How To Become Binary Trader

10 Steps to Becoming a Profitable Binary Options Trader

These 10 steps will help you be a profitable trader.

Binary options trading is easy, right? All you have to do is deposit, pick an option, click “High” or “Low,” invest your money, and submit your trade, right? There are many websites and advertisements which will tell you that becoming a profitably binary options trader is as easy as 1-2-3. While the steps you take to actually input your trades into the binary options broker’s website may indeed be that quick and easy, being able to click your way through a trading interface does not mean you will become a profitable trader. Profitable trader relies on having a good systematic method in place for making consistent trades. It also relies on being able to manage your money intelligently and responsibly, and having the discipline to follow through. Here are 10 steps to becoming a profitable trader—not just a trader who relies on luck and ultimately loses, but one who relies on skill and ultimately wins.

1. Learn everything you can about binary options and trading.

All great journeys in life rely on having a road map, and binary options is no exception. You absolutely must have a strong working knowledge of the markets and how to trade in order to do well in this field. If you have only a casual, passing interest in binary options, you will never become successful over the long run. Researching gets you started on the path to choosing a trading method, which is essential for success.

2. Choose a great broker.

If you have a great trading method and everything else in place for success, but you do not choose a trustworthy broker which offers you the trading features you need to reach your goals, you will not be able to become profitable. Do plenty of research here as well, and be highly selective according to your own criteria.

3. Find a trading method.

You will need to find a way to stack the deck in your favor, in a manner of speaking. There is always going to be an aspect of chance involved in trading, and therefore an aspect of risk. You can never totally eliminate that, but you can learn to control your risk and reduce your chances of losing a trade. How? By looking for patterns in the market, and coming up with a testable method for entering and exiting binary options trades which allows you to avoid losing trades. You’re not totally on your own here; there are tons of free systems out there which you can use to get started. Check out these charting methods to help you.

4. Backtest your trading method.

Once you have found some candidates for trading methods, you need to test them out on historical market data to see how they might have performed in the past. This does not take nearly as much time as demo testing, and thus can actually save you a lot of time (and money). Do this before you demo test or trade live to ensure you are on the right path.

5. Demo test your trading method.

After you find a trading method which performs well on historical data, try test driving your method using a demo account. Demo accounts are available from some of the better binary options brokers, and allow you to place free trades using virtual currency. By doing this, you can make sure your method is working in real time before you put real money on the line. You will encounter plenty of hurdles while testing your trades, both in real time and in backtesting, and those hurdles would cost you money if you simply went live with your trading without testing. Testing thus saves you money, and since time is money, it saves you time as well.

6. Never stop testing and learning.

Even after you start trading profitably with real money, never stop discovering new things about the market and working on perfecting your method. Plus, you will quickly find out that the market is not a static entity; it is an evolving ecosystem, and you and your trading method will have to be flexible enough to evolve with it. Never let yourself become complacent.

7. Live a balanced life.

This may not sound like the most important thing, but it really is critical. If you slack off, you will not make much money trading, but on the other hand, if all you do is work all day, you will eventually burn out. So it is up to you to find a balanced way to conduct your life, balancing trading with work, relationships, and other aspects of your life.

8. Stay healthy.

This is related to living a balanced life, but you would be surprised how many traders overlook its importance. If you do not eat right, exercise, and sleep well, you will have a difficult time having a clear mind. Trading without mental clarity is generally going to result in a lot of avoidable losses. Plus this is the sort of behavior that will eventually cause you to burn out. So take your health seriously. A healthy body and mind lead to a healthy balance in your trading account.

9. Write down your trading plan and come up with realistic goals.

Binary options trading can be a very complex activity, and as such, it pays off to write down your trading plan. This includes all the details of your trading system, a checklist for entering trades (so you do not skip steps on mistake), and also other aspects of trading like your schedule and your mindset. This is a good place to record your trading goals, which should be realistic and meaningful. You also should consider keeping a detailed trading journal so that you can track your past progress and make changes which will help you profit more in the future.

