Get to Know Your Broker
Inside we include a full review of 24option. Be ready to trade with the best.
Experienced traders have a different set of needs than new traders do. These people have already proven that they are profitable, determined, and eager to learn new skills in order to keep earning more money.
If you fit into this category, you probably have some concerns when it comes to finding a new binary options broker. You probably already know some of the things that you need, but others you might not. Let’s look at the things that you might want in order to help take your trading to the next level and make you even more profitable than you’ve already been.
Bonuses are far better for those that have a history of success than for new traders. In fact, it’s often encouraged that brand new traders completely disregard aiming for a bonus and instead focus on just finding a broker where they will see long term success. Here’s why:
The typical bonus structure in this industry has a 30x unlocking threshold. If you have a bonus of $500, you must trade $15,000 worth of binaries before you can have that $500 as your own. That is a lot to risk for very little reward. However, if you are already making money trading, there is a much higher chance that you will get to see all of this money. You’ll be trading anyway, why not make an extra $500 while doing it? This goes for any bonus amount. As long as yu are a profitable trader and the timeframe in which to meet your threshold is realistic, bonuses are an easy way to give your trading account a small boost. When you are already making money and there’s little doubt that you will keep doing so, you have the luxury of focusing on getting a bigger bonus. And the bigger the better. It’s free money, so you may as well make the most of it.
If you have been successful in your trading, you may want to try some of the tools that are out there to help you enhance your trading. Signals services are a great way to do this, but only if you get the right ones. Some of these products are super successful and have a lot of expert advice going into them. Others are downright scams. Don’t fall for the ones that are just out to take your money, but instead, go with something that will benefit you.
One of the new developments in the industry is automated trading. These robots are work free once you have them set up. You just have to customize how your account is set up through the robot, and then they do the rest for you. It’s quite similar to how expert advisors work in the Forex industry, except they are for binaries. These are new, but you can almost certainly expect them to grow rapidly in popularity and availability.
Beginners should stay away from the exotic trades like the boundary and the one touch trade. These are much harder to be successful with and as such, require extra experience. But, once you know what you’re doing and how to use these, they have a lot of potential. This is especially true of the high yield trades that can return 300 percent or more on a single trade. There’s an easy way to figure out if they will be profitable for you. Simply convert your chances of being correct in the trade and compare it to the return rate. If you are risking $100 to earn $300 (a $100 risk with a 300 percent return), that means that your break even point is 25 percent. If you can be correct with your predictions 26 percent of the time or more, then it becomes a profitable trade.
Once you get to the upper levels of trading, this math becomes important. Before, you just want to be correct in your prediction of whether the asset will go up or down as often as possible. Eventually, though, you need to worry about the math behind the predictions in order to make your trades as profitable as possible. At a certain point, if the math is off consistently, you will lose money. If it keeps up long enough, you’ll go broke. The best traders know that they are headed this way long before it happens, and take steps to fix whatever their current strategy is.
You cannot become a top level trader on your own. You will need guidance from some sources, whether it be books, online tutorials, or fellow traders. If you have questions on how to approach something, ask. This will help you see what works and what doesn’t far faster than your own trial and error will. It’s a shortcut to the top, and it’s worth taking. Your peers and the experts are where they are for a reason, so use them as a resource to improve your own trading.