It's true that binary trading is profitable; however, you need to do it right. Studies show that most newbies make plenty of mistakes that result to them having unpleasant experiences with binary trading. To have a great experience and also make profits you need to avoid making these mistakes discussed by Yee Kok Siong a forex and currency trader:
Jumping in It's common for people to jump into something simply because they have heard that it's profitable. This shouldn't be you. While binary trading is profitable, you shouldn't start trading with the first broker that you come across. You should take your time to research and find a reputable broker who will guide you through the process. The professional should have an easy to use trading platform. He/she should also have a detailed resource page that gives you all the information that you need to kick start your career as a binary options trader. The cool thing is that you don't have to leave your desk to research about the trading broker that you are interested in. There are plenty of review sites that you can visit and get to know more about the broker. Failing to learn how to trade In the haste to make money, most traders don't take their time to learn how to trade. Most of them follow what experienced traders are doing. Others use trade copiers and robots to trade. While you can use a robot or copy the trading patterns of some experienced traders and make some money, you can't do it long term. In fact, chances are that you will make more losses than profits when you do this. To increase your chances of success in binary trading you need to take your time to learn how to trade. The cool thing is that most of the binary trading brokers provide demo accounts that have the same features present in real accounts. You use the virtual money thus you don't have to worry about losing money. Before you can invest your money in a real account you should make use of these demo accounts and learn the ins and outs of binary trading. Not making use of the stop loss features You may have come across traders who say that they will never trade again as they lost all their money overnight. If you research you will find that most of them lost their money because they didn't make use of the stop loss feature. This is a feature that allows you to set the maximum amount that you are willing to lose. With the feature in action, you don't have to worry as you can't lose a lot of money in the event the market goes against you. Gambling It's true that binary trading is all about taking risks but it isn't the same thing as gambling. In binary trading, you make an informed risk after you have read the market for some time. Some people make the mistake of opening many trades with the hope that some of them will make profits. In the end, they lose all of their money. To avoid making losses you should trade-not gamble. This means that you should research and find the direction that the market is more likely to tip and it's only after this should you open a trade. To learn more, please click here
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About Mr SiongAn arbitrageur and an investor and in the eyes of banker an HNI. Mr. Siong is a self-motivated entrepreneur who believes that no market is perfect and it is up-to an individual to understand that imperfect gap and business opportunity and make the most out of i Archives
December 2018
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