The Seven Key Signs of Success in Binary Options

The Seven Key Signs of Success in Binary OptionsThe goal of most traders when they start trading binary options is to become successful in the trade and profit continually from the binary options trades they open on the platform they are using. Unfortunately, not all traders become successful in trading binary options. Even with various binary options trading strategies and round-the-clock financial markets at their disposal, a good number of binary options traders are bound to fail to achieve the success and profits they desire.

Despite the fact that most traders do not succeed in trading binary options, many people are still trying their hands on the trade. This may be attributed to the high profits and ease of trading that is promised by the various online binary options brokers today. Generally, of all the new traders venturing into the financial markets, only about 5 percent are likely to succeed in trading binary options. Even so, many people from the various pars of the globe are venturing into the trade, maybe because of being overconfident. Although this is a small figure, bearing in mid that thousands of traders are trading binary options, it is still possible to succeed while trading binary options. So, what does it take for one to be a successful binary options trader? Below are some of the aspects that will make you a successful binary options trader.

  1. Knowing How to Interpret the Charts

One of the things that define a successful trader is the ability to use the various binary options trading tools, including the charts. In the current market scenario, it is common for trader to want to accumulate an array of trading tools and strategies without taking the time to understand how each of them works. This is to say that a trader may be having numerous trading tools at his or her disposal, but does not know to use each of them effectively. In this regard, learning how to effectively read the trading charts offered by your binary options broker is important, when it comes to succeeding in the financial markets. Long before a trade indicator is loaded, a successful trader should be in a position to have a clear idea of the current price action and be able to tell whether the price is likely to fall or rise.

If you are looking forward to succeeding in this trade, it is important that you learn how to interpret a char that has is stripped bare. With this key skill, you can apply it to the market in general or the assets you would like to trade; hence make profit.

  1. Use A Trading Strategy That You Have Tested

If you are serious with your binary options trading ambitions, you should take time to research on the most appropriate trading strategy and test it. This is why a number of the well renowned brokers are offering demo trading accounts. You should take advantage of such accounts to try out the strategy you intent to use. This way, you will be able to know the weaknesses of the strategy; hence refine it prior to applying it in the real binary options trading environment. With a good demo trading account, you can easily learn a lot about your trading skills as the method of treading you are using. If you are a beginner in this trade, it is advisable to first utile a demo trading account for this purpose before you invest in the real trading environment.

Contrary, if you use a hap-hazard approach on your demo trading account, an approach that entails staking large amounts in order to make huge profits, you are not likely to learn the basics of trading binary options. In such a case, the demo account will be of no use to you. Even if the strategy you intent to use has been tried and verified by another trader, it is highly advisable that you try it out prior to applying it. Again, the variables in the market, the broker you are using and your personal approach to binary options trading May also affect your success in the financial markets.

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  1. Put Indicators Into Consideration

Many traders in the binary options trading industry look for an indicator and apply it in their accounts repeatedly until they accounts hit a draw-down, then only do they realize that the indicator is not good. They then look for another indicator and repeat the same. This is very unfortunate because 99 percent of trader in the financial markets do not understand that succeeding in this trade takes more than just applying indicators. Although there is nothing wrong with using trade indicators, it is inappropriate to rely on them too much. Some traders find these indicators a great addition to their lists of trading tools. However, a good number of the successful binary options traders do not use the indicators completely. This implies that indicators are not a requirement, with regards to profiting while trading binary options. In the contrary, they are just a small portion of the trading jigsaw.

  1. Understand How Emotions Can Affect Your Trading

You may already be aware that trading binary options evokes certain emotions. With this in mind, it is important that your emotions affect your trading activity. As such, you will be able to prevent such emotions from clouding your trading activity as well as judgment. A good example of this situation is whereby a trader puts a break because he or she loses a couple of trades in a row or where a trader decides to stop trading for the day after hitting a pre-determined amount of profit. As a successful trader that you anticipate to be, you should learn how to discipline your trading activity. To succeed in trading binary options, you must be able to control your emotions effectively; hence prevent them from influencing your trading decisions.

