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5 Things To Know Before Starting To Trade Binaries
Binary option is a part of financial markets that is traded by quite a large number of financial investors throughout the world. What is a binary option? What do you need to know to start making money on binary options? Well, in the financial markets, a binary option is seen as a trading mechanism where the payout is known well ahead of the trading. In other words, the payout is a fixed amount that only depends on your size of investment. Binary options give you the opportunity to speculate and bid on a certain asset by determining whether it will rise or fall at a particular period of time. In order to be successful in binary options, you need to learn basic facts about this fantastic market. Let us examine these basic things you must be familiar with to start making money on binary options trading online!
1. Binary Options Trading Directions
Having described what binary options stand for above, you need to proceed to learn what some traders will call “trading instruments.” Basically, in binary, we use “Call” or “Put“. In BO trading, there are just two outcomes. You can predict that an asset will rise in value at a given time and place a trade that reflects your prediction. This type of speculation is referred to as “Call” option. If at the expiration of the “call” trade you placed and the asset you chose actually rise in value, you win the trade and you get the fixed payout. If it did not rise, that mean you lose the investment. On the other hand, the second outcome you can predict is that the price of the asset will fall. This type of speculation is referred to as “Put” option. If you predict that the asset will fall and it actually fall, you win the trade and the fixed payout will be given you.
2. Binary Trading Platform
In order to start making money on binary options, you will need to make use of the platform provided by BO Brokerage Company. You will find a host of them online if you do a little search. Brokers make available trading platform online that will enable you to participate in the market no matter where you are in the world.
3. Registration and Regulations
Another important fact you need to know is that there are brokers that are not regulated or registered. These platforms do not necessarily keep their clients’ investment in a trust account. It is hard to monitor transactions by a third party and with this, fair play is non-existence. However, some brokers are registered and monitored by third party and one of these regulatory authorities is Cyprus Security and Exchange Commission (CySEC). In Cyprus, a binary options broker should within six months of startup receive a Category 3 Investment Services License and should meet minimum capital requirements. Other countries are following in the footstep of Cyprus today.
4. Assets that Can Be Traded as Binary Options
What you can trade on BO are many. There are Indices that you can trade such as FTSE, Nasdaq, Dow Jones, FTSE, Nikkei, Dow Jones among others. You can also trade currency (forex) combinations such as AUD, USD, EUR, JPY, CAD etc. in addition, you can trade stocks like Coca Cola, Google, Yahoo etc. Or, you may choose commodities such as silver, gold, oil and others.
5. How to Learn to Trade Binary Options
Before you can start making money on binary options, you need to educate yourself on necessary steps in trading. Many brokers provide trading education on their sites and you can also get a lot of free materials online to begin. You can also check our strategies guide in order to get more familiar with binary options trading.
Binary Options Hub hopes you enjoyed these top 5 binary options tips. If you are interested in binary options trading, check out our starter\’s guide and get started!
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.
Top Five Binary Options Beginner Tips
Ever since its inceptions as a new form of trading, Binary Options Trading has continued to gain popularity over the traditional exchange trade. The reason for this popularity is that binary options offer a high level of easiness and flexibility that is lacking in the traditional trading. However, this does not mean that a trader can get profits from the trade without having to use some useful tips.
Like any other trading experience, a trader needs to have great tips to enable him/her make informed trades in binary options. Most traders make a mistake of entering into binary options with a mentality that the bets only needs some bit of guesswork and intuition. However, you need much more than that if you want to make sensible profits while reducing chances of risks. Thus, you should to do your homework and learn all the necessary tips that will see you become a pro in the industry of binary options. We have done the legwork of bringing you the five topmost crucial tips that every beginner needs to be successful in trading binary options. Spent some time to go through them and apply them wisely.
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1. Your Binary Option Robot will analyse the market and decide, which asset (currencies, indices, commodities and stocks), is right to trade at that point in time.
2. The Binary Option Robot Will Predict the Price Movement
Your robot will assess a wide-range of factors, and then make a prediction on how the assets price will move, saying: Call (up) if it believes the price will rise and Put (down), if it believes the price will fall.
3. Decide on how much you want to Invest
Then you need to decide how much you want to invest in the commodity and when that investment will expire.
4. Collect your Earnings
Finally, you collect your earnings (the good part!)
Learning is a continuous process that allows anyone to get the professional knowledge in a particular career. You need to invest a substantial amount of time and efforts to learn all about currencies, market trends, numbers, world quotes and other things as pertains to the world of binary options. You should have an understanding of your goals and the strategies through which you can achieve those goals in your trading experience. Of course, your most important goal is to get as many profits as possible to enable you to become financially independent. Achieving this goal will require you to learn how to use particular strategies at different levels.
