7 simple steps to successful trading on Binomo
Updated: Dec 13, 2019, 06.28 PM IST
Binomo is an innovative trading platform that enables people to earn money online. Anyone familiar with trading knows the ever-so-common situation when trades just stop going right. It is nothing to worry about. The most important thing is that you handle with your emotions properly and take control of the situation. We have prepared this article specifically to help you be able to trade long-term and protect your account from uncontrolled losses. Start trading on Binomo following our recommendations and always be on the plus side!
Skilful use of trading strategies is good, but proper management of your money is better!
There are no traders who have never faced losses, but there are those who are forever disappointed in trading after losing all their money. If you don't want to be one of them, we suggest you follow our simple tips.
You must agree that a singular success or loss won't make a difference in the long run. The most important thing is that you gain experience! Don't forget that trading is not a lottery, it is work.
We offer you this short guide to help you stay in the black:
Your trading on the platform should be systematic. This refers to both the trading strategy that you're using, and the total time allotted for working on the platform.
Creating your system is the right way to success!
2. Account balance
The higher it is, the easier it will be for you in the future. If your balance is $50 and a failed trade costs you $10, your loss will be 20%. That's pretty significant, don't you think? You would then only have 4 attempts to get back to the original amount, which would require you to be even more careful and focused.
But what if it was $500? An unsuccessful trade of $10 would not cause any major damage, because that is only 2% of the total balance.
So, a lot depends on the initial account balance. We recommend that you carefully choose the amount of your trades, especially for beginners!
3. Capital management
Just like in the last point, we'll give you specific numbers. If you still don't have a lot of experience, the safest option for you would be trades that don't exceed 2% of the total balance. Moreover, we recommend keeping the total amount of all open trades to no more than 15% of the balance.
If you already have a bit of trading experience, you can calculate a safe percentage for yourself based on your preferences and goals.
4. Limiting losses
Introduce a daily limit on the number of failed trades, for example, 10. Or, on the percentage for the total balance, 15%.
Never exceed that limit, even if you feel like you're about to hit the jackpot!
Trading is a dynamic way to earn money. It is constantly evolving, new trading strategies come out, and new assets are introduced.
To avoid losing your money and stay on top for as long as possible, spend more time studying!
6. Controlling your emotions
Pay attention to your behaviour during the trading day. Your emotional state, whether it's positive or negative, should not prevent you from following your trading strategies!
It’s very important to keep calm and be guided by experience, not by impulse!
7. Market analysis
You must analyse the market to make the right decisions in the future using your experience of making successful trades. And, to avoid repeating the same mistakes which previously led to losses.
Remember these 7 points and try to follow them for at least a month. You will see trading becoming easier and the number of successful trades you make will increase!
We wish you profitable trading and increases in your capital! Start trading on Binomo right now!
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