A new type of Online Trading with a growth rate of more than 360% per year, which is 30% per month expansion of industry. Within the last 2 years, Binary Options online trading has been ranked #1 in monthly growth as number of traders increase by more than 30% per month. Binary Options are a relatively new type of trading online appealing to both newbies and experienced traders alike. This is truly an opportunity for one of the greatest businesses one could start now!
Your Brokerage business trading Binary Options, Stocks, Futures, Indices, Currencies, and Commodities. Let clients know they can trade anything from Gold, Silver, Oil and others to Currency Pairs such as EUR/USD, AUD/JPY, GDP/CAC, to stock futures like Amazon, Google, Facebook the Dow, Nasdaq or S&P futures, and how easy your company and this trading platform makes it simple for the customer.
American Binary Options
The growth of the Binary Options industry in recent years has been outstanding. It appears that the down-to-earth, simplistic, and straightforward nature of Binary Options is a huge draw for less tech- and economic-savvy individuals, who are looking to make decent returns from the financial markets.
However, as it is in other forms of trading, far more people are doing poorly in Binary Options trading than individuals who are doing well. Often, the difference between the successful traders, the traders hanging in the balance, and the chronic losers; boil down to finding a working recipe for success and hanging on to it. How do you work out your own recipe for success in Binary Options? We believe the tips below would help a great deal.
Best Binary Options Trading Tips
- Know the market
It is not enough to know what Binary Options is, or to know how to execute a trade. As a trader, you have to understand the market in-depth. This would require you to read a lot of resources and hear what different authorities have to say. Boring! Yea, it arguably is. But it is very important, and you are going to be reaping rewards from doing this years after.
- Find a Reliable and Reputable Broker
This one is a no-brainer, but many a trader would stop short of becoming successful because of a wrong choice of broker. A broker is an important member of your team: you choose the wrong broker, and you will have to work several times as hard to be just as successful as those choose a reliable broker. For a beginner trader, choosing a broker that offers demo account trading is getting it right from the start. For a trader looking to switch brokers, it makes sense to have a rather long checklist to weed out the shaft from the wheat. Still, a golden advice is to go with proven and established brokers than wannabes still trying to make a mark.
- Learn the trade
If you are a beginner, you have done some reading and now understand a wee bit about Binary Options. You then go on to choose a broker. Please, refrain from the temptation of continuing on to make a trade; you are simply going to gamble away your money.
Why? Because you have not learnt the trade. For traders already trading, but skipped learning how to trade, you should press the pause button on your trades, and go back to learn the ropes.
When you learn the trade is when you go in-depth to the different types of Binary Options, how they are traded, what makes them different, the amount of risk involved with each, what factors are you to look out for when trading a specific options type et cetera. It is at this stage that you know which form of Binary Options trading piques your interest, the assets you will be trading, and the amount of risk you are comfortable with handling.
- Find a suitable strategy
A strategy refers to an organized process of trading. It is what differentiates pro trading from gambling in the markets. First, you have to research the market, assets, trading times, how and what events affect an asset, and the form(s) of Binary Options to trade. Then you find a suitable strategy, which you will always use to know which trades to place, and which positions you shouldn’t take. That is basically what a good strategy does, so that you make more wins than losses.
- Make Asset Picks
I should add wisely to that subheading. Assets behave different in the market, and are only traded in the money with a limited number of strategies. Do not take the high road on this one; do research on forums and other online sources to get more information on assets. You have to ascertain if an asset is a fit for your strategy, if it might be (to be sure after thorough testing and practice), or if you would be better off without it (say, there is not enough price change on a currency pair).
- Practice, Test, Practice…
Practice is a universally agreed way to get better at anything. With Binary Options, you can use demo accounts for this purpose. New traders could practice and test strategies, get a feel of the broker’s trading platform, et cetera. Seasoned traders could run more tests, make adjustments to their strategies and see how it performs in the markets, et cetera.
- Risk and Money Management
Both are like Siamese twins. They are so important that even if a trader trades without a strategy but trades with solid risk and money management strategies, it will take them longer to lose out completely, than if they didn’t use the strategies. Now, imagine how well they would help if you are implementing them after already have your trading sorted out? Another important statement to note is, do not just have the management strategies, STICK to them, ALWAYS (especially when starting out).
- Focus on consistency
The hard truth is that you would lose some trades and you would win some trades; there is no way around that. Why? Well you are not a god, are you? What you can do, however, is to increase the percentage of winning trades, which will automatically reduce the number of losing trades. Strive for consistency, rather than try to get rich quick.
- Review your trading
All companies go through the books at least annually, to see how well they perform, and what they can do in the future to better their position. The basic idea of reviewing also has a place in Binary Options. You can use a trade blotter to find out necessary details of previous trades. Maintaining a trading journal is also a good idea, as it helps with the review process.
- Use adaptive tools and features
Binary Options trading is getting more interesting by the day, with the launch of functional tools and features all geared towards making the best out of your trading.
These come in different forms, and may not be available on all brokers. It is important to use these features after testing that they would do well with your existing strategy.
These tools include Rollover, Double Up, Close Now, Social Trading (Replicators), and many more.