The 13 most important Beginner Tips for new Binary Option Traders
A member who 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. Most don’t know what is possible. These beginner tips are for anybody who start trading binary options to make sure to stay safe and make money.
1) Train first
You can make tons of cash but if you don’t know what you do you may fail. Before real money get invested, it is important to train. Join the platform developer SpotOption. They offer a free demo account. This take less than 1 minute and you can test all kinds of Binary Options. Beginning from the recommend Classic binary options to the One touch options only usable by professional traders can you all test with a demo account starting with a deposit of $50.000. It is better to make money in a demo account than lose money in a real-money-account. With this Demo account it is easy to test many strategies and trading ways.
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 price and may Support and Resistance, but nothing more. That is why you should get a free chart solution. The best chart application is MetaTrader. It is full configurable, contains a lot indicators out of the box, it is no problem to extends them and is absolutely free.
3) 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.
4) 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 wrong. 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. The money management strategy (nr. #4) is one of the steps to success.
5) 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.
6) Don’t become greedy
This is a conclusion of number #3 and #4, 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.
7) Don’t trust your broker!
To trade binary options, you must definitively join a broker. Broker assign each of their investors an account manager. They is not your friend! His job is only to collect informations and nudge you to invest still more money. Be friendly, but don’t fall for investing more money than you want!
8) Never take broker bonuses!
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 and trade more than fifty times to withdraw them. Hence, if an account manager ask you for a bonus, say strict NO!
9) Calm cool and don’t modify open trades
Another mistake often seen 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. For a beginner it is not recommended selling, double, rollover or fence, because they don’t have the experience to decided for such option. After you placed the trade, wait until it expire. This applies only to your own trades and not them of professional traders (tip #8).
10) Withdraw fewer 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 pass each time 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.
11) 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. This makes sure can 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.
12) Join a signal group
This is a great step but don’t 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).
13) Follow at social networks
Daily comes new scam out. That should you don’t scare off. But it is important to identify scam and don’t join such fraud services. Binaryoptionscamscanner try to filter legit services and warn you against scammer. It is important to get new information about scam fast as possible. To keep protected follow at the common social networks and share posts to make sure nobody will join a scam service again.