10. Know thyself.

Possibly the single most important aspect of trading is your own psychology. You can be the weakest or strongest link in the trading chain of success. No matter how great your system is, how excellent your banker is, and how much work you put into trading, you will not succeed if you do not have a strong understanding of yourself, your emotions, and your motivations. To do well trading, you have to be consistent, and that means you have to develop self discipline. This can be one of the biggest challenges of trading, but it can also be one of the most rewarding—financially and in general.

Now you should have a better idea of where to get started with binary options trading. If you thought that binary options trading was easy, maybe now you realize it is actually a lot of work if you intend to do well. If on the other hand you were feeling completely overwhelmed and were not sure where to get started, hopefully now you feel like you have some direction and can begin. Good luck and profitable trading!

7 Binary Options

Marcio

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The common misconception amongst regular people is that becoming a trader is easy. All you need is to open an account with a leading brokerage and start trading your assets of choice. In reality, things aren’t so easy especially if you want to become a good trader, who makes a fulltime living off the profits made on the market. Not only does it require a lot of effort but many missteps to learn. So, the question is what do you have to do to become a good trader?

IQ Options which is one of the leading online brokerages for a variety of assets, knows a lot about trading and their advice to become successful is to learn. That same advice is echoed by The Market Wizards’ author Jack Schwager, who says that a trader is someone who isn’t into a particular asset for a long time. A trader goes init for the short term, makes a profit and hops on to another asset.

What Schwager is alluding to is that traders will trade both when markets are bearish and bullish. Also, traders change their position often compared to someone who is a long-term investor. A good instance of a long-term investor is Warren Buffet. So, traders need to continue making good decisions unlike an investor who can say:

I’ll put a third of my capital in equities, then a third in bonds and the other half into cryptocurrencies, and hold that for the next decade.

Traders don’t do this!

The big mistake many novice traders make is thinking that there is one winning strategy used by seasoned traders. When in fact that’s not the case. No one strategy works all the time. Even if there was a strategy theoretically speaking, if everyone was using that strategy, do you think it will continue to work?

So, the question is what trading strategy should be used? Every trader is different and so the answer will vary. It depends on your personality, your experience as a trader and trading style. Jim Rogers for instance, relies heavily on fundamental analysis. Though other traders like Martin Schwartz will focus on technical analysis.

The choice of what strategy you use will also depend on what assets you are looking to trade. Do you want to trade indices, stocks, currencies, or crypto? Each one is traded differently. You also need to factor in long-term vs. Short term.

It is up to you to find a strategy that works best. It is, after all, a significant part of becoming a profitable trader.

Once a strategy has been fleshed out, the next step is risk management, which is the second most important thing for any day trader. Sure, a brilliant trading strategy will make you money but it isn’t complete if you want to trade regularly. Risk management ensures that at times when you’re not making money, those losing trades aren’t blowing away your capital. So, it isn’t hard to see just how important risk management is for traders. Not to mention self-discipline helps to prevent impulsive decisions.

The final on your list to becoming a successful day trader is flexibility. Global markets don’t have a single pattern or trend, which means that you want to adapt and be as flexible as possible. That means you’ll be bullish one minute and then pivot to becoming bearish the next. You will want to change your mind as the situation changes and that means not using a single strategy that is outdated for that moment. That is a quality a winning trader will need to have.

Open a Free IQ Option Demo Account by Clicking the Green Button Below

General Risk Warning:Binary options trading carries a high level of risk and can result in the loss of all your funds

Binary and digital options are prohibited in EEA

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Start trading now with our recommended Binary Options Brokers.

Start trading now with Binary Option Robot

7 Binary Options

Here are some useful hints to get you in the proper mindset for successful binary trades:

1) Set a goal of 10% profit as it is both realistic and does not require more than 3 trades. (And yes a profit of 200-300% is possible, but this means you have to bid larger amounts and spend more time trading). Then 10% daily compound profit with a $250 deposit can easily turn into 10K, over three months time.

2) Set a “Stop” limit in place for trading such as “I’ll stop once I hit my 10% profit” or when losing “I’ll stop once my balance hits $_____”

3) Only trade in the 30 minute and 1 hour duration options. Although the 1 minute option is quite tempting, it’s where the biggest losses occur.