  1. Adhere to Your Signals

Even the experienced binary options traders will tell you that it is very tempting for traders to abandon their pre-set trading plat and instead chase the market. In most cases, this decision ends in losses. As such, you should learn to resist this temptation and stick to your signals. Your trading approach should mainly rely on high probability trading. Additionally, it is advisable to trade only when the market conditions are right. Trading outside one’s planned strategy is mostly influenced by emotions. Successful traders in binary options always draw up a trading plan and stick to it throughout their trading day. Similarly, you need to practice this in order to succeed in this trade.

  1. Trade Based on Your Strengths

While gambling, it highly impossible to win a game of card by playing the weakest hand. Similarly, succeeding in binary options requires traders to find out their strengths and weaknesses. Once you have ascertained your trading strengths, you should align your trading strategy to them. The ability to ascertain your trading weaknesses and strengths is among the best qualities of a good binary options trader. To achieve this, you need to be honest with yourself and admit your failures. For instance, if you happen to have a problem trading short term options, you should omit them from your trading plan. This way, you will become a successful trader in binary options; hence profit from the trade.

  1. Have Long-Term Trading Plans

Most of the people venturing into the binary options trading industry are hopping to make easy and quick money; hence retire early. While there are numerous stories of traders growing their investment immensely in a matter of minutes or hours, these are just that—stories. The fact of the matter is that you need to be both realistic with your expectations and remain committed to the course. This is mostly overlooked by many traders, but is a key aspect, with regards to becoming a successful binary options trader.

Most of the investors in binary options fail. However, if you take time to learn the trade and remain committed to the trade, it is possible to succeed in the binary options industry.

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Binary Options Breakout Strategies

Binary Options Breakout Strategies For a considerable period now, traders from various pats of the world have been using binary options trading strategies that focus on breakout. The main idea behind these strategies is to identify the range or price level that a current price will probably ‘break through’ as it approaches the trading range. As such, you need to identify the probable breakout level, anticipate for it and enter the market once the direction of the breakout has been confirmed.

The Theory behind Binary Options Breakout Strategies

An effective breakout trading strategy entails two main aspects. The first aspect is identifying a more appropriate breakout level. The stronger the chosen level is, the more likely a trader will be to experience a strong move. As such, you should come up with comparatively strong market levels (break points’). Some of the levels that have proven to be more successful are the ones that have previously offered resistance/ support.

The other critical aspect for the breakout strategy to work is the market momentum; to succeed, you require sufficient momentum in the market. In this regard, you need to trade during periods of low liquidity or towards the end of the market. This is when the market volume is stronger; hence more likely to succeed. The other critical aspect in this regard is timing. Timing the expiry of your trades well will allow you to avoid whipsaws and pullbacks that may arise due to the break.

Entry Signal

As complicated as breakout trading may sound, it is actually simple. All you need to carry out this trade is a simple chart. In this regard, you need to come up with an entry signal. With the char, you should search for the possible break levels, the point at which the market is likely to enter a new price range. If the asset price goes beyond this point, we assume that the break has occurred. As such the momentum will continue pushing the price in the break direction. As such you should open a trade after the break has been confirmed and make the prediction in the break direction.

Timing the Trade

While predicting the correct breakout point may be rather simple, it may be a bit hard for traders to ascertain the price of an asset at the expiry time of the open trade. For trades using CFD’s Spread Betting or Spot Forex trading, this should be comparatively easy. This is because such traders can identify the levels to take profit or book pips along the way. However, you need to be very careful while trading the High/Low binary options. Specifically, you have to be precise on how strong you expect the move to be and your preferred contract expiry time. The main guideline here is that the higher your timeframe is, the more likely it is for the move to stick.

An Example of a Breakout Trading Strategy

Currency pairs tend to have more opportunities for breakout trading, as compared to other binary options assets. Additionally, currency pairs present the levels of volatility required for breakout trading. As such, we will focus on currency pairs in this example. Suppose you are trading the GBP/USD currency pair and the chart shows that the pair has been trending within a certain range for a particular session.

You need to identify the top of the trading range of the currency pair. This is the level that, if broken should lead to plenty of follow up momentum at that particular time. With this in mind, you can safely open a trade.

