In simple words, “binary options” means yes or no. This type of trading involves only two options; you either win or lose. These options are also called all or nothing options. Success in trading options is not guaranteed, but many success stories exist. One common thread among all these stories was that the traders didn’t lose hope, measured all the risks involved, and studied all the possible aspects of the trading options carefully and closely.
Certain binary options brokers (explained later in the article) have committed serious fraud by changing the price data over the decade. In some cases, if the trader is expecting his money, the operator stops taking the calls. It is especially common among non-registered brokers. However, you don’t need to worry about such scams, because the strategies listed below will ensure your success for a lifetime.
The strategies explained in this guide will be so helpful for you that you can use them any time during the day, and it will be so easy that you need not look for another strategy for binary options.
- Choose Your Trading Charts
There are a few options that you can take advantage of. Back in 2014, it was freestockchart.com, but nowadays, the best trading chart is the trading view. It’s the most accurate, easy-to-use, and free trading chart for binary options containing many indicators. It also has all the required timeframes. We recommend you take a look at it as we are not going to get into much of the details, but just so you know, it’s the best one.
- Choose At Least 3 Brokers
Why three? This way, you can compare the three of them to determine which one works the best for you. For this, you’ll need the guidance of the specialists from USBinaryOptions to help you pick the top three brokers. The first broker that people typically recommend is the pocket option. It has all the time frames, currencies, an awesome trading platform, and a lot of options for making payments. The second broker is Olymp Trade. It has a free demo account and a low deposit. Their app even enables you to trade from your phone. The third broker is the IQ option. They have a wide range of payment platforms, as well as a free demo account which brings us to our next step.
- Pick One Strategy
The Internet is filled with strategies for trading binary options. You will come across the 2-minute process, the 5 minutes strategy, the IQ option strategy, and so many more. Watch 5-6 videos on YouTube and choose the best approach. Make sure that the strategy you choose, you master. The most common mistake that people make here is opting to trade with many strategies. Once you select your strategy and master it, use it with your three brokers mentioned above. Doing so will help you come to a decision regarding the broker that best suits you.
- Decide If the Strategy Is for You
While testing out one strategy on all the three brokers, check if it’s the right one for you. How do you know if this strategy is for you? You need to check if you are actually making money with the plan. Once you start making money, that strategy is most likely for you so you’re better off sticking to it. After you have started making money, choose one broker. This broken is going to be your broker for the foreseeable future.
- Practice on Demo for a Month
Practice for at least one month to see if your results are consistent. If your consistency is changing, you may have done something wrong in any of the previous steps. Don’t lose hope if things aren’t going in your favor. Repeat the steps all over again. After practicing your strategy with one broker, measure the results carefully.
- Make Your Deposit and Start Trading
People jump into this step without going through the previous ones. This should be your very last step. You should only deposit money if you have adequately researched your broker. Make sure that you have practiced enough and have learned your lessons before finally depositing your money on a live account.
Never stop seeking out new information when it comes to binary options. Join groups related to the field. Such forums can prove to be an untapped source of a wealth of information as people are always commenting and educating each other. Whenever you start making a lot of money, ensure that you remain both cautious and humble as your earnings can be lost as easily as it was earned.
