Binary options trading quickly became the most interesting and lucrative way of trading. Payouts up to 90%, accessibility and democratic approach made binary options popular among all types of traders. Even though binary options are simple, and making money in binary trading doesn’t require middle-man, there are still some rules and guidelines for successful trading.
Binary options trading is special in many ways, but these 5 rules will help traders earn money without much fuss. This is all traders have to know to become profitable and successful.
1. Select an Asset
Assets are categories upon which the trades are placed. These economic resources are divided into 4 main categories, and most brokers support all of them. Currencies, commodities, indices, and stocks are all available with binary options brokers, for traders who want to make money.
Traders have to know that not all assets are created the same. For example, commodities are more reliable when it comes to long-term trading, while currencies are good for short-term trading as well. Every category requires following of a certain type of news, but traders should remember to trade all assets for better portfolio diversification.
2. Select the Right Strategy
Traders who make money in binary options trading always have a strategy ready. They never rely on mere luck but are focused on creating a long-term plan. One of the most popular strategies is a 15-minutes strategy.
First, traders have to use a candlestick chart and find three consecutive candles in the same color. Then, they should focus on the fourth candle and direction it is taking. After two minutes of waiting for a roll back, the trader should place a trade according to the direction the last candle is taking. The expiry time should be compatible with the expiration time of the last candle.
This is a very user-friendly strategy, that is good even for beginners. Beginners in binary options trading who want to make money should definitely take a look at these top 5 binary strategies.
There are many other strategies, as well, but before selecting one, traders should know that risky strategies carry higher profits. Still, this type of trading is not recommended for beginners who should concentrate on long-term trading that is more reliable.
3. Choose the Price Movement
Binary options trading is all about the right price movements, so traders should have a broker that allows easy trade execution. Opteck has a trading platform that is very easy to use and doesn’t require previous knowledge of the binary platform. Traders can make money by placing successful trades.
On the top of the platform traders first, have to select the binary options type and asset they want to trade. For assets, traders can also select ‘All’ and then use a drop down menu. Next to the menu is also expiry time list, also in the shape of drop down menu. Traders simply have to select one.
Below the trading chart is where the final part of trading is taking place. Two arrows represent up and down, so traders can choose the direction easily and without much complications. Next to arrows is a box, where traders can type the investment amount. To place a trade, all they need to do is press ‘Invest’ button next to the box.
Before placing a trade on Opteck platform, traders can also check out how other traders are placing their trades with a certain asset, and always take advantage of the knowledge of the crowd.
4. Use the Demo Account
Demo account is amazing way to learn more and test strategies without exposing your funds to the real risk. When it comes to making money in binary options, a demo account is one of the most useful tools.
Demo accounts usually have everything real accounts have. Traders can easily learn more about how the platform operates before they make a real investment. In some cases, traders have to register with the broker, and in others, traders have to make a deposit as well. IQoption is one of the brokers that offers a free demo account, without any additional requirements.
Even experienced traders can benefit from trading on the demo account, as not all brokers are the same. The demo is the best way to find out more about a trading platform and how trades are placed. Professionals, who are earning money in binary options trading, always use the demo. They test strategies, try out new styles and learn how to make even more profit.
5. Experience Binary Options Auto Trading
Learning about binary options, following financial news, political reports and discovering strategies takes a lot of time and effort, and that is only the tip of the iceberg. No wonder so many traders rely on auto trading robots that are executing trades in their name, with high success rate and without much complicated analysis by the trader.
Not all traders have time to learn analysis and apply strategies in order to earn money in binary options trading. There are simply so many things a man has to do within a day that there is no time for learning. Luckily, there are solutions for this very frequent problem, and they are called binary trading robots.
At the moment, the best auto trading software is:
Many robots offer different profile customizations thanks to the additional features, so auto trading can be personalized as well. Traders only have to turn on their robot and relax. Auto trading saves time, and money, especially for beginners who don’t know how to apply a strategy or execute an analysis. They are very reliable and have high success rate. Most of them are using advanced algorithms that never miss a successful trade.