In binary options trading, as in stock or forex, a sound knowledge of technical aspects and understanding of fundamentals as well as what is going on around you, makes you an informed and productive trader. Knowledge helps and the more you have of it, the better. What complicates binary options trading is the number of variables. Technicalities may give you signals but then these are never 100% proved right. All said and done, knowledge can never be enough. The more you know, the better you can be at achieving accuracy in predicting movements and thus gaining instead of losing.
Learn
Think of your money as your fingers. Would you be happy if you lost one? In Binary Options trading, haphazard and guesswork based trading leads to losses. You can take the long route and learn all about charting, trends, averages, volumes, breakouts and other technical aspects while trying to understand fundamentals and global political, weather and other occurrences as factors that might influence markets. On the other hand, you could log on to a broker's website where you can learn or simply gain tips to profit in the short-term even as you pursue acquisition of knowledge.
The Broker
The journey starts with the choice of a binary options broker. Top brokers usually offer the standard trading platform, reasonable brokerage and timely payouts plus research based facts and guidance. Brokers earn regardless of whether you gain or lose but a caring broker does his bit to educating you so you end up winning.
Dry Runs
Try demo or practice or dummy binary options trade before you commit money. Maintain a log of your decisions and outcomes along with notes on the causes and effects and you will know where you stand and whether you are ready to commit money.
Swim with the Tide
Subscribe to services of "experts" who give you signals and help you profit. However, the variables are so many that even their signals can be distorted. You swim with the tide and sink. If you spend hours studying and understanding market movements, you know exactly where it is going and when to be wary of following the herd. Remember, it is a system where a few are manipulating the herd.
Spice it up
Dummy runs can be fine but once you have learnt enough to be of practical use, take it to the next level by committing money. Unless there is risk you will not act responsibly. The gains or losses can spur you to keep on learning. More is never enough in binary options trading.
IntelliTraders is a free Binary options trading community to help traders to learn and start trading with best brokers.
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