Short term binary options trading tips

short term tradingSuccessful binary traders are not born. They are forged in the fires of global marketplaces, they track value of currencies, they watch the values of precious objects such as gold, oil, even wheat crops and, at the exact right moment, make a judgement about where those values are going to go and – quick as a viper – make a smart trade. They watch as the commodity does what they expected, or bite their nails as it creeps out of bounds.

Trading is certainly exciting, and if you win, it’s exhilarating. Yet like any talent, a trader needs to hone skills and build up wisdom before jumping into the deep end.

Here are three practical tips for maturing into a successful trader:

Define your goals, and stay within those bounds

It’s wise to think about your personal parameters. What is your risk tolerance? Has it changed over time? Are you sticking to a capital allocation plan which assures that your everyday expenses are not being risked?  When you define your goals, try to set limits that remain under your control, such as trading only two pairs of currencies you’re familiar with – until you master their movements.

Begin with small sums, and build out of your winnings

When you open an account, start with small trades with low leverage. Determine a long term strategy. As winnings begin accumulating in your account, use that money to increase your investments. Keep monitoring your losses. When you finish ‘out of the money’, figure out why. Get smarter with each trade. Your intention is to increase your account balance through your trades. It is hard to monitor trends if you are removing profits one day, then shoveling in new money another day.

Choose your broker carefully

Stay away from forex robots, automated ‘miracle’ methods and other gimmicks that make money only for the owners of the site. Look for a platform like 24option.com, which is designed to inform investors, offers a broad range of underlying assets, and provides a Trade Page that display real-time intelligence about any investment, and easily understandable options for making a variety of trades. Counting integrity, expertise and one of the highest payback ratios in the industry, choosing 24option (see my platform review here) could be one of your first wise choices.


*Disclaimer: Investors can lose all their capital by trading binary options.

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