Perhaps you are wondering whether you need a half of your life to grasp everything that you need for successful trading. However, you only need a few months to learn some basic concepts as you start trading slowly on your platform with your broker. After opening an account with a broker, it helps to check if he/she has learning materials that will assist you as you go. You can also browse the internet or buy other materials to enrich your library. Start applying the concepts and ideas you get while trading. As you gain some experience and advance in your trading experience, you can now start chewing bones. Go for more technical ideas and insights and apply them to your trade. Just be sure that the level of your trading corresponds to the amount of knowledge you have accumulated so far. It is senseless to try out a very technical trading venture if you have not learned about it.
It is important to prep yourself before placing any trade. Study the market and view graphs over time to help you predict the behaviors of assets and make wise decisions. You should ensure that your eyes and ears are open to catch the news about the market condition. You will be in a better position to have a clear view of the current situations, allowing for easier trading during the crashes in the industry.
Make Use of The Demo Accounts and Other Training Resources
Most accounts understand that beginners do not have enough confidence and skills that are necessary for rational trading in the industry. Hence, an excellent broker will allow you to use a demo account for your practice. You should never rush to open an account, deposit funds and start trading as soon as you land on the website. Take your time and utilize the demo account maximally. Most demo accounts will allow you to study how to use all the features available in the platform for particular account levels. They will give you some demo dollars to help you practice on how to place trades. Hence, you will be able to familiarize yourself with the platform and have the confidence to enter into real trading.
It is sensible to open a demo account for trading in binary options in the first days of learning a particular topic. As you utilize the theories and practices, you will realize you are making progress on the demo account. The importance of trading on the demo account while learning at the same time is that you will be able to absorb the learning material.
However, it is worth noting that you should never lean on demo accounts as a complete source of tips for your trading experience. Demo account may make you treat trading as a game that does not require seriousness. Hence, it should only guide you on using the platform’s features. You need to use more tips to place wise trades after switching to real trading.
Have a Passion and Perseverance
We all know that achieving our dreams can be a daunting thought that can send doubts in our minds. After laying down the plan ready for implementation, we realize that trading is not a bed of roses. Some of us may give up and throw everything through the window. However, those who persevere enough and put in a passionate spirit emerge from the other end as professional elites.
If you want to gain financial independence and make profits, you need to have a passion that drives you to learn more about binary options and place trades. Every second, every minute and every hour that you set aside to learning passionately will bring you near to your goal of attaining professional trading. As you persevere through seasons when profits are very slim, you can get some insights along the way. Perseverance also helps your identify your mistakes and rectify accordingly. Little by little, you will build and fill up your tank of experience and skills in binary options trading.
Follow strategic plans and set goals for each trade
Always remember this point: binary options tradings are neither gambling nor a game that helps you to pass the time. It is a professional undertaking that needs maximum attention, tactics, and skills. You need to comply with restrictions and stay sober to make profits. If you are keen enough in the trades, they can be your full-time career that pays your bills while helping you to invest.
However, you can have some fun while trading to ensure the whole thing does not get boring. Having fun in trading will help you to incline naturally towards the trading experience and start making better decisions.
If you trade, you may be tempted to go for broke to recover some money from your losses. It is recommendable that you always define the deposit amount and the percentage of the money you can afford to lose today in case the trades turn out to be unsuccessful. Instead of winning back losses, it would be good for you if you concentrate on analyzing the situation that brought about the losses. As you begin your trading the following day, do not go forth with a goal of wanting to recapture the money you lost yesterday. The more you forget about the loss, the better. You had better establish a new goal of making profits for today.
Learn from people’s ideas and mistakes, avoid looking for quick money
Every success journey never lacks failing. Losses are part of the experience that is necessary for great profits in future. You should make it your routine to learn from other people’s mistakes. Go through the reviews that others have penned down about their experience with binary options and brokers. Read those advice from experienced traders. You will be able to learn a few or more things about their trading prowess and mistakes. It will help you avoid such mistakes in future as you trade and use their vast knowledge to place wise trades.
As you trade the binary options, resist the urge to over-invest. Most beginners tend to get emotional and excited when they perceive a chance of making a big score. If you are a beginner, you need to exercise a high level of discipline and self-control to ensure your trading decisions are rational and logical. You do not want to lose your money immediately after entering the industry. Thus, be sure to trade carefully and avoid irrational thinking.
It is, therefore, important to keep a clear head when making binary options decisions. If you are emotionally disturbed, it is advisable to take sometimes away from the trade and calm yourself down.
In conclusion, every trader comes to the industry to make profits while minimizing losses. Since such success cannot come to you on a silver platter, you need to work for it. You have to gather as many insights as possible. Continual learning from experts and educational materials is one way through which you can get the trading ideas. As you learn, you should begin to use the demo account and other training resources to put the learning into practice. After that, you can apply your little knowledge in real trading with perseverance and passion. As you learn from experts in the industry and make informed decisions, you will soon emerge to be a professional trader in the industry.
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