We all make mistakes, we are not robots. Even if are not aware, we make small mistakes on daily basis. Trading in general aswell in binary options is also dealing with mistakes since no one is perfect 100% trader. Read these common mistakes that people tend to do when it comes to trading binary options.
1. OPENING TOO MUCH ACCOUNTS!
You do not need to open account on every binary options platform you see. It is better to focus and find one that will be reliable and will have everything you want. This way you will not be confused and lose time with logging in and such things. You have to minimize the work for yourself. But if it is a must, just do not go with more then 2 or 3 at once.
2. HOW MUCH IS ENOUGH TO START WITH?
You are asking how much to deposit for the first time. You have to keep in mind what is your plan and that you will have enough foor for errors in your trading account, otherwise you will be out of one soon. Also, it is not good to go all in and deposit few thousand dollars when you do not know fundamental things and also you need to get to know the broker and how trustable it is. Also please do not fall for free trainings and one-on-one sessions if you depost more money. You are better off learning from our website. But knowledge is important and a must.
3. BONUS OFFERS!
Free money while depositing certain amount is definitely appealing but you ahve to know what that means for you in real world. It sounds very good but ask your broker or account manager what does it mean for you if you accept this bonus. Sometimes it is better to not accept bonus because they want ridicilious amount of trading volume.
4. DO NOT START RIGHT AWAY!
What i mean is that when you have fully functional account do not get over excited and opening trades left and right. Focus! the time has come to slowly and with discipline build the account. Take your time and do soome demo trading to accumulate to platform. Research and act accordingly.
5. BROKERS THAT WANT YOU!
Check from different sources what are good brokers, do not settle with first one you see. You have to check if they are regulated, it is jsut better so you are safe when you go to sleep. Also do not trust broker on everything, he is there to make money from business.
If you will get any premium accounts offers or VIP accounts, you should check if they are reliable broker by withdrawing some money and how long does it take them and such things. It should not take them more then 2 weeks.
One if most important parts when it comes to trading is risk management. One thing is certain and that is, you will lose some trades. It has nothing to do with how good you are or bad(although good traders will have less losses), you will lose your trade eventually. I would not recommend doing trades that are too risky, it does not take alot to lose money. One of most important things when it comes to risk management is size of positions.
WHAT YOU WILL LEARN HERE:
- What is binary options risk management?
- Why managing risk is that important?
- Example of risk management in binary options
- 3 TOP tips for risk management
WHAT IS BINARY OPTIONS RISK MANAGING?
It may sounds easy but it is far from that to use such system. Why? Only because it takes alot with power of will and self control to make yourself an effective risk management plan. If you want to be successful trader, you will need to make one for yourself. You just have to stick to rules, no matter what.
WHY MANAGING RISK IS IMPORTANT?
This one is easy you will see! It is because you will otherwise be without money in your account, it will be gone fast. Which means, if you have no money in the account anymore, you can not profit anymore and make the account bigger in size. It is hard but it is also better to stay in the game then not being able to trade.
RISK MANAGEMENT EXAMPLE
First you need to have in mind how much you are willing to risk. Secondly, you need to check how much you have in the account.
Let us say you have $1.500 and you want to risk only 3% of that.
1.500 (This is our account size) * 0,03 (percentage value of your risk/100 ) = $45
Your risk ratio per trade is then 45$ and that is the max amount you are willing to lose per trade.
3 TOP RISK MANAGEMENT TIPS
- You have to get the knowledge. Do not fall for saying such as trading is easy and anyone can do it. But it is managable if you dedicate yourself to it. That is why you need good plan for risk managing.
- Do not invest more then you can afford to lose is also important tip to have in mind. You do not want to lose everything and not being able to trade at all as we said. You have to customize your account trading in such way that you will be able to survive thorugh losing streak.
- Follow people who are having expirience in trading or join our community.
To conclude everything. You need to be very focused on your trading plan and start slowly and build up. Trade with what you are comfortable and do your research and it is better if you think at the worst scenario so you prepare yourself. It is a thin line beetwen profits in binary options niche then losing the money.
Did you know that in order to be successful trader you need to have your emotional and mental state like robot – sort of. It is important as the knowledge itself with expirience and skills, this all determines if you are going to be a success or failure. Two most important aspects when it comes to trading is discipline and taking risks. But when it comes to psychology, emotions come in play such as fear, greed, regret and hope.
WHAT YOU WILL LEARN HERE:
- What is trading psychology?
- Understanding of emotions in trading
- Skills you need to master
- Skills you need to avoid
Please do not shoot yourself as the picture is referring too but some people get really frustrated that is why you have to better understand emotions. we will take a closer look at the ones that are connected directly with trading.
GREED. We all are greedy to some point, meaning we want wealth. When it comes to trading it results in such way that traders stay in a profitable trade since they want to squezze as much as possible and at the end the trade turns against them which results in a loss.