However, you need to ensure that you establish market levels that will see a strong momentum after the break. This momentum should be able to push the price in the direction of the break by the expiry time.

Key Considerations

  • Come up with levels where you think large stop orders will build up. This will trigger and accelerate the move as the price is pushed towards the levels by the momentum. This way, the price will be propelled into a new trading one, away from the breakout level.
  • In addition to adhering to correct timing, you also need to identify the right market to trade. As mentioned earlier, currency pairs are more volatile; hence better suited for breakout trading. This is because this strategy requires an asset that presents a significant amount of movement over the set time frame.
  • You should avoid anticipating for the break too early; hence fail to wait until it confirms.
  • Defining the breakout level will be influenced by the type of asset you are trading and the length of the trading period.

 

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Is It Possible To Make Millions While Trading Binary Options?

Is It Possible To Make Millions While Trading Binary Options?All the binary options traders who are currently investing in the financial market or are aspiring to trade in binary options are mainly motivated by the earning potential presented by this trade. As a matter of fact the majority of professional traders in this industry are here to make a fortune and continually profit while trading binary options on the various online binary options trading platforms. In this regard, the majority of traders in the binary options trading industry are out to build wealth and retire early, but is it possible to make millions while trading in binary options?

This is the main reason why a good number of online binary options forums are full of discussions and trading tips on how to make millions while trading in binary options. While many traders on the various online binary options trading platforms are aiming at this, you must be wondering whether this is really possible and if so, can you do it? In order to ascertain whether this target is realistic in the binary options trading world, you first need to understand how the actual trade works. This way, you will be in a better position to understand whether making a million is possible while trading binary options.

Basically, binary options are some of the simplest financial products. Over the recent year, this form of trade has grown in popularity across the globe. This increased popularity of the binary options trading trade may be attributed to the fact that it is easy to understand and carry out. To many binary options traders, this form of trade is appealing because of the high payouts it offers. Again, the traders do not have to wait for a long time before they earn the profit. With most of the reputable online binary options trading platforms, traders are able to get payouts of between 70 and 90 percent, depending on the type of asset they have opened a trade for.

The majority of investors in this industry prefer to choose a shorter expiry period for the positions they open on their preferred binary options platform. This way, it is possible for traders to profit from their open trades in a matter of minutes. The main idea behind trading binary options is not the buy and hold onto an investment idea. Instead, the traders get a certain percentage of their invested amount as profit, if their prediction is right at the expiry time of their open positions.

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Compounding Returns

For you to come up with the easiest way of making profits continually while trading in binary options, it is important that you understand mathematical compounding that is applied in this form of trade. Basically, any trading strategy in the binary options trading market may apply compounding. Additionally, the concept is not as difficulty as it may sound. The main idea behind the compounding returns concept is to gradually build on the trader’s returns while trading binary options.

In this case, the trader needs to use the original stake he or she initially placed on the trade, in addition to the subsequent returns from the trade while opening the subsequent trade. For instance, assume that you have an account balance of $2000. Suppose you use 5 percent of the account balance, equivalent to $100 to open a position, whose payout is 70 percent, on your preferred binary options trading platform. Assuming that your prediction on this trade is accurate, you will get $170 from the trade, $100 is the initial stake in the trade and $70 is the profit you have made from the trade. Since the compounding returns concepts requires traders to wager this entire amount in the next trade, your investment for the next position will be $170. If you win the subsequent trade, you will earn $289. Try this with Banc de Binary, 24option, IQoption or Porter Finance .

From this example, you can see how easy it is to gradually grow your money, provided that you continually make the right predictions in the financial market. The financial compounding principle is very popular in the financial market, with regards to accelerating the rate at which traders earn returns while trading binary options. As compared to other betting strategies used in the binary options trading world, the compounding returns strategy appears to be more appealing to many traders. This is mainly because it only risks the initial wager in the trade and subsequent profits. This is to say that although your stake in the trade for the subsequent trades will have increased, you are just risking the initial amount you placed on the trade, which is $100 for the above mentioned example.

This trading concept allows investors in the financial market to magnify their profits, while limiting their risk to their initial stake in the trade.

