Every wondered how you can become a winner in binary options trading? Winning is not as simple as placing a trade because there are a lot you need to learn. You should know that winning in binary options is not something that can occur overnight as it takes years of learning and experiences. You will slowly become a more professional trader through reading tips and getting advice from other experienced traders. The following is a few tips on how you can increase your winning rate in binary options trading.
Don’t Choose a VIP Account
Many brokers offer VIP accounts and claim that you can increase your profits significantly when you sign up for this account. VIP account requires a large deposits that is at least tens of thousands of dollars which can be expensive for those who are with small capitals. VIP account is only suitable for experienced traders who already know how to quickly flip their investment into profits. If you are new, you should just sign up for a standard account and deposit a small amount to start trading. Many brokers have basic accounts with a minimum deposit that starts from $100 – $250.
Do Research on the Company You Are Trading
To win in binary options, you should access a financial portal site because here you will find up to date information on different stock companies and assets. During your research, you can look up for the publication of the company to learn more about its background. You can join forums to get insights from other traders who more experiences than you in binary trading. YouTube has a lot of videos on binary options system that you can watch for free. You can easily find any tip on binary options trading by performing a search on YouTube.
Learn How to Read Different Charts
You should learn how to read the different types of charts in binary options as it will make it easier for you to perform comparison across different trading strategies. The tick chart shows the movements of the assets’ prices in the last few minutes. The tick chart is ideal for monitoring a trade with short expir y time frame such as 5 – 30 minutes.
Line chart displays the price movement for a period of a few hours or days so it is suitable for monitoring trades that has an expiry of a few hours or more. Candlestick chart displays more information that the other two charts. Candlestick chart is more visual, cleaner, and also look more jerky. The fluorescent jerky movement on the candlestick chart lets you clearly see whether the price is going up or down.
Use a Binary Options Signal Software
You can use a binary options signals software to get more accurate predictions on the price movement. The software will scan different charts and other resources to give an accurate estimate of the price movement. However, before subscribing to a signals provider, you should check to see if they offer free trials so that you can test them out.
You should sign up for a few binary options free trials so that you can compare the result and determine which one is the best. It is important to do a lot of research before using a binary options signal software to automate your trade. Most signals software come with its own approved brokers but some allows you to choose your own broker. Another thing is that the software should have at least 70% of accuracy.
Use Social Copy Trading to Improve Your Trading Skills
Many binary options brokers offer social copy trading feature on their trading platforms, which allows traders to copy the trading strategies of other successful traders. Some platforms allow traders to automatically publish their actions on the forum so that other traders can provide feedback. New traders can improve their trading skill by studying the trades of the experienced traders. Afterwards, it is up to them to decide whether they want to copy the action and place a similar trade.
So how do you win in binary options trading? You must be able to perform the right analysis in order to become a winning trader. There is no shortcut way and the best way to become a successful trader is to practice trading a lot. It is important to learn the inside and out of the platform and test it with a demo account before placing a real trade.