Trading Tips to Early Success
Step 1 – Open Demo account
Get Familiar with a demo account on a new platform (Nadex in this case) first is a sensible idea. You will be funded with simulated money so you can try numerous options and markets. It’s the ideal place to practice & make mistakes and learn before you put real cash the line.
Step 2 – Choose an Instrument/Market
You can trade binaries in pretty much everything, including forex, indices, and commodities. You can bet on anything from the commodity price of natural gas, to the indices price of S&P 500. Opt for an asset you have a good understanding of, that offers promising returns.
Step 3 – Pick an Expiry Time
As a short-term trader, you’ll probably be more interested in 5 minutes, 20 minutes and other various expiry times. You need to balance binary options trading volume with price movement. Although the more trades you make means greater profit potential, it’s better to make fewer and more accurate trades. Practice to find a time that compliments your trading style.
Step 4 – Decide On Size of contract
In this process, size does matter. The greater your investment the greater the possible profit. On the flip side of that coin, remember the entirety of your investment is on the line. You need an effective money management system that will enable you to make adequate trades and still protect losing all of your investment.
Step 5 – Document Results
You will have any number of the options choose from. Think carefully about how confident you are in your determination. Consider factors that will endanger your investment and choose an option that gives you the best chance of achieving success. Don't opt for trades because you want huge returns, consider which options are the relatively safe bets.
With that said. Document your thought process and why you took trades and the results of those decisions. Doing this will help develop you into a consistent successful trader in the end.
A great place to begin is by using our free trial which will allow you 14 days of free signals that you can try and evaluate for your own study. Earn while you continue to learn.
Good Luck and you can reach out to me or any of my team members if you have any questions about our service and what we can do to help you reach your goals.
Natasha Aims ~