That binary options hold a great potential for attractive profits is, by now, common knowledge.
It is also the main reason why so many traders in South Africa and around the world, take part in this online trading venture. However, the question that all traders ask is – what are the best tips for a successful binary trading journey?
After all, that is what all binary traders want.
In this article, South Africans can find useful tips on how to approach trading binaries and be successful at it.
Established Binary Brokers
It is not possible to make an omelette without eggs. It is a simple truth.
And, by analogy, hopeful South African traders cannot have a successful binary trading journey without an established broker. This is the starting point and it is crucial to get it right.
This is where broker review sites like Tradingbinaryoptions.co.za can be extremely useful. Here, traders can find an abundance of great info all neatly presented in one place.
With more than 500 binary brokers available online, it can be demanding to find the right one. We advise newbie traders to inspect brokers such as IQ Option, Daweda Exchange or 24option which have been in business for quite some time and have a fine track record.
However, it is also important to visit binary broker platforms and inspect the overall quality. Naturally, South Africans ought to check which trade options certain broker offers as well as the number of underlying assets and trading features. There is no need to rush with this decision as it may determine the future success of failure in binary options trading.
Increase Investment Amount
The fact that virtually anybody can take part in binary options trading due to the affordable initial investment has also played its part. A brief inspection will soon confirm that the minimum deposit with most brokers is set at $250.
In fact, with some popular brokers like IQ Option mere $10 will suffice.
However, what South Africans also have to bear in mind that minimum investment isn’t likely to bring in thousands of dollars. It can be great as an initiation into binary options but at some point higher investment will be necessary to achieve better results.
The higher investment will enable traders more trading tools and features. They may choose to select some of the more advanced trading account types which could also boost their chances. That is the reason why we are including this among our best tips for a successful binary trading journey. Yes, it will be a bit scary at first, investing more, but risks are always involved with any kind of financial trading.
In the end, invest more to get more is more likely to be true than not.
Binary Broker with a Demo Account
One of the best trading tips for successful binary trading journey we can offer South African traders is to always look for a binary broker with a demo account.
Why? Because this is the unique opportunity to test and experience binary trading process without being exposed to any sort of risk! True, traders will not be able to make any profits because the demo account is funded with virtual money but they will gain experience. And that, as is obvious, can be very useful in trading and consequently obtaining the profits.
By taking advantage of the demo account South Africans can get familiar with the trading platform, underlying assets, trade options and useful trading strategies.
Plenty of Trade Options and Features
Binary trading has another ace up its sleeve – it is diverse. And, diversity makes it fun and exciting!
From various trade options to underlying assets which can number more than 200, South Africans will find that the choice is far from narrow.
Additionally, there are plenty of trading strategies and features as well as tools they can use to further improve their chances for a successful binary trading journey. Hence, the next trading tip for binaries is to make sure a broker offers plenty of trade options and features which can be used in the trading process.
Usual trade options include the popular High/Low and 60 Seconds, as well as Boundary Options, One Touch, Ladder Options or Range Options. With some binary brokers like the popular AnyOption, traders can find more exotic trade options like Bubbles or Dynamics. With binary broker StockPair, it is possible to trade Kiko options.
On the other hand, having features like the already mentioned demo account is fantastic for practising purposes.
Double Up or Rollover can also be a huge help to South African traders as the first one allows them to double their investment if it is going in the right direction. The second one, Rollover, can be used to delay the expiry time if the trade is not going in the predicted direction.
And, since this is the 21st century and the entire world is running rather that walking, selecting a broker which offers a mobile trading app as one of the features can be immensely important.
That way South Africans can trade on the go and not disrupt their daily activities.
Understand The Market Psychology
Emotions have to be mentioned when it comes to trading binary options and the reason is simple – they play a huge part in it.
Sometimes for the better, sometimes for the worst.
However, we need to stress their importance and that is why we are placing them among best trading tips for a successful binary trading journey. South Africans who want to obtain profits in binary options need to keep a cool head and understand market psychology.
Financial trading is both fun but can also be stressful, yet if traders cannot control their emotions their trading journey in binaries will be short-lived. Loss happens, profits happen and binary trading is a combination of both. This is not gambling this is business and it has to be conducted as such.
If South African traders invest their time into learning, and if they continue to learn and upgrade their knowledge they are less likely to lose their temper and make irrational trading decisions which usually lead to losses.
Form a Solid Trading Plan
Is it clever to take up any sort of financial enterprise without a solid plan?
Of course not. Luck can get traders to a certain point but it will not bring in the big profits. That is why we are listing forming of a trading plan among our best tips for successful binary trading. It might sound difficult but all it takes is a little bit of time and willingness to learn the basics about trading binaries.
To form a solid trading plan South Africans have to rely on facts – market circumstances, underlying assets and what affects them, pros and cons of trade options and available strategies. It is also good to predetermine the funds traders wish to invest on a daily or weekly basis and stick with it. Ideally, South Africans should invest between 2 to 5% of funds on a single trade and never more than 10%.
This is the “never put all your eggs in one basket” approach.
Once traders create a trading plan they are less likely to slip into instinctive trading or develop harmful trading behaviour such as over-trading. As evidenced by the collection of trading tips we provided, successful binary options trading journey does not depend on a single element.
Rather, it is a collection of different but equally important aspects and with time and effort, it is the careful balancing and determination that could bring in the coveted profits.