The Random Factor

Earning a million dollars in profits while trading in binary options is possible, but traders need more than just the compounding returns concept to achieve this. Although the concept of compounding returns will help you magnify your profits significantly, it is also important that you consider the probability of winning in any given position that you are opening. In this regard, you need to understand that the prices in the financial market move randomly over time. This being the case, you have a 50:50 probability of winning any trade you open in the binary options market. This is to say that traders in this industry have an equal chance of making the right prediction of the direction the price of any given asset will take within a certain period. In this case, the assumption is that the strategy you are using and your statistical analysis does not alter the probability.

With this concept in mind, it is possible to calculate the probability of making the right prediction in this industry. Assuming that you need to hit 14 wins consecutively for you to achieve the million dollar profit target and that the probability of winning on any trade is 50:50, you can calculate your chances of succeeding as follows:

0.5 14 = 0.000019 or 0.0019 percent,

I.e. multiply 0.5 by 0.5, 14 times and the solution will be 0.000019.

By using trade signals while trading binary options, it is possible for traders to adjust the probability of winning any trade to about 70 percent. In this case, the chances of succeeding will change to:
0.7 14 = 0.0047 or 0.47 percent.

Although this increase in probability is possible, it requires the trader to take a great risk. In most cases, the probability of winning 14 trades in a row is about 0.5 percent. This is to say that the chances are slim, but still possible.

Conclusion

Based on the above calculations, the chances of hitting 14 wins in a row are pretty slim. As such, it is wise to conclude that making a million dollars in profits using this method is not easy. This calls for a change in notion and expectations on the part of the binary options traders. Rather than thinking that you can bet your way to a million dollars in profits while trading binary options, it is advisable that you come us with a well structured trading agenda. Additionally, you will need to make use of tips from the experts in the industry and apply an efficient money management strategy.

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Recent Upgrades and Christmas on Promotion IQoption

IQoptionThe IQoption binary options broker has significantly grown in reputation over the recent past. This may be attributed to the numerous innovations by the company on its binary options trading platform as well as the outstanding customer help services offered on their platform. Among the most recent developments by the company is the upgrade of their binary options trading platform to the current IQoption 4.0 version.

The New Features Introduced On the Platform

The current binary options trading platform being used by this company took about 12 months to develop. The platform includes an array of additional tools and features for the traders on this platform. Additionally, the IQoption 4.0 version features WebGL. Some of the new binary options trading features introduced by the new IQoption binary options platform include new types of charts, the ability to open up to nine graphs on a single screen on the platform as well as trade indicators that are two times more than it is the case on the older version of the platform. Additionally, this new platform features various applications for Windows as well as the popular OS X, which allows the traders on this platform to have a comparatively easier access to their binary options trading accounts.

As compared to the older version of platform used by the IQoption binary options broker, the IQoption 4.0 version is about five times faster. In this regard, the new version of the trading platform offers traders in binary options a faster, more secure as well as improved experience while trading in binary options. These changes in the online IQoption binary options trading platform allows the company to stay in line with the constantly changing technology in the industry; hence remain on the front line in offering some of the best binary options features, tools and services in the industry.

IQoption Christmas Promotions

With the Christmas approaching, the IQoption binary options broker has various promotions for the traders using its online binary options trading platform. Some of the promotions you should expect to get from this company this festive season include:

  • 110 percent bonus on deposits above $200
  • 115 percent bonus on deposits above $500
  • 120 percent bonus on deposits above $1,000
  • 150 percent bonus on deposits above $5,000

This bonus offer by the IQoption broker is applicable for a limited period. Come the 31st of December, the broker will sum up the trading results of all the traders on their platform and subdivide a price of $201,600 among the 1000 leading traders on this platform. This price money that will be offered by this company will not be a bonus, but rather a balance that is readily available for withdrawal.

 

New IQoption Regulation

At 7binary options, we only review the legitimate and trustworthy binary options brokers. As such, our list of recommended brokers consists of the companies that you can deposit with and start making profits while trading in binary options on their platforms. The IQoption binary options broker is currently regulated by the Financial Conduct Authority (FCA), in addition to the older regulating bodies the company is registered with, the IQoption registration number at FCA is 670182.

