Trading binary options is easy to learn but that does not mean that it is very easy to get yourself profitable gains with this new financial products. In order to become a successful trader, it requires a lot of knowledge about the market, endurance and discipline. Binary options are derivatives.
Today we will give you some tips so that you can move a step higher with your trading binary options.
Tip 1: Disciplined trading Money Management
First the most important tips. But disciplined Money Management, it is impossible to make lasting and permanent gains. Risk no more than 5% of your trading capital per binary option trade, stockpair demo and do not try to offset your losses as soon as possible with the right action at the next trade. Then it can only get worse, for short or long time.
Tip # 2: Be in the 1-hour-binary-options
60-second options are without coercion very exciting, but really, it happens only on luck or bad luck (Besides some exceptions in very specific market situations). It is impossible to predict the trend in such a short time with probability of 65% to 70% as you need. Bet only on options of an hour, or options with longer maturities.
Tip 3: Buy only if you are emotionally balanced
How you feel, is how you shop. Your goal should be well balanced and relaxed when you shop. If you are having problems that you take with you to the trade, which is all set to lose.
Tip 4: take a break when you have lost a trade
If you lose a trade, then it’s important that you don’t think about it all the time, but that you release your head so that you can concentrate on the current market situation instead. But it’s a long way until, and for this reason, you should start with a break every time you lose a trade. Note: Although a win could affect you emotionally and affect your choice in trade (…) — to risky behavior, for example.
Tip 5: write a diary about your trades
To be able to succeed in trading binary options, it is very important to learn from your mistakes, and if possible, not to make a mistake a second time. Each mistake costs you money and the money, you won’t be able to use for the next trade. If you lose 30%, you have to win 50% to get back the amount you had before.
A trading diary is one of the best ways to find your error in your trading. Write down for each entry: entry price and time, why you went in for it, results and also background information, for example. If you have had a run-in with someone before you dealt with. If you regularly read your entries in the diary, you will find patterns for your error, you can correct and then you can even improve your performance in the future.
Tip 6: know the market you are trading on
You should not trade in currencies, if you have no idea about currencies. Inform you about what affect exchange rates. The same is true for stocks and commodities, find yourselfa cfd trading etoro bonus to start off.
Then you should know what is going on in the world, in economic field and figures on companies and much more. Nowadays the markets very vulnerable, unpredictable and unstable. Read in all cases Non-Farm-Payrolls (data of the u.s. labor market monthly every first Friday).
Tip 7: use an external Charttool
Brokers in binary options exist to place your orders on the market. But a useful application for charter offers no supplier. The Charter on the platform is just to be able to get a quick glance at the numbers.
If you really want to analyze charts, then you need an external chart tool. On the internet you can find a lot of excellent free alternatives, such as. Financesplus.net.
Tip 8: continue to educate yourself
If you want to get profit at your trade, you have to keep your skills up to date and expand them. Trade binary options are still very young, but there are already some good resources you can use. Good books in German is unfortunately not yet.
Tip 9: read the bonus terms and conditions
Some brokers in binary options offer a deposit bonus on your first deposit. Inform first about bonus terms and conditions before you decide to redeem it. Of course, these are not free money, you have to invest a certain amount in trading before you can freely dispose of the bonus.
Tip 10: Trade binary options on your mobile phone
If you are on the road and if you don’t want to miss a particular event in the market, or go for it, then it’s no problem with binary options. Many brokers in binary options offers apps for Iphone and Android so you can shop anytime, and anywhere.