The best way to ensure an enjoyable binary options trading experience is to be prepared. Not just for trading, but also by protecting your investment. Don’t let a problem you could avoid bite you in the ass.
Binary Options Terms And Conditions
The number one way to ensure you have an enjoyable and profitable binary options trading experience is to be prepared. Of course I mean that you need to be prepared to trade, to understand technical analysis and use proper money management but I also mean by covering your ass. There are many ways in which a trader can do this, the most important is of course to read the terms and conditions. This is the list of rules the broker operates under and details things like how rates are calculated, how to make deposits and withdrawals, bonus conditions and other banking requirements. Often times the terms can seem to be a little harsh but be realistic, the brokers have to protect themselves from fraud just as much as you do. I can’t tell you how many stories of fraud and loss I have heard that could have been avoided simply by reading the terms.
Documentation is one key to avoiding scams or fraud. I suggest that when you open, or even before you open, your new account you first start a new file on your computer. This file should be called something simple like “Binary Options Documentation For Broker X”, X being the name of your chosen broker. Start with the terms and conditions because this is the foundation of the agreement you are making with the broker. I know, I know, many times the terms come with the condition that they may change at any time without notice and this presents a small problem, one that can be avoided by taking a nice screen shot of the terms when you join. That way if they change in some dramatic way that negatively impacts your account you have some evidence on your side. Additionally you should also check the FAQ’s, particularly about deposit/withdrawals, and take screen shots of those as well.
Once you open an account you will be contacted by your account manager. He/She may or may not offer you special benefits such as a bonus, trade insurance or other incentive to trading. These will most definitely come with some form of requirement including but not limited to a trade volume minimum. It is very, very important to get screen shots of all information pertaining to your particular deal including any Skype conversations and for sure save all of your emails. This way, if your manager leaves, forgets what he told you or you have any other issues you have evidence of what you agreed to. This of course includes keeping track of your trade volume. It may sound tedious but if you want to be sure of clearing your trade volume minimum you need to keep track of all your trades. This can be as simple as a screen shot of your daily activity or as complex as a shot of each individual trade. I recommend taking shots of each individual trade because this information could be useful at other times as well.
After your account is funded and you have cleared any trade minimums you may be obligated to I recommend making frequent withdrawals. Taking a step back this means making sure you provide all the required documentation for withdrawals. I highly highly recommend having all that information with you when you sign up, what you need will be detailed in the terms. Then, make one just as soon as you can to ensure that the process works the way it is supposed to. Once that is established making one withdrawal a month or every two months is a wise thing to do. There is no reason to leave unnecessary funds in your account and now that so many broker accept Skrill and other eWallets it is easier than ever to make quick deposits and withdrawals.
Safe Binary Options Trading
It is possible to safely trade binary options, you just have to be careful. Try to avoid the compulsion to instantly fund an account and start trading, it will help you more than I can say. Take the time to fully read the terms and conditions then be sure you document everything the broker and your account manager tell you. Taking these steps won’t protect you from all the hurdles facing traders today but they will help to ensure you have an enjoyable experience. Trading takes time and can be very frustrating, you don’t need to compound frustration with problems you could easily avoid.