Just recently Deriv launched the Deriv GO app which offers a seamlessly trading experiences on mobile devices. I was among the first to download the app. So, in the next few minutes I am going to share my experience with the app and how you can make money using the app. But before I get into all that, let dive into the features of the App.
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Table of Contents
How To Make Money Using Deriv GO App
What is Deriv GO
Deriv GO is a flagship mobile app from Deriv which is design and optimized for on the go trading. Which mean, you can trade multipliers , synthetic indices and cryptocurrency 24 hours a day, 7 days a week on the app.
Click here to Download Deriv Go now on Google Play store
Assets that are tradable on Deriv Go
Synthetic Indices Forex and cryptocurrency are the major assets that are tradable on the app
1. Synthetic indices
Synthetic indices are indices that are engineered to simulate the real world market movement. Unlike currency pairs, synthetic indices are not affected by natural events and they are free of liquidity risks.
Example of Synthetics Indices that are tradable on the app include:
Continuous indices are indices that correspond to simulated market with constant volatility of 10percet, 25 percent, 50 percent, 75 percent and 100 percent. They include Volatility 2 seconds indices and Volatility 1 second indices
Others synthetic indices that are tradable o the app include: Crash and Boom indices, Jump indices and Step indices
Varieties of forex pairs including the major pairs and smart FX can be traded on the app via multipliers. For clarity: Smart FX are merged indices that measures the value of value of currency against a basket of 5 major currencies. There are 4 types of smart FX that are tradable on the app, this include AUD index, EUR index, GBP index ad USD index.
AUD index: AUD Index measure the value of AUD against a basket of 5 major currency, namely; USD, EUR, GBP, JPY ad CAD each weighted by 20 %.
EUR index: EUR Index measures the value of the Euro against USD, AUD, GBP, JPY and CAD each weighted by 20 %.
GBP index: GBP index measure the value of GBP against USD, EUR, AUD, JPY ad CAD each weighted by 20 %.
USD index: USD index measures the value of USD against EUR, GBP, JPY, CAD ad AUD each weighted by 20 %
There are two cryptocurrency available to trade on Deriv Go; they include BTCUSD ad ETHUSD Bitcoin versus USD and Ethereum versus USD.
My Experience on the app
After downloading the app, it took me about 5 minutes to understand the dynamic of the app. To be frank, I lost my first two trades on the app, but I have been winning since then. One of things I love most about the app is the risk management feature: that is the stop loss and deal cancellation features. If you understand how to use this two features and take profit well, you will minimize your loses and maximize your profit. I also love the news tab features which focused on x-raying market trends and new products.
Few things to note when using the App
1. Loses are inevitable: Just like trading on DMT5, DTrader or the website, you will encounter some loses some times, but your ability to minimize those loses and maximize your profit is what makes the different, that is where the risk management features comes in.
2. Analyze and be confident about your trade calls: Do proper analysis before placing your trade, allow it to either hit your stop loss or take profit level.
3. Learn to control your emotion: In almost all my post and videos, I have echoed the need to have a good trading psychology. If you allow your emotion to control you while trading, you will always be in the losing end
4. Access, Analyze, Trade and Control your trade: This is how Deriv expert puts it, access all tradable assets, do your analysis, place your trade and control it with the risk management features.
5. Making money is a product of consistency: Don’t try to make all the money in this World in a day. Take it slowly. I am successful today, because of consistency.
Trading Forex is risky, you can lose your capital, please apply proper risk management and trade with only what you can afford to lose.