5 tips to prepare yourself for trading binary options

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5 tips to prepare yourself for trading binary options

We will go through some of the most important guidelines when it comes to trading and distractions. Many things can get out of the hands while you are trading or placing a trade. So make sure you check these 5 important tips as checklist before you start your daily trading routine, just in case! It is better to be prepared then to lose money and be sorry later. Take some time off trading if needed and then go back to it.

1. NOT ENOUGH SLEEP

Body is not enough rested because you have been partying last night and you want to back to trading in the morning but you feel you do not have enough energy. This is just one of the scenarious that could happen. Sleep deprivation and trading binary options is definitely not ok and you will make mistakes. This means that your brain is not energized, therefore it will not function properly and straight – so it is easier to get distracted. Get enough sleep and go back to trading fresh!

2. MORE AND MORE MONEY

Greed is good says Gekko in wall street movie. That might be true since you push yourself to work harder but that does not mean it is also a smart move. In real life it is better that you take profits then be greedy and the trade turns against you – trust me! Stay true to your strategy and rules and get disciplined since this is the only way you will be profitable in long run and that is what you want to achieve even if leave some money on table. It is always better to make something then nothing!

3. ANYTHING CAN HAPPEN

In trading, actually anything can happen in a matter of moments. So if you feel like you are a great trade, why not take the profits. on the other hand, it can happen that you get some surprise by Federal Open Market Committee since they decided to have meeting and therefore cut interest rates in United States. This is just one possible example but do not think it can not happen to you aswell. Be prepared is the key!

4. SMART FOOD

Your lifestyle impacts your trading aswell. You now know that if you are not fresh and have enough energy, you will most likely make mistakes. Therefore it is good that you have some smart food around yourself, atleast some fruits, energy bars or nuts. Some of you are coffee, tea or chocoloate enthusiasts – whatever it will help you be on the alert it is good but try to eat healthy because that is where your body will give you maximum results.

5. DISTRACTIONS

You need to have a clean enviroment as in outside on your desk as in inside on your computer. Clean your desk out of neccesery things and maybe threat yourself with some relaxing music, ambiental to calm yourself down during trading hours. Also clean your desktop and close all the software you do not need at the moment of trading, especially facebook and such. This will just help you to get more into the zone feeling and computer will run more smoothly.

FINALE

Learn from these 5 important tips or you will learn them yourself the hard way through trading. To summarize, pay attention to what is happening on the market and do not be greedy and take profits when you can. Be fresh and energized and trade in a enviroment you feel good.

7 Binary Options

Traders often skip some important steps when they start with binary options trading which often results in losing trades and loss of investments. You can read our tips below which can help you improve your trading style which will subsequently lead to profitable trades.

Persistence and Motivation

Time is money as the old saying says, and that is true in the options market as well. If you truly want to become an independent trader who makes real money from binary options, then you should get to business immediately. Do not waste your time in vain and start working on a plan how to achieve your goal of a successful trading career. There is no such thing as easy money, so you should prepare yourself for a thorough market research which requires time, patience, and your full focus.

Make a note: Take a piece of paper and write down your goals you want to achieve with trading, as well as the date until you want to achieve your goal. Make a plan with steps that will lead you to your goal and set a timeframe for each step. This will help you with the organization of your activities and spur your motivation and desire to reach your goal. Be realistic when you set your goals since you are supposed to come to the finish line.

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Learning is a Life-Long Process

No matter what you do, learning is a part of life, and human beings have to keep up with different innovations, global changes and new developments in their fields of specialty. As an options trader, you have to be aware that it is one of the fastest changing markets and that it requires upgrading and updates on a regular basis. If you are a beginner, then you have to study even harder to catch up with binary options pros, so hit the books first before you engage in trading. If you want trading to be your only source of income, then, prepare yourself mentally that you have to achieve the pro level. Of course, with the learning, try to get experience as well, combine theory and practice, until you come to the point to apply theoretical knowledge in the actual market.

To catch up with the theoretical knowledge, you roughly need 2-3 months of hard work, but since the binary options market is constantly evolving, you will have to look up new trading trends and strategies from time to time.

Practice Makes Perfect

If you are just starting out with no previous experience, you should first get a free demo account to get a first impression of the market without losing any money yet. The demo account might be a simulation of the real market and is often inaccurate, but it will help you brush up your trading skills and explore the features and trading options.

Binary Options and the Fine Line Between Gambling and Trading

Binary options advocates have been fighting for years to clear up the status of options as a trading market and not a gambling game. Still, many traders enter the market in this belief and treat it as a game where they hope to gain money on random trade picks as if they are at the bookmaker’s. As someone who wants to make options their profession, you have to see it as it is, trading which requires brains, thinking, estimations, and assessment. In order not to cross the fine line between trading and gambling, you should make a deposit plan and stick to it, e.g. you invest the precise amount you planned and not a single cent more. Traders often get caught up in the moment and want to regain their lost investments with a single winning trade, and exceed their budget limits, and that is exactly what you should avoid. Distribute your deposit as planned and do not fall into the temptation to trade beyond your means.

