How to be a Winning Binary Options Trader

Trading binary options can be a fun and enjoyable hobby for anyone who watches the markets or likes to bet but it only takes a bit of insight, preparation and discipline to win some of the money the more casual traders are losing.

First you need to be trading with a quality, reliable broker that gives high payout%, try Beast Options.

What to Trade on

Most profitable binary option traders specialize in 1 or 2 asset types on 1 or 2 types of binary options. At first you will probably try trading on many different assets and a few types of options. That’s good when you are starting out and getting the feel for things but after a while look over your records and you will find you are more profitable on certain types of trades than others.

When you have developed some Binary Option Strategies they will suit certain assets and option types more than others because of their characteristics.

Hopefully you can specialize in an asset you find interesting but if you find a system that works in with an asset you a find boring you will soon fall in love with it after a few big wins in nail-biting trades.

Have Strategies and do the Research

A system or strategy is a method for selecting options, that is when to call or put on what asset, and a method for deciding how much to invest. Read all about on our page Binary Options Strategies. You need to have enough faith in you systems to stick to it and keep investing in it even when you are nervous about losing. With minimum trades of ฿0.01 on Beast Options it is a great platform for testing your trading systems.

Always study the news and relevant market figures before you trade. All the information is available at your fingertips online and when you are trading within your system you will know what information you need and where to find it, meaning research will only take a few moments.

If you want to make quick and easy trades when you’re in the mood, that’s good fun but you won’t make long term profits.

Set Yourself Rules and be Disciplined

You will need some trading rules or a code you can stick by to avoid making common mistakes and to trade in a consistent and controlled way.

The Bitcoin Binary Option Guide Founder is a long term successful trader and shares his rules here to serve as an example. These rules work well for his trading systems and counteract some mistakes he is prone to make. Because you will be using your own system and you have your own tendencies your rules will have to be specially tailored to suit you.

• Only trade when undistracted and able to concentrate
• Never take an option because you want it to win
• Only trade within a system, never bet for the sake of it or for fun
• Only invest amounts that you can afford to lose
• Always research before trading
• Place trades at least 15 seconds before the dead line

The Bitcoin Binary Option Guide Founder does not stick to these rules 100% of the time but when he does he is profitable and when he doesn’t he is not profitable which proves the value of the rules.

Bankroll Management

Your bankroll is not necessarily your trading account balance it is the total amount of money you have available for trading. Even as a winning binary option trader it will probably not be your only source of revenue and it will definitely not be the only demand on your cash so working out how much you can invest and how much you need to take out in winnings is important.

Your staking plan, that is how much you invest per trade, is almost as important as your investment selections themselves. You need to be able to survive a bad run so if you’re staking 10% of your bankroll per trade you can only go on a losing streak 10 trades long before you go bust. The Bitcoin Binary Option Guide Founder’s stakes start at 2% of his bankroll but can go higher when appropriate.

A martingale staking plan has you increase your investments during a losing streak enough that when you eventually win you recover the losses, you should have a stop loss or be willing to lose your whole bankroll if you want to run a martingale. You can also try a positive progression staking plan which can be seen as an inverse martingale where you increase you stake during a winning streak to risk a certain % of the streaks profit.

One technique for building a bankroll without the risk of losing it all back is to withdraw half of your winnings and leave the other half in the trading account to grow the bankroll. So you could work out your winnings at the end of the month and withdraw 50% of them. And adjust that up and down depending on if you want to grow the bankroll or if there are other demands for your cash.

Part of Bankroll management and being a long term winner is working out your

Full Business Continuity

You need every component of your preferred way to trade to be as reliable as possible and you need a backup option for every component. The components are

• Funded trading account
• Hardwear
• Internet connection
• Electricity

For example your preferred way to trade might be on Beast Options via your laptop over your home broadband connection powered by your household electricity. Your backups could be via your smart phone over your smart phones data connection and battery. Job done… this section was a lot longer before smart phones.

Good luck and happy trading. Be Champions!