As binary options popularity continues to soar to great heights, so do the number of binary options brokers. Due to their large numbers, selecting an honest broker has nowadays become a nightmare to new traders as well as advance traders. To avoid making a mistake, it’s usually advisable to go through professional reviews available online, and that’s practically what we do. However, today we will not be reviewing a broker. Instead, we have compiled a list of trading hacks and tips to make it in binary options trading.
Important Trading Tips
Although choosing a quality broker deserves to be the first item on our tips list, we can skip it since we have already discussed about the importance of choosing a great broker above. Below are some of important “life-saving” tips.
Tip #1: Use available free bonuses effectively
To attract new traders, most brokers offer very attractive incentives. The incentives in this case can be in form of trade bonuses or risk free trades. However, most traders tend to make a mistake of using the bonus cash to experiment binary options trading. But you know what, it’s totally wrong. For a lucrative trading career, it’s advisable to use a bonus as it were your own hard-earned money. That way, you will make sure you reaserch and perform market analysis before placing a trade and hence you will have a high chance of building a trading career without necessarily using your own money.
On the other hand, if a broker offers risk free trades, it’s advisable to seize the opportunity by investing as much as you can. This is since your investment will be exposed to zero risks and your investment is refunded in full even if you lose a trade. For instance if you invest $1000 on one risk free trade assuming a payout of 85%, if that particular trade ends in the money, you will pocket a cool sum of $850 at the end of the day. Even if you lose a trade, you won’t make a loss and instead, you will be refunded your investment.
Tip #2: Utilize the demo account offered
Practice makes perfect, a saying well understood by most brokers as evidenced by the fact that they offer demo accounts. Although a demo account involves trading using virtual cash, some brokers may require you to make a deposit to access a demo account. This move is usually aimed at ensuring only serious traders access demo accounts. Having said that, if you are a new to binary options trading, you can use a demo account to learn the ropes and ultimately become a professional. Also, you can use a demo account to master how to use the trading platform optimally without necessarily putting your money on the line.
Tip #3: prioritize education
Most brokers offer a wealth of educational materials and you are supposed to fully utilize them. Although the materials are aimed at attracting new traders, well, importance of education to a trading career cannot be under-emphasized. Some of the materials offered by most brokers and can actually help you improve your trading skills include trading videos, market reviews, webinars, eBooks and binary options articles.
Tip #4: Only invest what you can afford to lose
Fueled by greed, overindulgence is THE killer of most trading careers. If you are looking forward to indulge in binary options trading, you have to make sure you only invest what you can afford to lose to avoid plunging your family or dependants into a financial crisis. Fortunately, most brokers are very affordable since trading can start with as low as one Euro. AT all times, it advisable to invest one-tenth of the funds available in a trading account.
Tip #5: Use signal trading
If you can’t make head or tail of technical analysis or research, it’s advisable to consider using a signal delivery service. Using a signal delivery service is more time economical since you only have to place trades according to received signals. However, not all signal providers are to be trusted and therefore, it’s advisable to carefully analyze a signal provider before buying a subscription.
An example of a great broker you can use to trade binary options profitable is IQ Option.
IQOption is arguably the best brokerage outfit in existence today. Their existence stretches way back to 2012, just after the grand inception of binary options. Since then, they have attracted beginners as well as professionals by offering competitive rates and speedy services.
IQ Option is one of the few regulated brokers and is regulated by CySEC and among other regulatory bodies. Due to strict guidelines outlined by CySEC, IQOption doesn’t currently accept US traders. However, they accept traders from practically any region.
They offer trade on a powerful trading platform which is completely hosted online and comes with a multiple unique features, not to mention a vast selection of global assets.
If you are looking forward to trade options profitably, using the above trading hacks and tips will definitely help you improve your bottom line. Also, IQ Option undoubtedly fits the bill when it comes to range of assets, customer support, trader’s education and easy-to use trading platforms.