Sign up for IQoption HERE

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The Five Binary Options Trading Mistakes That Traders Should Avoid

The Five Binary Options Trading Mistakes That Traders Should AvoidAlthough a considerable number of people today are interested in trading binary options, not all of them will succeed in this trade. As a matter of fact, only a few people manage to make profit continually while trading in binary options. The main reason why an increasing number of traders today are not profiting from this trade is that they have just invested with the wrong broker or are making one of the following mistakes. All the people who take part in trading binary options are here to make a profit out of their investments. This being the case, you should avoid the following mistakes in order to profit from this trade.

Poor Money Management

This is among the leading causes of failure among binary options traders today, regardless of the binary options platform they are using. A good number of traders today spend much of their trading time analyzing various assets, looking out for the new trade indicators and trying out various binary options trading strategies. As such, very few traders take their time to scrutinize their money management strategies while trading in binary options. In order to come up with a sound money management strategy, you need to make use of logic and apply a more balanced system that allows you to lower the risk associated with the positions you are opening. Failure to have such a strategy in place is more likely to lead to failure, rather than success in binary options trading.

Unrealistic Expectations

Another mistake that many traders in this market make is having unrealistic expectations, regarding the returns they can get on their investments in binary options. For instance, hopping to get 100 percent profit on your investments is highly unrealistic. Although the binary options industry offers a platform for traders to get good returns on their investments, traders should define their trading objectives and wok towards them. Expecting too much from the trade can turn out to be a huge setback for the trader in that it may lead to unguided investment.

Operating On a Small Investment

Although there are minimum investment amounts imposed by binary options brokers, this should not be a limit to the much you can invest in this trade. In most cases, underfunding your account can actually limit your chances of profiting from this trade. For you to execute a more balanced money management strategy, it is advisable that you fund your trading account with more funds than just the minimum deposit amount required by the broker.

Executing Too Many Trades

In the binary options industry, the more trades you carry out do not necessarily translate to more profit. On the contrary, carrying out too many trades within a short span of time may turn out to be harmful to your investment strategy. Overtrading in this market may come by as a result of two main things:

  • Success- in this case, the trader executes too many trades because of the ego of ‘beating the market’.
  • Failure – continued failure in the positions opened by the trader can encourage him or her to overtrade as the trader tries to reclaim the lost money.

In any case, overtrading in binary options is not a healthy practice. This is mainly because this type of behavior will most likely lead to failure rather than success while trading in binary options.

Gambling Rather Than Trading

Basically, trading in binary options is very similar to gambling. However, it is important that traders in binary options distinguish between binary options trading and gambling, if they are to profit from the trade. Unlike gambling, trading in binary options requires a more business approach. Additionally, it is important that traders make use of the various trading strategies while trading in binary options, rather than just guess the options and hope that it will turn out in your favor.

Basically, trading in binary options is a comparatively profitable way of making money online today. However, you need a more business oriented approach to the market, in addition to discipline and proper application of trading strategies in order to succeed. Avoiding the above mentioned mistakes will improve your chances of continually profiting from the trade.

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Some of the Beneficial Tips to Consider When Dealing With Commodity Binary Options

Commodity Binary OptionsFor a good number of traders in binary options today, trading commodity binary options is among the most lucrative and attractive trading opportunities available. This is mainly because this option presidents the traders with an array of financial assets to trade in. although there has been a lot of effort by some of the players to introduce commodity binary options to the retail traders, the efforts are yet to bear results. As a result, the retail traders are some of the least traded binary options in the industry today. This may also be attributed to the lack of confidence on the party of the traders, when it comes to trading in these binary options.

The majority of binary options traders today invest in such assets as Forex, Stocks and Indices. Such traders are the ones that view the commodity markets as markets that are difficult to profit from when trading in binary options. Despite this common notion, this is one of the assets that traders can make good profits trading in. however, the traders need to have substantial knowledge on the commodities.

Commodity Types

The commodity trading options provided by the majority of brokers today fall into two main categories, the soft and hard commodity options. The hard commodities are the ones that tend to have a finite supply. These in most cases are the mined commodities, such as Silver, oil and gold. The soft commodities, on the other hand, are the commodities that are produced and include such things as food materials like Corn, Wheat, Cotton and Sugar.