Do not make instant decisions after a losing streak, but rather sit down and analyze your situation and what caused the losses. Tomorrow is another day for you where you can try to regain the loss, maybe by applying a new strategy. Adrenalin rush will be a part of every trade for sure, but do not let it dictate your trading career and always keep your emotions under control. Binary options is a business, your business, and you have to stay professional even when it gets hard.

Learn from the Mistakes of Others

As mentioned, there is no fast and easy money, not even in the turbulent and fast binary options market which means that it will probably take years for you to generate significant profits.

First-hand information is the best information, so go straight up to forums where professional and experienced traders hand out tips for beginners. Use the opportunity to find out about the tricky parts of the market, what is recommended, what is not recommended, etc. experienced traders are a great source of knowledge, and they will let you know things that are not often mentioned in options reviews and articles.

Preparing yourself for Trading Binary Options

When you Snooze, You Lose. Prepare Yourself for Trading!

I was relaxing with a drink at my house, imagining the next car brand that I was going to use to paint the town red. This had to be the move to do it. I was trading using a strategy that had worked for me so many times that I had lost count. This time, I was going for the kill and nothing was going to stop me. It was 2AM local time, and although I was sleepy, I couldn’t seem to rest. Several times, the trade went a long way into profit territory and I was tempted to take advantage of the variable option to sell the trade. Then, I decided to double up the trade to stretch the profit. This had to be my trade, based on the strategy that had worked for me so many times before. Then it happened.

In what seemed like seconds, I opened my eyes and looked at the clock in my room. It was 10 in the morning. In part panic and part consternation, I rushed to the computer which had hibernated since, turned it back on and checked my positions. I was alarmed with what I saw. My account balance was half what it was before I entered into what was supposed to be my killer trade. I quickly scanned the charts and found out that my position which had been in profit had reversed wildly against me. In my tired state, I had dozed off on the table where I was watching the charts and did not notice the surprise 75 basis points interest rate cut by the Feds in late January 2008. In one single move, my trade portfolio, which was heavily geared towards the US Dollar, had reversed on me and because I was dead asleep after having had just 9 hours sleep in 3 days, I had lost all the money I had made during my 3-day night vigil. Unfortunately during my trading marathon, I kept opening trades in the same direction when I saw that the original trade was going my way. This heavily increased the risks but all I could think of was the reward. When it all blew up in my face, my dreams of a new car went up in smoke!

Tips for Good Binary Options Trading Preparation

So what went wrong? Oh, what didn’t? Starting with my inability to stop when I was in profit, trading while barely being able to keep my eyes open and basically, my lack of preparation. Knowing what went wrong in the past means you can prepare for it in the future so here are some tips on how to do that:

  • Sleep deprivation and trading NEVER go together. A sleep deprived brain cannot think straight, is easily distracted, lacks concentration and is prone to bad judgment. Yes I had made money staying awake for three consecutive nights, but then lost it all on the fourth night. So was it worth it? Nope, so don’t do what I did and make sure you include sleep in your preparation for trading Binary Options.
  • Greed. I had several opportunities to take some profits off the table and split. But I got greedy. My dream car kept calling me, talking to me, goading me into staying on for more, and more and just a little more, and yet some more, until I dozed off. An important part of your preparation should be putting together a plan for trading. Don’t just wing it, plan it and then do exactly as you had planned. If your plan tells you that the target for the day is reached, close down your platforms, give yourself a nice pat on the back and go do something else, something fun.
  • I forgot a very important trading mantra: anything can happen in an instant. In this case, I got taken out by an unscheduled, surprise FOMC meeting that decided to cut interest rates in the US. Don’t be like that! Always be prepared, be on your toes. As long as you have money in the market (open trades), you are at risk – well, not you, but your wallet – so act accordingly, watch your back. And don’t forget that in trading, watching your back means paying attention to live news feeds, economic calendars, forums, etc.
  • Be prepared with some food, coffee, fruits, chocolates – whatever you need to keep yourself fresh. Make sure you bring your snacks with you to your computer station, anything could happen in a minute. Ok, ok you can leave them in the kitchen, just make sure you don’t go out to the grocery store or the supermarket while having open trades. Yea, sure your binary option will expire regardless of you being there or not and you cannot do anything about it (assuming the Close Early is not available anymore). But if something important happens in the market and price changes direction drastically, you can maybe take the opposite trade, hedge the existing one, it depends on that particular situation. Being present when something major happens is the first rule of being prepared.
  • Close all unnecessary programs, especially software that requires internet access, or just heavy ones. Make sure your computer runs smooth. Most binary options platforms are web-based, so your internet speed will directly affect the responsiveness of the platform. If you are watching Youtube videos, browsing for cooking recipes and motorcycle parts while opening trades left and right, don’t expect lightning fast speeds.

The Conclusion: Learn a Lesson from My Errors

If you want to be a successful binary options trader, you have to treat this business like a job. Would you go to your job with sandy eyes because you didn’t sleep last night at all? Would you go into office hungry? Would you go without knowing what you have to do and what the plan is for the day? I don’t think you would, so why treat binary options differently? Be rested, well fed, with a clear mind and a clear plan. Be prepared and always try to accumulate new skills because skills are worth money! And use common sense, don’t trade 3 full days like a maniac… like me.

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