Reader Warnings Regarding Binary Options Brokers:
- You must be extremely careful when dealing with binary options brokers, many of them that seem to be legit and even regulated have turned out to be nothing more than boiler rooms and bucket shops.
- Make sure when dealing with any binary options broker that you only deposit the minimum amount.
- Don’t take ANY bonuses and after making your first profits ask for an immediate withdrawal.
- If they call you on the phone and ask you do make LARGE deposits ALWAYS say NO.
- Only after making a successful withdrawal of first minimum deposit + profits can you truly know that they are legit.
4 Binary Options Tips
Trading binary options is a simple process. You decide whether an asset will increase or decrease in value upon the completion of the expiry time. Traditional binary options, High/Low options, allows traders to select Call or Put on every trade.
But how do you decide? Here are a few binary trading tips that can help you make smarter decisions. While these tips won’t guarantee success, they will help you improve your trading skills and understand common pitfalls beginners commonly experience.
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Whether you’re investing time or money into learning binary options, you need to be well-informed about the platform you use, the broker you use, and the specific assets you plan to trade. Don’t dive headfirst into binary trading without knowing what you’re doing! Use signal services, courses, read trading books, and absorb as much information as you can about the markets before putting any real money on the line.
Choose Your Broker Wisely
You need to be extremely careful about the broker you invest your money into. First, you want to look for a broker who is regulated. Next, you want to consider the number of assets they offer, the types of binary trades available, and the payout returns they offer. You also want to look at broker reviews to make sure they’re legitimate and have a positive reputation among other traders.
Create A Strategy
You need to work on creating a binary options trading strategy, plan or system. Investing into anything without a strategy is an easy way to lose money. The strategy can include technical indicators like Bollinger Bands or the MACD, use price action systems like Harmonic Patterns or Elliot Waves, or you can choose to not have anything on your charts and trade pure price action. Creating a profitable trading strategy takes time, patience, and knowledge. It won’t be easy, but it needs to be done if you plan on making profit.
Practice Makes Perfect
If you’re a trader not wanting to take any unnecessary risks, then you’ll definitely want to practice trading on a demo account. Demo accounts are free and use fake digital money. Demo accounts are a great way to hone your skills, fine tune a strategy, make mistakes without risk, and in the end, become a better binary options trader.