Wednesday, November 6th, 2013 by Tim Lanoue
When it comes to trading online with binary options it is essential for one to have a solid trading pattern set in stone before any serious trading occurs. Many people may feel like trading binary options is like gambling that would be seen at a casino but they are severely mistaken. Trading binary options is no black jack and if you want to become a successful trader then you need to have a smart binary options trading pattern. Below I am going to give you four rules that should be followed when developing your trading pattern to help better increase your success rate as a trader.
Binary Options Trading Pattern Rule #1
Research a trading pattern and stick with it. Don’t pick one out only to change it a week later, you need to have patience with any trading pattern and make sure you do a large amount of practice trades. These practice trades can be done on demo accounts or done by paper trading. Ideally, you want no less than 500 practice trades before you start to use real money to know that your trading pattern is fundamentally sound.
Binary Options Trading Pattern Rule #2
Perhaps one of the most important rules would be to follow a strict money management portfolio. Never risk funds that you do not have in your account or that could severely deplete your account. Take the safe route and only trade 3% to 7% of your account on a trade, never more than 10%.
Binary Options Trading Pattern Rule #3
Do not force or chase trades in the hope to make a few quick bucks. It seems like everyone today is always looking for a way to make a quick buck but trading online with binary options is not one of those ways, you need to play it safe and use your money wisely. So do not force a trade if you think that an asset will go a certain way and do not chase a trade if you have lost it in the hopes to gain your lost money back.
Binary Options Trading Pattern Rule #4
Never give up or get discouraged. No one ever said trading online with binary options would be easy. It can be an extremely difficult job or hobby to fulfill that requires many hours of research and most importantly experience. Each day you have to ask yourself, how can I become a better trader today or what can I do to help improve my success rate as a trader. Stay hungry and things will work out for you in the end.
Binary Options Tips – 5 Things you can’t do without! by Michael Freeman
Trading binary options is no walk in the park but if you have a sound trading pattern then your chances of succeeding increase exponentially. If you follow these four rules and implement them in your trading pattern then you can bet you are on the right path to become a better trader. Before you start trading also checkout the latest video on “Binary Options Tips – 5 Things you can’t do without!” posted on Youtube! Check it out and make sure you can meet the basic requirements for day trading.