The new year is an opportunity to improve your binary option trading results; review and revise are operative words. Read on for tips on how to increase yours!
Prepping For Binary Options Profits
2014 has just come to an end and whether you are net profitable for the year or not it is time to get ready for the 2015. Believe it or not your preparations for the coming year are the most significant thing you can do to improve your results. Of course, you still have to focus on your education, tracking the markets and making good trades but without a solid foundation to work from your efforts could be worse than meaningless. Trading is serious business and it takes a serious approach to be successful. Remember, those who don’t learn from their mistakes are doomed to commit them again, and again, and again.
- Review your broker and switch to a new one if needed. Choosing the right broker is on the front lines of your defense against scams, fraud and unnecessary losses but you can’t just trust them once you pick one. You have to ask yourself, are they still trustworthy? Have you had problems with withdrawals, misunderstandings about bonus terms or other? It is also important to keep track of changing terms, changes in regulatory status, ownership of the company as well as your overall satisfaction with them. The terms are where the greatest chances of changes occur, they can be altered at just about any time and may have an impact on withdrawals, bonus terms/turnover and trade sizes along with every other aspect of your account. This is especially true if the broker has received regulated status over the course of the year, or if it is bought out by another business, an event which has been happening a lot recently as the industry consolidates. Review this article about dealing with brokers: Binary Trader Protect Yourself. Our two most recommended brokers are MarketsWorld and IQOption.
- Track changes in regulation. Regulation of binary options has always been a tricky thing to nail down. On one side of the coin financial regulators don’t like to recognize binary as financial products, on the other what’s regulated in one country is not allowed in the next. In between those two extremes are a rapidly changing environment in which expanding regulation is making it easier for some to trade safely, and others to be completely shut out of the market. A change in regulation could do a number of things for you, not all of them good. You could find a newer, better, safer broker available to you or you could find the safe broker you were using banned in your area. Keeping ahead of any changes will greatly enhance your experience and satisfaction but remember, just because a broker is getting warnings from one jurisdiction does not mean they are bad, it just means they aren’t regulated by the agency issuing the warning. This article recaps some changes made in 2015 “It’s Been A Busy Year For Binary Options Regulators.”
- Trader, Know Thyself! Now it’s time to look at your own trading, your strategy and system. The first question you must ask is this, have you been following the rules? Every strategy and system and comes with its own rules that must be followed for constructive changes to be made. If you haven’t been then that is the first thing you need to do, commit to following rules. Random, wild trading will only result in net losses, even if you strike it rich on a lucky trade or two. If you have been experiencing a lot of losses this could be the reason why, and if it isn’t, you won’t know because you haven’t been following rules. Personally, the thing that helps me follow my own rules is by posting my trades and ideas for others to see. Once you learn to relay on your rules I think you will find it makes trading easier, and helps to reduce the effects of fear and greed. I’ve learned that by sticking to my rules I can forget about the open trades, if they win or lose, and focus on the next trade set up. You can read this article for more on trader psychology, “Trading Psychology, Discipline And The Importance Of Overall Balance”
- Strategy review. The final step is to review your strategy, assuming of course that you have indeed been using one and following the rules. It’s OK if you’re rules are simple, or if your results aren’t that great because this is the time to make improvements. Look back over your past trades, try to identify which were the best and why. Also, which were the worst and why? Use this knowledge to adjust and improve your rules so that you can weed out more of the weak or false signals and target more of the strong signals. If you haven’t been keeping track of your trades in a meaningful way this is the time to start. I like to keep track of all my trades, two articles that can help are, “So, You Want To Be A Better Trader” and “Tips For Choosing Binary Options Expiry”.