Here are some useful hints to get you in the proper mindset for successful Binary options Trader :
1) Set a goal of 10% profit as it is both binary options realistic and does not require more than 3 trades. (And yes a profit of 200-300% is possible, but this means you have to bid larger amounts and spend more time trading). Then 10% daily compound profit with a $250 deposit can easily turn into 10K, over three months time.
2) Set a “Stop” limit in place for trading such as “I’ll stop once I hit my 10% profit” or when losing “I’ll stop once my balance hits $_____”
3) Only trade in the 30 minute and 1 hour duration options. Although the 1 minute option is quite tempting, it’s where the biggest losses occur.
Also Read : 8 Benefits From Binary Options Robot
4) Be patient: It is important to that you know the lowest and highest points of your trade for that day. Always aim for the peak or low before placing your bid. You can bid more confidently when it is near the top or the bottom. Never bid when it’s in the middle.
5) Find the “guiding point.” Follow the trend of the 2 hour graph when bidding at the one hour option. Use the 1 minute graph as a guide to “bid” or “wait.”
For example, if the 2nd hour graph displays a downtrend, look at the 1 minute graph, if this is also down, go ahead and bit. Wait, if it’s uptrend. Wait til it starts to downtrend before bidding on the one 1 hour option.
6) Deposit only a minimum amount with which you feel comfortable. Feel free to ignore the bonus “bait” or broker’s threat. Set an amount; say $250 as a monthly deposit. When this starts making a profit, withdraw some of the profit per month as well. But always leave money for bidding. The initial aim is withdrawal the total you have deposited throughout the entire process.
Some of the above might seem a little too technical, but if you break it down, they are practical and will help you turn a profit.