subject: Binary Trading For Profit Making [print this page] Trading binaries can be fun and rewarding but they move extremely fast. The binaries also have human characteristics of their own. They are not strictly logical. The hourly binaries and 20 minutes also have quirks of personality, such as last minute changes of direction and despite trading 99% of the time one way, will flip in the last minute.
Here are a few tips to improve your chances of success binary betting -:
Don't be greedy
Don't be afraid to lock in profit; sure there is a possibility that it could go up after a drop, but it could drop down even more, wiping out any profit you could have got. I got stung time and time again by this last month, gaining some 2,000, not taking it and losing 500 instead. Also, don't get cocky and start cranking up the amount you're putting per bet just because you can. All it takes is one misjudgment..
Be Disciplined
It is very tempting to try different things to the advice given, for instance buying in Gold/Silver binary bets early because you think you'll miss out if you buy in at 4pm.
Accept the fact that there will be Losing Periods
Of course if you try and trade every day, YOU WILL FAIL. Be assured, no ifs, no buts, you will lose money. You have to accept you won't make money every day, you have to use patience, you have to know when to keep faith in your position and you have to pick the right time. I don't trade on some days, I stay out because I don't like the look of the market. Some days I'm right and it does something I'm not comfortable with, other days I'm wrong, it bingos out very early or the position just holds as I suspected.
Stop Losses
Stop losses don't really work for me on the hourlies as they can move so fast - you can be up, then down in the blink of an eye. I guess my stop loss is that I only normally bet an amount I am prepared to lose for the chance of catching the flip. I also have a target profit of 50% of my stake, so once it hits that I often sell if it looks like it may slip back. On flips bought in at low points I often walk away with 100% profit. For longer expiring binaries it is prudent to use stop loss orders.
Follow your Plan
In case you're wondering, this year, I'm up 25% because I stick to the rules religiously now. Yeah, yeah, I know some of you don't believe in religion, but this is the Church of Money, if you devoutly follow the rules, you will be rewarded ;)
