Have you already chosen a strategy for binary options? Then this is the next topic to be studied. The fact is that having learned how to make trading decisions quickly and coolly, you can consider your options for beginners course completed. I.e. You will have all the skills you need to trade successfully.
Limit the amount of analytics
Signals, forecasts, investment ideas and other analytical tools are a great way to strengthen any earning strategy. The problem is that all the information provided is subjective. No expert knows exactly what will happen to the market in a given time period. When too much material accumulates, the trader begins to make mistakes and lose the deposit. To avoid this, try to focus only on your own forecast or one or two analytical services.
Retest your strategy
It is generally accepted that a favorable entry point should be confirmed by 3-5 independent signals. Check if this is the case with your system?
If for some reason you are dissatisfied with the effectiveness of your methodology, you can see profitable strategies for making money on binary options here.
Increase the timeframe
As the time interval increases, market noise decreases and chart reading becomes more predictable. On the negative side, many beginners mistakenly consider a decrease in the number of transactions. If you trade correctly, then you can get a good profit by conducting only 3-5 transactions per month. Try it and write down the result. It helps a lot.
Revise your daily plan
Professionals always know what is the maximum amount they can lose during the day. The amount of profit is not so important to them. Beginners do the opposite, and this is the key mistake.
As soon as a trader has a financial target for the day, he begins to open trades prematurely and see entry points where the signal is dubious and dangerous. It doesn’t matter how much you earn. The main thing is to do everything right and take care of the deposit.
Create a personal checklist
Describe in detail all the rules and special conditions, failure to comply with which may cause a missed transaction. Keep this file printed near the monitor.
Sign a commitment with yourself not to trade until all items have been ticked.
Get to know your mistakes
Find trades on the chart that you entered against the rules of the strategy (even profitable positions are counted). Make a printout of the chart and analyze your actions in writing. Be sure to indicate the correct option, which should have been adhered to. Answer honestly, because it is not always correct and profitable to mean the same thing.
Keep the collected collection in a conspicuous place. This will help you quickly advance in self-development, since you will soon learn all your mistakes by heart.
Don’t trade if you can’t concentrate
As soon as you have been in a stressful situation, feel unwell, or you are simply distracted by someone, immediately turn off the schedule. Binary options trading requires speed and concentration. Without this, you should not count on success.
Take stock every month
There are no perfect strategies, but there are those with which you can make money. To find out if your methodology falls into the specified category, you need a detailed financial report. Fill out a trading diary every day, and then at the end of the month it will be easy to evaluate your performance.
And one more thing. Make sure in advance that you are served by a decent company. The importance of this point is explained by the fact that not all binary options brokers are equally honest with their clients. It’s true. Therefore, if you are just getting acquainted with investment opportunities, then the list of companies below will be useful to you. Save it and use it immediately after you decide to switch to a real account.
Best Binary Options Brokers
| Брокер | Информация | Бонус | Регуляция | Открыть счёт |
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Results
- Use a minimum of third-party analytics.
- Check that your strategy generates an entry point confirmed by three (or more) instruments.
- If you feel uncomfortable, try trading on a higher timeframe.
- Limit your daily loss rate and don’t set financial goals for the day.
- Near the monitor you should have a personal checklist.
- Print out trades in which you did not act according to the rules and work on mistakes.
- Never trade if you are distracted by something.
- Measure your results monthly.
- Work only with trusted brokers.
P.S. Friends, do not forget to share your experience in the comments. Perhaps it is your unique method that will help one of your colleagues.
Binary Options Expert Reviews
Tagged with: Binary Options Academy • Learning how to trade binary
