If you are just starting out, get your feet wet with the big currency pairs. These markets will let you learn the ropes without putting you at too much risk in a thin market. Dollar/Euro, Dollar/Yen, and the Euro/Yen are all good starting targets. Take your time and you'll soon be ready for the higher risk pairs.
Keep your screen clean and simple by limiting yourself to just those indicators that you find most useful. Cluttering your screen with dozens of indicators is only going to confuse you, since most of them won't really be giving you any useful information. The less you have on your screen, the better.
Don't expect miracles from Binary Option trading. Binary Option is not a winning lottery ticket or a garuantee that you'll become rich. It's simply one method of investment among many, and it doesn't work well for everyone. Re-evaluate your assumptions about Binary Option before you sink significant amounts of capital into trading.
To maximize your safety in the market, set goals. If you make a certain trade, determine where you would like to get out, from a high and low point.
Investors in Binary Option will have much better luck if they actually spend their time trading with trends rather than attempting to play the tops and bottoms of markets. The latter may seem more appealing, as you may find that there's more money in it for you if you win, but there's also much more of a risk involved.
Don't allow a few successful trades to inflate your ego causing you to over-trade. A few successes does not mean that you will never lose. Too many novice traders taste victory and decide to go all in and then they lose big. If you run into consecutive check my site losses like that, just step away for a day or two and return and remind yourself that you are never guaranteed success in trading even if it has happened to you before.
Emotion is not part of a Binary Option trading strategy, so do not let fear, greed, or hope dictate your trades. Follow your plan, not your emotions. Trading with your emotions always leads you astray and is not part of a successful Binary Option trading strategy for making a lot of money.
Know your Binary Option markets. The first market to open is the Australasia area, then Europe and finally, North America. Quite often a market's trading time will overlap with another one, making this the most active trading period. During the trading week, there is always a market open, where you will be able to make a currency trade.
A great Binary Option trading tip is to ride a win for as long as you can, and to cut your losses early. When you are profiting from a trade, it's best to ride it until the market changes. On the other hand, if you notice losses, you'll want to quickly pull out.
Respect your stop that you have in place and do not move it. It is best to finish a trade that is proving to be unprofitable quickly rather than waiting for things to get worse. It is real money at risk and it is better to calculate the better spot to enter, when it is possible to minimize the losses.
If you are a beginning Binary Option trader, resist the temptation to expand your trading into too many markets. Use major currency pairs for trading. Avoid becoming confused by trading across too many different markets. These are not good ways go about it, you can become careless and lose money.
The major currency pairs in the foreign exchange market to look out for are the U.S. Dollar/Yen, the Euro/Yen, the Euro/ U.S. Dollar, the Franc/U.S. Dollar, and the Pound/U.S. Dollar. You should carefully look over each of these pairs before deciding to take action on them to see if you missed any critical information.
Remember these tips and tricks when you approach Binary Option, to make some money. While it is true that you do not need to be educated formally on finance, you still need to understand how this particular market works and how you can capitalize from it, if you hope to achieve long-term success with trading.