Do not gamble on binary options
Binary options is a very high risk trade . the chances of loosing is very high if you don’t actually know what you are doing. this is because of the high volatility of binary options trade compared to other online trading systems. Hence the trader have to consider a couple of factors before he/she can be confident to place a trade.
Do not rely solely on automated systems
Most automated systems do not work. The creators cook bogus stories claiming to make millions for traders even without the basic knowledge of Binary options. Binary options is not easy, however, it is worst when you are scammed. So do not believe in an system promising to make you 7 digits a day.
Signup with reputable brokers
Successful Binary options trade starts by using a fully regulated and trusted brokers. fortunately, their are many reputable organisations offering brokerage for binary options trading. Few brokers are scams anyway, hence the investor needs to perform a thorough research before depositing with any broker.
Trade on fundamental analysis
Fundamental analysis and news analysis are the basics to a successful binary options investment. Before you places a trade, make sure that it is backed up by a major event. With this, the trader is many miles away from gambling and most likely to make an accurate speculation
Find a suitable chart system
A chart is the eye of every binary options trader. It allows the trader to actually see and follow real price reflections. After your fundamental analysis,you match your speculations with real time price reflection on your chart system
Use a suitable strategy
For you to be a successful binary options trader, a couple of trading strategies is inevitable. The trader has to be very conversant with many trading strategies. A strategy is an approach to predict future price changes based on previous reflections you observed in the chart. Hence, you need a good understanding of charting before you can actually use a strategy. Note that some strategies work best in a particular chart system. Also, the trader is advised to know as many strategy as possible in order to accurately predict price changes. with good trading strategy, there is lesser chances of loosing a trade in binary options. The more experience you have, the most likely to predict accurately. A strategy is a determinant for a successful binary options trade because it is what actually help you to accurately predict future price movement and this guide you on when to place a profitable trade.
Trade individual asset.
Like in all profession, there are many divisions for professionals to specialize. This is important in order to achieve success in your specialty.Binary options brokers are institutions that offer variety of items in the form of assets for trading. These assets ranges from currency pairs, indices, commodity, and stock. within each of these assets, their are also sub-divisions. Example in currency pairs, you have the EuroUSD, EuroJPY etc. Professional traders specialize in one of these divisions or subdivision and learn binary options based on the asset. Eg if you specialize on USD currency pairs, you will focus mainly on fundamental analysis and news analysis related to the US market. By so doing , the load of binary option is reduced and your predictions will be far beyond average winning rate. Also, specialization will enable you to know the particular time and market to focus on. In addition, there is great importance to trade on a particular currency pair. With this, you can trade based on performance of the countries that affect the currency pair.
Use a proper risk management strategy
Demo! demo! demo. This is important for the broker to be conversant with the platform. Some brokers offer free demo with limited services while some requires minimum deposit before you can access their demo services.
Do not be impulsive.
For you to be successful in Binary options, a high degree of patience is paramount. The trader have to wait for a strong signal before he will put a trade. It is quite difficult but it worth it.
Do not be greedy.
The rule is that you should start with a mini account. Most brokers offer minimum deposit from $200-$250 while some offer less up to $10. It is important to trade with regulated brokers that allow lesser minimum deposit. Also trade with brokers that allow lesser amount of investment per trade. some allow up to $1 per trade. As you gain more experience, the trader can move to a higher investment and amount of of trade.