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Before making a trade, there has to be a reason for believing that the asset value will either go up or down. You can’t just rely on a gut feeling, successful traders base their trades on cold hard facts – be they fundamental analysis
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Rule No.1 Do Your Homework • Before making a trade, there has to be a reason for believing that the asset value will either go up or down. You can’t just rely on a gut feeling, successful traders base their trades on cold hard facts – be they fundamental analysis
Rule No. 2 Know Your Assets • It is very important that you understand the assets you trade. Top investors appreciate the connections between assets and anticipate the various knock-on movements.
Rule No.3 Manage Your Money • Money management is an important facet to successful binary options trading, but often overlooked. Make sure you decide in advance how much money you are able and willing to invest on each trade and how much in the entire trading session.
Rule No. 4 Be Adaptable But Stay Strong • This may sound a little contradictory but a key advantage of binary options is that you can profit in bearish, bullish and volatile markets. • Be flexible and choose the best trading strategy for the current conditions and be strong enough to stick with it if it’s the right technique for the trading conditions.
Rule No. 5 Practice! • Most platforms offer some sort of demo account. Some are time restricted, others not. They exist for your benefit, so use them! A demo account is probably the best way to familiarize yourself with the platform as well as the actual customer service being offered which is also important.
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