4) Be patient: It is important to that you know the lowest and highest points of your trade for that day. Always aim for the peak or low before placing your bid. You can bid more confidently when it is near the top or the bottom. Never bid when it’s in the middle.

5) Find the “guiding point.” Follow the trend of the 2 hour graph when bidding at the one hour option. Use the 1 minute graph as a guide to “bid” or “wait.”
For example, if the 2nd hour graph displays a downtrend, look at the 1 minute graph, if this is also down, go ahead and bit. Wait, if it’s uptrend. Wait til it starts to downtrend before bidding on the one 1 hour option.

6) Deposit only a minimum amount with which you feel comfortable. Feel free to ignore the bonus “bait” or broker’s threat. Set an amount; say $250 as a monthly deposit. When this starts making a profit, withdraw some of the profit per month as well. But always leave money for bidding. The initial aim is withdrawal the total you have deposited throughout the entire process.

Some of the above might seem a little too technical, but if you break it down, they are practical and will help you turn a profit.

Start trading now with Binary Option Robot

Start trading now with our recommended Binary Options Brokers.

7 Binary Options

The Basic Tools for Successful Binary Trading

Binary options are complex, exotic trade options, but these are particularly simple to utilize and understand the way they work. The most familiar type of binary option it the high-low option and it’s relatively simple to comprehend. This technique is also referred to as the fixed-return option and provides access to commodities and foreign exchange, indices and stocks.

Trading with binary options is easy, and you do not need any previous experience. Below are some basic guidelines that we have compiled to help you start trading in a few minutes.

1. To be a successful binary options trader, you need to use more than one broker. Choose one or more from our compiled list of brokers.
2. Register with your chosen trading platform and deposit money to start trading. The minimum deposit for some trading platforms or binary options robots is only $ 100.
3. Select the asset to trade. Trading platforms have assets such as currencies, indices, commodities, and stocks. You can choose to trade in currencies, the popular one being EUR/USD.
4. Decide on the amount to invest. When investing in an asset, you will see the payout or the returns for the asset, which can go up to 91%. Make your prediction on the movement of the price of the asset. If you predict the price of the asset to rise, select Call (up). If your prediction is that the price will fall, select Put (Down).
5. When the trading closes after the given time, for example after 60 seconds, if it is a 60 seconds investment and you have made the correct prediction, then you win. An investment of $ 100 with a 90% payout means that you will have made 90 dollars in a few minutes.

10 Step Guide to Binary Options Trading

Binary Options are a way to see the movement in value of a large and dynamic range of commodities, assets, stocks and shares or even Forex.

The reason why these types of financial trades have become so hugely popular is that traders have to make just one of two possible decisions when placing them, that being yes or no decision which in Binary Options trading are known as Put or Call trades.

There is no requirement to actually purchase for example gold bullion if you wish to place a Binary Options trade on the value of gold, you need to decide whether the value of gold will rise in value or fall in value over any given time period.

One major advantage of placing Binary Options trades is that you will find a range of different expiry times are available which can be as short as just 60 seconds or as long as one month.

If you are new to the world of Binary Options trading then below is our 10 step guide (infographic) which will enlighten you on all there is to know about placing Binary Options trades at any of our featured Brokers.

Steps

What Trades to Place The first decision you need to make when you are thinking of placing any type of Binary Options trade is just what asset, commodity or stock exchange you wish to place your trades on.

Once you have made an educated decision on just which type of asset, commodity or stock exchange you are interested in placing your trade or trades on you will need to decide just which way you think the value of that trade will move.

If you think for example the value of let’s say oil will fall in value then you will need to place a Put option, however if you think that the value of oil will increase in value then you will need to place a Call option.

Choosing a Broker You will of course need to select a Binary Options Broker to place your trades at, and with that in mind we would advise you to take some time taking a look through each of our reviewed Binary Options Brokers.

