The 15 most important Beginner Tips for new Binary Option Traders
An investor that is new at binary options is mostly overwhelmed. Many websites try to scam traders, there are such many strategies available and nobody knows how to start right now and what in general possible is. These beginner tips are for anybody who start trading binary options to make sure to stay safe and earn money.
1) Join a signal generator
There are two kinds of traders: Those who earn their money with the help of software and those who trading manually. But even if you want to trade manually, can you use a signal app to get help. At this homepage is a lot software reviewed. Take time and look through the posts in the “Verified trading systems” menu point to find your right trading application. The menu items are sorted descending, the most important software is always the first.
2) Get a free chart solution
It is important to choose the right tools for making money. There is one thing which no binary option broker still support right now. The charts at the trading platforms are good to see the actual asset prices and may Support and Resistance levels, but nothing more. That is why you should get a free chart solution. The current best free chart software is the Maximus Edge AutoBot. You get with this all-in-one trading suite not only an easy to use professional chart with each function you may need, but a signal generator with high accuration and a lot more. Another good choice is the MetaTrader. It is full configurable, contains a lot indicators out of the box, it is no problem to extends them and is absolutely free too.
3) Train before manual trading
This is primary for manual trading sessions. An autotrader has the build-in know-how to earn money without training or similar. You can make tons of cash but if you don’t know what you do you may fail. Before you invest real money, it is important to train. Join the platform developer SpotOption. They offer a free demo account. This takes less than a minute. Beginning from recommend Classic binary options to the One touch options, only usable by professional traders, are you able to test all kinds of Binary Options with a demo account starting with a deposit of $50.000. It is better to earn money in a demo account than lose it in a real-money-account. It is easy to test with this demo account many strategies and trading ways.
4) Keep focused at your favorite trading methods
There are many ways to trade binary options. With the demo account it is easy to test all kinds to find your preferred way. General is none of the ways better or worse than another, but for you is may some better. After you had found the right way for you keep focused. Trading Binary Options in other ways is totally different. It is better to trade only one way good than all ways bad.
5) Keep realistic
A very much used scam tactic is to promise a lot money after short time. Some tell that you can become a mega millionaire after one year trading. That is simple impossible. Even there will never be a software that win absolutely all trades. 100 % win rate cannot get reached, not by an application and not by a human trader. A good strategy have a winning rate of about 85 % over a longer time. The money management strategy (read below) is one of the steps to success.
6) Use a money management strategy
Using a money management strategy is necessary for trading forex and miscellany. A mistake often seem is that newbies increment her investment after some wins. If they lose a trade, then they are cowed and decrements the investment. Now it will take longer to get the lost money back again. It is the best strategy for newbies to invest each trade the same sum, no matter how good or bad looks a trading occupation.
7) Don’t become greedy
This is a conclusion of previous mentioned tips, but it is very important, hence keep this sequence in your mind! Trading binary options is a steadily incrementation of your money. Greediness leads to mistakes. That is why you should never depart from your money management strategy.
8) Don’t trust your broker
To trade binary options, you must definitively join a broker. Broker assign each of their investors an account manager. He is not your friend! His job is only to collect the information and nudge you to invest still more money. Be friendly, but don’t fall for investing more money than you want!
9) Never take broker bonuses, if you don’t know exactly what you do
Some dubious sources promote broker by big bonuses. Never ever take them as a newbie! After taking a bonus, you have to fulfill a big condition to withdraw your income. A typical condition is to reach a deposit of more than ten times of the bonus to withdraw anything and trade more than fifty times of the bonus to withdraw the bonus itself. Hence, if an account manager ask you for a bonus, say strict NO!
10) Calm cool and don’t modify open trades
Another often seen mistake is, that a trader change open trades. Most binary options have ways to change open trades. You can sell them (you get a part of your investment back, based at the current price), Double (place a new trade at the current price), Rollover (increment the expiry time) and the typical Fence strategy. Many newbies get panic if the price of an asset moves in the wrong direction. That will cause in the try to fence or sell the trade. On the other hand try some newbies to double the investment if the price in the right direction. But a trade can looks very bad and win in the last second. Just like that can a trade looks good but still lose in the last moment. It is not recommended for a beginner to selling, double, rollover or fence, because they don’t have the experience to decided for such options. After you placed the trade, wait until it expire. This applies only to your own manual trades and not the recommendations of professional traders.
11) Withdraw few but steadily
Many scams promise an immediate money withdraw. But in reality can no regulated broker transfer money fast. According to the laws need the money to pass many checks. No matter if you trade manual or earn money at autopilot with a great software, order much withdraws. This generate a strong steadily money flow.
12) Use a credit card to deposit money
It’s may sound weird, but to deposit money is a credit card the best choice. All broker support the credit card payment and this increment the chance to get your money back. The big credit card companies like Visa and MasterCard have strict rules to send you money back, if you fall for a scam. This protection doesn’t exists for wire transfer, this probable requires a lawyer.
13) Use a mobile internet connection
Much broker supply already a mobile app. A smartphone with the mobile app (or a browser) is good to watch your open trades if you are out of your house. Any broker offer a encrypted transfer using simple SSL certificates. This makes sure, you leave your house without doubt and don’t think anytime at your trades. Without a mobile device there is the risk you isolate yourself waiting for a trade.
14) Join a signal group
This is a great step, but unfortunately not free. The binary option expert Michael (Mike) Freeman own a big Facebook signal group. He pays a lot money to his top traders. Later when you are a good trader you can make more money because Mike pay high bonuses for some winning trades in a row. To join the group you need to donate only once at least $25 to a non-profit charity of your choice. You get for this payment life-time access to his group. Mikes recommend charity is A little 4 a lot (now Beyond Fistula).
15) Follow earn-money.today
Daily releases new scam. That should you don’t scare off, but it is important to identify them and don’t join such fraud services. earn-money.today try to filter legit services and warn you against scammer. You will not only get scam warnings, but strategies and new great software and investment opportunities. It is important to get the next information fast as possible. To keep protected, follow more to get the information faster: Newsletter to the right, YouTube (→ English channel, → German channel), Facebook, Google+, Twitter, Tumblr, Pinterest