Becoming a better binary options trader is difficult. There is so much conflicting information out there, and everybody is selling some silver bullet that is supposed to bring success overnight. Faced with an information overload and nothing certain to hold on to, many traders are confused about what they should do next. To help you solve this problem, we have created our guides section.
In this section, you will find the guides that objectively show you what matters with binary options. To get started, we highly recommend these articles:
You can see all of our guides to the right of your screen.
To put you in a position where you can take advantage of our guides, this article will guide you through the all-important first steps. You will learn how to:
Now, let’s get you started into the exciting world of binary options. Through it all, we will be here to help you become a successful binary options trader.
To enter the exciting world of binary options, you first have to open an account with a binary options broker. This account is your gateway that allows you to access the market, which makes choosing the right broker one of the most important decisions of your trading career.
To help you make a good decision, we have tested all the binary options brokers for you. We have sorted out the weeds and only left the good brokers in our list. You can safely choose any broker from this list:
To find the broker that is perfect for you, compare the assets and the binary options types that different brokers offer. If you prefer a certain option type or asset, make sure that your broker offers them.
If you are an American trader that wants to trade binary options based on stocks in the evening, you have to make sure that your broker offers Asian stocks. A broker that only offers American and European stocks would be a bad fit for you, because these markets are closed when you want to trade.
After opening an account with a broker, your next step to binary options success is understanding the different kinds of binary options. Fundamentally, there are three basic types of binary options:
For each of these option types, there are numerous variations. Especially high / low options provide the most variations of any binary options type. There are 60 seconds options, which use extremely short expiry times, long term options, which use extremely long expiry times, ladder options, which allow you to choose your target prices, and many more.
Learn about the three basic option types, and you will understand all other binary option types, too.
Successful binary options trader neither invest randomly nor based on hunches or feeling. Traders that allow their emotions to guide their investments usually lose all of their money quickly. To avoid this disaster and become a successful trader, you need a clearly defined, objective trading strategy that excludes all human factors, such as emotions, feeling, hopes, and fears, from your trading.
With such a trading strategy, you can be sure that you always do the same thing in the same situation. Your trading has become repeatable, which is why you can judge it objectively. After a certain number of trades, you will know exactly whether what you do works for you or not.
With that knowledge, you can analyze every single aspect of your trading strategy on how much it contributes to your success. Throw out what does not work for you and keep what does. Step by step, you can improve your trading until you arrive at a strategy that will make you money by the end of every month.
Without such a clear strategy, you will never know why you make money or not. You will constantly dabble from one try to the next, always unsure of what to do, and always losing money, but you will be unable to learn from your mistakes and improve your trading.
To help you find your perfect strategy more quickly, you can keep a trading diary, in which you note the reasons for every decision you make, thereby gaining clarity on what works for you and what does not. You also need a money management system that helps you survive losing streaks, which happen to everyone once in a while.