Despite the physical differences of the commodities within these two categories, they are very similar in that they are the raw materials for the majority of products we use today. This implies that the demand for such products is bound to increase with economic growth because of the increased rate of consumption that is associated with economic growth.

It is obvious that the instability in the prices of commodities is as a result of the changes in demand and supply of the commodities. However, this aspect is not as easy as it appears; the pricing of the majority of these commodities is also influenced by the ability to meet their demand. The rate of production of commodities is an aspect that cannot be altered in a bid to meet the demand in the market. Again, a drop in the demand of any given commodity or even excessive supply of any commodity can greatly impact on its pricing.

The Risk Associated With Trading Commodities

The pricing of the various commodities on any given binary options broker is basically defined by various factors and tends to follow the demand and economic growth. With regard to the soft commodities, the rate of population growth has been known to influence the demand, hence the pricing of the commodities. Although you may need to consider the long term ability of the market to satisfy the demand and supply curve while trading in commodities, it is equally important that you also bear in mind that you also consider the short term ability of the market in this regard.

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Binary Option Robot added 24option on the list

24option_binaryoptionrobotBinary Option Robot is happy to announce that they have completed integration with one of the most respectable brokers in the world of binary options, 24option!

24option is a CySEC regulated broker, founded in 2010, that provides a variety of profitable option types and amazing and well-managed assets folder. This broker, who is one of the most popular and recognizable brokers in the industry, provides all additional tools and support in order to help their customers succeed.

With only $250 minimum deposit, traders can choose between various assets, indices, stocks, and commodities that 24option offers!

Amazing bonuses, user-friendly interface, high returns, well-educated customer support, a great number of banking options and constant dedication to their traders success made them one of the top brokers in the entire world.

Collaboration between Binary Option Robot and 24option proves, once again, that Binary Option Robot is the best binary auto-trading software available on the market.

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Banc De Binary-Liverpool FC Partnership

Banc-De-Binary-LiverpoolThe last few months have witnessed an increase in the number of sports sponsorships between football clubs and binary options brokers. Some of such partnerships happen to be high-profile, hence very expensive. Following the partnership between Liverpool FC and Bank de Binary, many people have been wondering where such brokers get money to finance such partnerships.

According to the Banc De Binary founder, Oren Laurent, the broker is delighted about the partnership as it allows them to reward their deserving clients as well as the Liverpool FC fans. In this regard, the broker came up with an outstanding means to raise the money to fund their partnership. For the past few months, the broker has caused a stir in social media, precisely in twitter.

Banc De Binary launched a Twitter competition, encouraging the various LFC fans to explain why they prefer Liverpool FC as opposed to other football clubs. Once the competition period was over, the company chose two winners from the various fans who had participated. The two winners, Brendan Hughes and Sean Edgar were rewarded with an opportunity to interact with LFC players during a training session at the well renowned Melwood Training Ground. After their visit, the two winners had a lot to tell about the fantastic things they experienced, including shaking hands with and taking photographs with the various Liverpool FC players. To them, this was simply a childhood dream that had materialized and they thanked the broker for offering them such a spectacular opportunity.

In addition to the two twitter winners, the broker also rewarded one of its VIP traders with a trip for him and his wife to the UK. The VIP trader, Michael Burling, also reported having had an opportunity of a lifetime. To top it all, football sponsorships will be among the topics that will be discussed at the Finance Magnates Summit that will be held in London. As a matter of fact, the Field Marketing panel of the summit will touch on Sport Sponsorships in FX.

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Diversify Binary Options In Order To Lower Risks and Boost Profitability

Diversify Binary Options In Order To Lower Risks and Boost ProfitabilityAlthough there are numerous aspects that come to play, with regards to ensuring continuous profitability while trading in binary options, diversifying your investment in this trade is among the strategies that have proven to work in this regard. This is primarily because diversifying your investment in binary options will ensure a long term gain when taking part in this trade. Mentioned below are some of the strategies you should consider incorporating into your trading plan for long term profitability when trading binary options.

