- Binary option is quite different from other forms of financial trading & requires a great deal of knowledge of the trading rules & the factors that may affect trading. So before you actually put your money into a binary option make sure you are familiar with the rules of the game & all the things that may affect your chances of winning.
- Always choose your broker carefully. Make sure the broker you have chosen gives a high return on investment. Otherwise, the money you can earn will be lower compared to some other traders. Also make sure that the broker has a free trading platform & lots of assets.
- Different binary options come with different expiration times. Expiration times of the binary option vary from Intraday/hourly to daily, weekly, monthly & yearly. The option you choose to trade on will certainly depend on how quickly you want to earn profit. Longer the time of expiration harder it will be for a trader to predict the outcome. For instance, you wouldn’t know how the market will behave a year from now. So it is advisable that you trade in options with shorter expiration times. The shorter the better.
- It is extremely important that you follow news to keep track of what is going on in the market. People who read the news have a better chance of making the correct predictions that compared to those who do not follow the news.
- Always plan your trading schedule well before you actually start trading. It will keep you organized & will also save you time.
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September 4, 2011 | by John |