Welcome to our Top Tips For Trading Binary Options. Read on to discover the most important factors to include when trading Binary Options. There are many pitfalls that can cause you problems when trading binary, and there are also so many choices to make it can become frustrating and difficult to make a start. Our simple Top Tips will help you make the right choices.
Tip 1: Brokers
First of all, you need to choose a broker that is suitable for trading. And by suitable, I mean one that is accepted in all countries, is regulated and most importantly, trustworthy. Cherry Trade is your best starting point when choosing a broker.
Cherry Trade have an amazing reputation, and are one of the very best brokers in the industry. Why is that? Well, Cherry Trade use the Spot Option platform which is the market leader and allows you to trade on the widest array of assets, with the best range of trading types.
Coupled with superb customer service, they also have one of the highest customer satisfaction ratings with my readers, and scored one of the best totals in my Binary Options Broker Reviews.
Tip 2: Account Type
Choosing an account type is also very important. If you go for the basic one, you will definitely be missing out. Once you get to the 2nd tier and above, not only do you get a great welcome bonus, you also get extra account privileges including dedicated customer support. Most importantly, as your account type increases, so does your Payout on winning trades, so you can improve on the standard 70-75% up to the 80-85% mark.
Tip 3: Deposit Amount
Your deposit amount is an important factor in the level of account you enter the broker with. But make sure you can always afford to lose some of your investment, at least in the short term. This means if you have a really bad run of trades, or a global market movement (collapse) happens, you will be able to suffer the potential losses. Taking that into consideration, you still need to deposit enough to get you those sweet account benefits and payouts.
Tip 4: Strategy
Any successful trade will tell you that looking at charts and using a pen and paper to work out trades is hard and very unreliable in the long term. Successful Binary Options Traders all use some kind of signal or trend analysis service. There are some really poor tools out there that dont work very well at all and you should be very careful to avoid these. ESPECIALLY AUTOTRADERS. Autotraders are the worst and you have so very little control of how/where/when your hard earned money is being invested. To set yourself up with the best strategy, you need something like Optionbot. Optionbot is the original and best Trend Analysis tool and you will be hard pressed to find anything thats even half as good.
OptionBot 2.0 is a very stable, easy to use Trend Analysis tool and in the right hands is very powerful. Its features include:
- Multiple Assets To Trade On
- Customisable signals
- Daily Market Analysis Videos
- In Screen Broker Trading
- and much, much more.
Tip 5: Education
The best feature about OptionBot is the company that makes it. OptionXE is the largest independant Binary Options Training company on the web, and has a multitude of training solutions to ensure you are trading the right way. From simple software training, right the way through to Business In A Box training to start your own Binary Options Consultancy, OptionXE is the go-to resource for Binary Options Education. You can join here and even go on a complimentary 1-2-1 training sesssion with one of their market experts today!
Conclusion – Top Tips For Trading Binary Options
In short, ensure you have a good Broker, at the correct Account Level, with the right deposit. Marry that with the right strategy and education and you will be making a success of your Binary Options Trades in no time.