Alter Your Trading Strategies

While trading in binary options, it is advisable to try out various trading strategies. This will ensure that you do not have to rely on any one strategy for continued profitability in the trade. Additionally, this may also help recover the losses you incurred using one strategy with the profit you made using another strategy. In this regard, you may decide to couple a short term strategy with a long term trading strategy. This will further enhance your trading strategy diversity and ensure that you profit from the trade in the long run.

Maintain a Constant Surveillance on Correlations between Various Assets

A keen trader in binary options will tell you that correlations do exist between assets that appear not to be related in any way. Failure to monitor this correlation may lead to huge losses for a binary options trader. This is to say that a single event in the market, such as a data or news release, can affect multiple positions in a trader’s account, even though the assets involved seemed to have no relationship initially. For instance, a slight change in the strength of the dollar can affect your predictions in gold prices. Again, a change in the price of the Canadian dollar may end up affecting your predictions in oil process. As such, you should keenly monitor such correlations, if you would like to continue making profits trading binary options.

Diversify Binary Options Assets

The majority of binary options traders today get their first experience in the financial market the moment they open their first binary options trading account. In this regard, it is worth noting that there are numerous classes of assets that you may trade in binary options. As such, you should take full advantage of this opportunity and diversify your binary options commodities. However, it is not advisable to monitor and trade in all the available assets and commodities. As such, you should just slit your focus between two or more asset classes. For instance, you can review your past trading history and realise that you have been investing in assets that fall within the technology or bank class. This type of trading leaves the trader susceptible to the market sector risk, in addition to the stock level risk. This is why the experts will advise you to open multiple positions simultaneously.

Not only will diversifying your binary options lower your risks in the long run, it will also put you in a better position to profit more from this trade. As a tip, you should strive to preserve your capital, while giving yourself a chance to make more profit from the trade.

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Reasons to keep a Binary Options Diary

keep a Binary Options DiaryIf you would like to keep an accurate record of your binary options activity, you might want to consider keeping a binary options diary. This can aid you in keeping a thorough and detailed record of all your activity and if utilized properly, can give you insight on how to improve future binary options dealings.

In recording the details of your interactions, you are creating a permanent record of your dealings that will be recorded for future reference. It also aids in the trading process by creating a specific plan for binary trading options. This is necessary as a form of maintaining discipline and structure in your trading interactions. It will keep you from making unnecessary, spontaneous and even unethical choices when conducting a trade.

Don’t go overboard as you only need to keep a record of pertinent information. This will be adequate enough to allow you to reference enough data to retrieve any references to past dealings. And don’t worry, you don’t have to spend a lot on technical analysis software programs. You can achieve the same result with a basic online spreadsheet or even a journal.

Below are the key things you should record in your binary options diary:

The “What”

It is imperative to keep a record of specifically what item or items you are trading. It will be beneficial to keep an accurate record of your “strike price” (or level at which you infiltrated the market), the timestamp at which you made the transaction, and the type of contract that was used.

While this may seem a bit frivolous, you need to keep in mind that most likely you will be making several trades on a weekly basis and they might all start to run together unless you keep an accurate and dated record of what transpired at what time.

The “Why”

There is obviously a legitimate reason as to why the trade transpired in the first place. Was it fundamental or technical in nature? Whatever the reason, you need to be certain of the purpose behind the transaction.

For technical trades, you should also keep a record of the indicators that came into play. Always be completely forthcoming in all dealings. If you simply made the trade because business has been slow, duly note it for the record. You might even find it beneficial to make a note of your particular mood at the time of the negotiation, as our emotions can certainly have a direct effect on our business dealings. If you felt overwhelmed at the time of the initial trade, make a note of this in your binary options diary. It could help you learn to better control your emotions in future transactions.

The “End Result”

By taking the time to do a proper and thorough analysis of your trade history, you can greatly improve future binary options dealings. You can utilize your binary options diary as a reference for evaluating and making future recommendations and overall improvements so you can have better results in forthcoming transactions.

Start trading now with Binary Option Robot

Start trading now with our recommended Brokers.

Recommended Brokers:

 Min. InvestMin. DepositMax. Returns   
iqoption
$1
$10
92%
Gold
Review
FX Advisor
$1
$10
91%
Review
All brokers >>