can easily manage your portfolios, execute trades, and monitor market movements through an Android device.

Quotex allows you to set up price alerts on their mobile platform for Android. These alerts help you set specific price levels for assets you monitor while trading. You will receive a notification on your mobile device when the price reaches the predetermined levels. This ensures you take advantage of opportunities to apply the hunting strategy.

Automated Trading Systems (Robots)

Automated, mechanical, or algorithmic trading systems enable you to establish specific rules for trade entries and exits. These rules, once programmed, can be automatically executed by a computer.

You can transform precise entry, exit, and money management rules into automated trading systems, allowing computers to execute and monitor trades. One of the main advantages of strategy automation is its ability to remove some of the emotional aspects from trading, as trades are automatically executed when predetermined criteria are met. This improves your application of the hunting strategy on Quotex.

Currency Pairs and Cryptocurrencies

A currency pair represents the exchange rate between two different currencies, where one currency’s value is quoted in relation to the other. The first currency in the pair is known as the base currency, while the second is referred to as the quote currency.

Currency pairs enable the comparison of the value of one currency against another, with the base currency being the first listed currency in the pair. It indicates the amount of the quote currency required to purchase one unit of the base currency. 

Currencies are identified using ISO currency codes, which are three-letter alphabetic codes assigned to them in the international market. For example, the ISO code for the US dollar is USD.

Conversely, a cryptocurrency is a digital or virtual currency that utilizes cryptography for security purposes, making it extremely difficult to counterfeit or duplicate. Numerous cryptocurrencies operate on decentralized networks, utilizing blockchain technology — a distributed ledger enforced by a diverse network of computers.

Professional Traders and Brokers

Professional traders have the knowledge, abilities, and experience to execute the strategy and navigate the market. They have expertise in analyzing market conditions, recognizing potential trading partners, and executing trading plans. 

Brokers function as mediators, providing access to trading software and market information and facilitating the execution of transactions. Working with professional hunters and trustworthy brokers can greatly enhance the efficiency of your hunting strategy.

A Wide Range of Strategies and Setups

Here are some strategies and setups you can use to maintain a winning streak using the hunting strategy on Quotex.

News and information on the market: Keep up on the latest news, economic data, and market events that affect the asset’s price. This knowledge can help you predict potential shifts in the market and alter your trading method accordingly.

Stop-loss orders: Employ effective risk management by utilizing stop-loss orders. These orders automatically lead to the sale of an asset when the price is reached, which can be limited if the market moves in your favor.

Take-profit orders: Utilize take-profit orders that automatically close your position when the price reaches a specific goal, allowing you to lock in profits.

Capital allocation tools: Use position-sizing calculators and risk-management methods to determine the amount of money to spend on each transaction and manage your total risk exposure.

Flexible Trading Systems and Environment

Flexible trading systems and environments are key in successfully applying the hunting strategy. Consider the following.

Flexible trading systems: Employ flexible systems that adapt to different market conditions. These systems facilitate personalization, rapid adjustments, and taking advantage of price changes during hunting.

Advanced charting software: Access to powerful charting software is essential for analyzing price patterns, recognizing important levels, and keeping track of market evolution. Advanced charting features can facilitate the recognition of patterns and improve the potential for hunting.

Real-time market data: Ensure you have access to real-time market data that will keep you up to date on price changes, order volume, and liquidity. Timely information is crucial to recognizing potential instances of stop hunting and making accurate decisions about trading. Quotex has got you covered here.

TIPS ON APPLYING THE HUNTING STRATEGY ON QUOTEX 

Here are some of the pointers that can greatly benefit traders who are using the hunting strategy on Quotex.

Understand the Market Conditions and Risks Involved in Online Trading on Quotex

Market risk refers to the potential for you to incur losses due to various factors impacting the overall performance of investments in financial markets.

There are two types of market risks: market risk (systematic risk) and specific risk (unsystematic risk).

Market risk, also called systematic risk, is not eliminable through diversification but can be mitigated through hedging techniques. Market risk arises from economic recessions, political unrest, interest rate fluctuations, natural disasters, and terrorist activities. It affects the entire market simultaneously.

In contrast, unsystematic risk is specific to an individual. They are also known as nonsystematic, specific, diversifiable, or residual risks. You can minimize this risk by diversifying your investment portfolio and spreading risk across different assets or sectors.

Know Your Financial Goals and Risk Tolerance Level

Knowing your financial goals and risk tolerance level is vital for online trading on Quotex. How much do you want to acquire per trade? Are you a long-term or short-term trader? What percentage of your capital are you willing to risk per trade?

Once you answer these questions, you’ll know your financial goals and risk tolerance. Financial management will help you thrive in the market.

Learn How to Interpret Technical Indicators and Understand Chart Patterns

Chart patterns frequently indicate shifts between upward and downward trends. A price pattern refers to a recognizable arrangement of price movements identified through the use of trendlines and curves.

If a price pattern indicates a shift in the trend’s direction, it’s called a reversal pattern. On the other hand, a continuation pattern arises when the trend persists in its current direction after a brief pause.

Technical analysis is a trading approach that involves assessing investments and identifying trading prospects by analyzing statistical patterns derived from trading activity, such as price fluctuations and trading volume. 

In contrast to fundamental analysis, which examines a security’s intrinsic value using financial or economic data, technical analysts study price patterns, trading signals, and various charting tools to evaluate the strength or weakness of a security. You use technical indicators to achieve this.

BOTTOM LINE

The wick-hunting forex strategy is a simple one to apply on Quotex. If you incorporate the tools outlined in the article, you can start profiting from this strategy in no time!