How to trade profitably with Binomo for beginners

How to trade profitably with Binomo for beginners

  1. Step No. 1 – trade training

Despite the simple operation algorithm, binary options are a major financial tool that cannot be effectively used without specialized knowledge and skills in market analysis. That is why the first step for any novice trader is obtaining the necessary theoretical foundation. For this, the Binomo platform has a training course, which contains:

  • knowledge base – dictionary with main stock exchange terms, providing not only comprehension of the basics of financial trading, but also formation of the unique jargon of stock exchange players
  • interactive tutorial – a book about binary options trading, which clearly explains the essence of financial tools, approaches to market analysis, and trade nuances
  • video tutorials – training clips with clear examples of trade and use of strategies, as well as news releases about binary options
  • and step by step instructions and answers by successful platform players to the most frequently asked questions

Using the set of materials provided by the broker, any beginner will be able to learn the basics of trading and proceed to an independent trade in the shortest possible time. In addition, the training program is available for free, so beginners do not need to spend money before starting to earn it.

Step No. 2 – practice of trade and strategy selection

The broker training program, no doubt helps in understanding the principles of trade and foundations market forecasting, but during transition to trading practice, many beginners often make mistakes. So traders do not lose money during the first trading steps, Binomo offers a demo account that allows you to train in trading with virtual money. It is worth noting that the demo account is opened on the real platform company, so beginners can get practical skills in real market situations, and analyze the fluctuations of these quotes to try different approaches to analysis and stock assets. For training, the broker provides virtual money, the amount of which is virtually inexhaustible – after using the money, you can use special keys on the terminal to automatically update the training capital.

During training on the demo account, you should also choose an appropriate trading strategy that in future will allow you to already be fully familiar with the format of the trading signals and the most suitable situations for transactions at the start of actual trading. The optimum version for beginners should choose simple approaches based on technical analysis of 2-3 efficient market indicators or easily identifiable patterns. For more complex strategies, scalping and dangerous mathematical techniques you must already have a sufficient level of skills in trading. Also, to protect yourself against losses, each new strategy should be tested on a demo account to which access is maintained at all times with Binomo.

Step No. 3 – beginning of the independent trade

Knowledge and skills allow the trader to easily and more confidently start independent trade and receive income. However, in this respect there are a number of nuances that must be considered in the course of trading. First of all, the beginner must selected a suitable timeframe graph on the broker’s platform. Today, we can use many trading strategies such as second and minute intervals on the quotes display, so you should choose the most convenient and secure one for trading. As such, beginners should start with the M1 timeframe, trading on which allows you to analyze the market and make transactions at a moderate pace, and only by learning to confidently sell, move on to second chart quotes. On the 1 minute interval, it easier to identify trading signals, and in addition, the trading range allows you to make better decisions, which clearly has a positive effect on trading efficiency. This timeframe allows you to trade short-term options and dynamically increase the amount of deposit.

Another important nuance is compliance with all recommendations on the use of strategies – trading time, trending market, flat expiration period, base asset, as well as money management rules, without which it is impossible to trade profitably.

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