FEAR. Then we have this emotion which blocks us from taking risks if we have made mistakes in the past or we close the trade before. When you are in the fear zone you will most likely panic and that does not help you in any way because you will make most mistakes here.
REGRET. Usually it happens when you miss your start on a trade and you do it at later point but this is something that you defnitely need to have in order if you want to make profits. You have to be disciplined.
SKILLS YOU NEED TO MASTER
You may think now when you are reading this, why is this so important. It is because we act differently when we involve our own money into something. We do not want to lose and therefore emotions come in play. You have to master few rules for yourself in order to work normally.
DISCIPLINE. When you will have this mastered you will take emotions away from trading and will not affect your trading strategy. That means, you have a strategy before entering a trade, when you go out if it is a profitable trade and what to do if it does not go the way you want. You need to do this because before you start a trade, your choices are better since there is no emtion involved and you are in sort of neutral mode. After you put in a trade, we are in adrenaline mode where everything comes to your mind, from losing to profiting. Follow your plan and strategy to the point and you will be good.
PATIENCE. You think this is easy one but it is not. When you get a feeling that you can make money with a click of a button you will start seeing how important this is. You have to wait for appropriate setup to put a trade in. So wait for your strategy to fall in place as you plan not predict and then put a trade. On the other hand we also have patience that you need to have in mind, which is that you will not become a millionare over night. But if you keep profiting on daily, monthly basis and so on, guess what? You are on the right path to become one. Do not make mistakes otherwise market will give you a trading lesson of his own.
PEACE OF MIND. No, you do not need to start training yoga every day. It means that when you make a loss, you have to accept it and move on since it is part of trading and no one in this world is 100% trader. prepare yourself, for best and worst.
SKILLS YOU HAVE TO AVOID
You have to avoid these emotions but also accept them otherwise they will strike you at once! Accept but act by plan as we said and profit.
FEAR. We have already covered this one since it is really important. You have to learn to control it because it can destroy even the best strategy you have if you will act upon this emotion. If you fear to lose money maybe you should first take a step back and start slowly so you become comfortable with trading.
FRUSTRATION. This is something that is well connected with fear itself. For example, you se that if you would follow your strategy you would made 5 profitable trades in the past days but you were too scared to put a trade. Now you just jump into the market to make back the profits that you potentially did not make and again, ignore the rules to the point . We know where this leads you.
As you see emtions play big role in trading and there is very thin line beetwen one and another. Therefore there is no real recipe when it comes to this and controlling your emotions to become superstar trader. To become that, you actually have to go inside yourseld and find that inner will and balance. After all, if you do not do it, you will learn it the hard way but you will learn it either way.
To conclude all this, i would say that successful traders have in common next:
- Know where is their personal and account limit
- They have risk management setup
- Dscipline in order every time possible
To deposit money with broker is an easy task because who does not want to take money. This steps, first ones are usually easy ones since you give them the money, the “problem” comes when you want to withdrwa your profits or the money that is left in the account. There comes to complications because they want to check that everything is fine and that the right person which also deposited, gets his money, so there can restrictions on brokers end or there is some human factor involved.
WHAT YOU WILL LEARN HERE:
- What are withdrawal basic informations?
- What do you need to withdraw?
- How to cash out money – process?
- Withdrawal waiting times
- Can i withdraw money at any time?
As we may know, brokers operate globally since traders are from all around the world but they are phisically located in one place. The same method that you have used to deposit money can also be used to withdraw it. To withdraw it you have to fill and submit few forms so there is no money laundering involved basicly and this step is required by law. This is not they are holding your funds, it is for your own protection. Another issue which can happen is the maximum you can withdraw, so you need to check that with your broker to know it before when it comes to it.
WHAT DO YOU NEED TO WITHDRAW?
These are the forms and type of identifications you will need to give to your broker when you decide to withdraw the profits:
- Your ID scan(picture must be visible)
- Proof of your address(You can do that by giving them bank statement or utility bill for example)
- Scan of your credit card if you have used it to deposit money
This is not scam traders out of their money, it is just a standard procedure by law which must be done in order so they can send you money.
HOW TO CASH OUT – THE PROCESS
In order to start with withdrawal process, login to your binary options broker and navigate to the right section. When you are there you need to enter the amount you want to withdraw. You have to meet some minimum, which means if you want to withdraw the money you have to meet these kind of profits. After you have choosen how much you want to withdraw you choose the payment processor and confirm the process. After that, the representative of binary options broker will contact you for further details and will walk you through that everything is done smoothly. When eveything is done you should receive your money in 7 days time.
WITHDRAW MONEY ANY TIME
Actually you can do that any moment you want to request your payment if you have meet the minimum. If they do not allow you that then i would double-check if broker is really legitimate. Definitely check if your withdrawal is not possible because of the bonus since that is reasonable and broker will tell you when it is going to be available.
