I have been trading on the Binary.com platform for a year now. At times, I’ve won; at times, I’ve lost. The truth is that I always believed money was within my reach. All I needed was the right strategy. My approach was to try various strategies and keep records of my results. So, I could work on the methods that worked and get rid of those that did not.
A moment later, I noticed something had begun to change for the better. When I followed the following four steps, I had success in my trading. I had losses only if I missed one of those points.
So, these are the four steps I followed in succeeding at Binary.com. Just do not fall for these six horrible trading mistakes that could ruin your trading career. Binary options trading platforms help you deal with different types of currencies.
Treat Binary.com Demo Account As A Real One
Practice accounts have one great advantage over real ones. Obviously, you don’t trade with your own money, which means that you won’t lose any of your own money if you fail.
Because of this, you should always practice your strategies on a demo account. The risk is low, so you have nothing to lose.
Whenever I want to see if a particular strategy is effective or not, I switch to a demo account. Sometimes I use that strategy more than once. As soon as I have confirmed that the strategy works, I will move to the real account and apply it.
Furthermore, I will test more than just strategies on the practice account, but also various financial instruments or investment amounts. I practice, try different possibilities, and switch to the real account when I know what works and what doesn’t.
The market, the investment amount, and the strategy were all choices without hesitation on my part.
Beginners often use the practice account as a playground. Invest huge amounts, utilize random strategies, and not think much about it. After all, it’s not their money. I’m afraid I have to disagree.
Do not get accustomed to this kind of thinking. Use your demo account the same way you would a live account. If not, you may face a hefty price in the future.
Your confidence and trust will increase when you use the demo account as if it were the real one. As a result, you learn which moves are good and which ones are bad; you get to know what strategies work and feel confident that they will work in the real world.
It is advisable to train for a considerable amount of time. Consider yourself an athlete. Before you can demonstrate your skills, you must train. Even if you lose, you continue to train.
In the trading field, you should follow the same principle. The great thing about Binary.com is that there is a free demo account available. In the Binary.com review, we have already mentioned that the broker platform allows traders to trade with a $10,000 virtual amount.
Another exciting part is that you can also refill the amount once it is finished. Just don’t have permission to withdraw the profit amount you will make from the demo trading.
Beginners, Stay Away From 60-Second Trades
There is no doubt that it is very tempting to make 82% of the investment in a minute. Such quick income certainly makes us happy. Unfortunately, there is one troublesome aspect to this. 60 seconds is a brief period, but it is also very long. You will feel anxious and scared.
And this robs you of your rational thinking and leaves you vulnerable. So, if you are a beginner, I won’t recommend you trade this type of trading at the initial stage.
Making good profits within 60 seconds can make you overconfident. For a reason, traders consider this way as a source of generating quick money and would invest more and more money at once. It is an easy way that can lead to the erasure of your previous profits.
Truly, 1-minute trades are not for everyone. But you could improve your learning like me. I was also in the dark and made mistakes unless I found something interesting. Binoption has a strategy section where you will find details about the 60-second trading along with other trading strategies.
Even in such a short amount of time as 1 minute, prices are constantly changing. You may suffer a severe loss even if there is a minor price fluctuation.
However, during longer time periods, price fluctuation is not so profound as to make you lose everything. Whether it’s short-term or long-term, prices will always fluctuate. However, longer timescales are better for analysing the market and predicting its direction.
Check The Trading History Frequently With Binary.Com
The principal rule for any trader is to minimise losses and maximise gains. If you review your past trades, it will be much easier. Originally, trades were recorded on handwritten logs. Daily, they checked which transactions brought profits and which losses.
Is that good news? You don’t have to do it. In Binary.com’s “Trades” tool, you can keep track of all your past trades.
Keeping track of your past trades is important, regulated binary options brokers are important for it.
What conclusions can you draw from the trading history? Firstly, determine whether you made a profit or a loss that day. Next, determine which financial instruments generated the most profits.
When did you make the best investments, and which strategies worked best for you? Because of this piece of information, you know when to trade this specific currency pair.
Build And Follow The Trading Plan
At first, I didn’t have a money-making plan. My goal was just to earn profits trading, so I picked random markets, and if one didn’t work for me, I switched to another.
I must admit. I failed. Eventually, I lost more than 80% of my money, and I thought something must change. My research led me to discover that successful investors had a trading plan. And that was exactly what I was lacking.
Based on a trading plan, make decisions. My trading plan included details like:
My deposit amounts
is how much I would invest in a single trade
The charts and indicators I would use
When making transactions
I stopped trading after 3 consecutive losses (for me)
I would withdraw profits at the moment of withdrawal and a percentage of the account balance.
What has been your experience trading at Binary.com and what are your results? If you haven’t yet opened an account with Binary.com, try out my 4 secrets by opening a demo account today.
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