List of Top 10 US Binary Option Sites for 2020

Deposit: $10
Payout %: 85%

Deposit: $250
Payout %: 90%

Each Broker on this website is fully licensed and regulated, and each of them offer a very wide range of tradable assets and many of them are also additionally offering new traders an offer which will massively increase the value of your initial deposit.

Each Broker will also have a range of different account types, and it is important that you choose to open an account that will give you access to the maximum benefits and extras based on the level and volume of trades you place.

Ideally consider opening up accounts at each of our featured Brokers, for there will be many benefits of doing so as you will find out in step four.

Choosing an Expiry Time One you have chosen the type of asset you wish to base your Binary Options trades around and have selected a Broker at which to place your trades at, then you next need to decide an expiry time for your trades.

You will find that you can place trades which last for just 60 seconds or can place much longer term trades which will expire in one month. It is important that you select the expiry time you would prefer as there are lots of different events that could affect the value of any financial assets that you place your trades upon.

Understanding Potential Gains When you are considering making a purchase of a large ticket price item, you will always shop around to ensure you get the best deal possible.

This is something that you should consider doing when a Binary Options trader, as the financial gains you can make out of every single trade you do decide to place can and often will vary from Broker to Broker.

So your next step should be to take a look at what the potential gains will be on your chosen trades at several of our featured Binary Options Brokers, as by comparing them you will be able to select a Broker offering you the maximum returns on your investment.

Trending Options Whilst you will have made something of a concerted effort when selecting just which trades are likely to result in a financial gain, you should always make use of all tools at your disposal.

Whilst many Brokers offer the latest financial news stories which are often found scrolling on their news feeds, some traders also allow you to see which trades are currently popular with other traders.

As such be on the lookout for Brokers which offer some form of Trending Options feature, as by making use of the tool you will be able to spot which trades are currently attracting the highest volumes of trades from other real money traders.

Increasing Your Trading Budget Competition between Binary Options Brokers is of course something you should always keep in mind as a trader.

For you will often find you can make use of a range of promotional offers to help you increase the value of your trading budget.

Instantly Placing Trades You are never going to know in advance when a potentially profitable trading opportunity will suddenly become available, and that is something you do need to keep in mind.

As such you are best advised to have access to both an online trading account and also a mobile trading account at each Broker you sign up to. By having access to a mobile trading account you will of course be able to place your trades at any time and from anywhere.

Hedging Your Trades Many traders will look into the possibility of hedging any live and active trades they have open or they may place a range of trades on which both sides of the trades are covered in two completely separate trades.

Roll Forward Feature You will find another feature has started to become available at many Binary Options Brokers and this is something known as a Roll Forward feature. This type of additional trading opportunity will only become available to you when you have a live trade placed.

A Roll Forward option is a way of extending the expiry time on any live trades you have placed, and when you take this option the expiry time will then be extended to the next available one.

Early Exit Whilst many traders will be more than prepared to wait until the expiry time has been achieved on all trades they have placed, if you become aware of any potential events that could see the value of your chosen trades swing in the opposite direction that you have chosen, whilst you trades are currently in line for a payout, then consider taking an early exit.

Many Brokers will offer you an early exit option, and whilst you will have to pay a fee to end your trades before they are due to expire, by doing so you will have at least locked in a trading profit from those trades.

However, only ever consider taking an early exit if you are convinced any potential gains you will make once you trade naturally expires are going to become losing trades due to current events that you may have suddenly become aware of.

How to Trade Binary Options

Chapter 1 : How to Trade Binary Options

There is one major advantage of trading Binary Options and that is you never have to actually purchase the shares, commodities or currencies that you will be hoping increase or decrease in value during any given time period!

If trading Binary Options online has sparked an interest in you then it can be, at first, rather confusing, however once you have mastered the way Binary Options work, which will only take an hour or so, you will be able to master trading them.

With this in mind we have put together the most comprehensive Binary Options trading guides found anywhere online, and via a step by step range of guides we will explain how you can be online and trading Binary Options in no time.

First step of trading is to choose a broker. Have a look at the recommended brokers from here.

We invite you to have a look through each of the following guides, for when you do you will probably wish to start trading yourself!

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