If you wish to make profits with trading binary options you have to know how much to deposit. There is alot of people want to succeed in making money online especially from trading but the reality is, that there are only few of them to make it. Few of these have the mindset in right place but can not afford to lose too much and therefore they do not even start. There is also a group of people who rather spend money on commodities such as beer, going out, cigaretters, etc.. you get the idea. They are abit special group and it is better to avoid them since they usually have always to complain about. Nothing wrong about that, they just have such habits.
WHAT YOU WILL LEARN HERE:
- How much to deposit?
- How to start and make a deposit?
- is it safe to deposit?
Then we also have guys who have the minimum amount of deposit and think they can learn from demo account and apply same strategy in the live account with 200$ in them. The expirience is great and they will learn alot but in reality it will be hard or really not alot of space for mistakes and errors which tends to happen when you start trading. And with minimum of 25$ per trade you can not afford to have many of such mistakes. Therefore i suggest that you have atleast 500$ to start with. It is possible to make it even with less but this is just better since it gives you more space. Bigger your account size is the better your risk management can be.
HOW MUCH TO DEPOSIT?
As you have read, we have different types of people with different mindsets when they apply with broker, deposit their moeny and start trading. I would suggest you are one of the smart ones and actully read everything that is needed about binary options which you can do here on our website. Learn who are regulated binary options brokers and deposit when you have enough money for some good money management and learn first through demo account to get used to it and feel comfortable. If we go through numbers, i would recommend minimum around 400-500$ to start with since you ned to have room for mistakes, basicly you need to afford to lose. This is the only way you can win and make money and grow at the same time.
HOW TO MAKE A DEPOSIT?
I think this is pretty straightforward process but we can go through it. Just register at broker of your choice, navigate to page where you can deposit. Use your prefered payment method, select the amount for deposit and confirm the transaction. It should not be more then few minutes for money to appear in your account unless there are some rules by your broker. After that, you can ask for your bonus.
Most common payment processors you can use for depositing money to your account is credit card, moneybookers or skrill now and wire transfer, which can take up to few days to hit the account.
IS IT SAFE TO DEPOSIT?
It is perfectly safe if you deposit your money to binary options brokers that are regulated, so i would suggest when you decided for this step to check our recommended brokers. Just be sure that you do your home work and check which ones are regulated and you will be safe since trading binary options is the same form as you would trade stocks or forex – legitimate.
Brokers uses alot of their effort to sign up new traders and start trading and one of that tactics are the bonuses. Brokers offer bonuses only in return when a new trader register and deposit money with them. Either way, bonuses are great way for to boost their bankroll. Bonuses were not that used in Forex trading. The main reason brokers started offering bonuses is simply because it is so effective for them.
What you will learn here:
- What are binary option bonuses?
- Can you withdraw bonus?
- Is bonus free?
- What types of bonuses exist?
- What are best bonuses?
You don’t have to be a genius to understand that people who were interested to trading will be more likely to make an account and work with a broker that offers them a big bonus. That’s the way the binary option bonuses were introduced traders. At the moment, almost everyone if you ask them directly will offer you a bonus.
The idea behind offering binary options bonuses is rational even if much of new traders have hard time to believe in such offer. These bonuses are seen as investment because later on, they will encourage new traders to register and despit their first money. Some new traders also check who has the best bonus to offer and they choose their broker by this standar but it is not something that is adviseable to do. If you preffer some broker more i would rather contact them directly to offer me some good bonus and go with them since most likely they will be happy to assist you.
CAN YOU WITHDRAW BONUS RIGHT AWAY?
It’s logical that you can not withdrawn your bonus immediately simply because there would be to much frauds. People would start registering new accounts and just withdrwa the money. To avoid this, traders have the right to withdrawn the bonus if they met the requirements. If you want to withdraw your bonus, the traders will have to trade certain volumes of asset. For example, Trader will need to trade 100 $ in order to receive 10$ as bonus. But traders will have the chance to withdrawn the profit they make without problems because the requirements are viable only to bonus offer.
IS BONUS FREE?
The binary options bonuses are real but they are connected to a real money deposit as well. Traders will be required to make a real money deposit first, if they want to receive the promotional offer from their choosen broker. This is one of the most effective marketing tactics to make traders register a real money deposit account and start using their money for trading. But it’s normal that the bonuses are tight with a money deposit account because if they were not, traders would just register, take the bonus and generate some profits with the bonus money.
WHAT BONUS TYPES EXIST?
First deposit bonus
Something that is provided by majority of brokers. The free cash you receive as bonus is given to your initial deposit. This means that if trader makes a deposit at the broker that offers such bonus, he will receive additional money for free. Most popular among them is match bonus. By many, this is one of the best bonuses offered from the brokers.
Example, if a broker offers you a 100% bonus match on the first deposit, you will get the bonus money if you chose to deposit. Brokers can’t always offer free money and bonuses and that’s why there is a cap to these kind of bonuses, in some cases. That’s why brokers use a limitation for bonuses and in most cases the limits are in 1.000$ – 10.000$.
This type of bonus only applies to traders that have history of trading and they want to make another account in near future. But there is a catch with this bonus as well and the rewards are not as big as they are when you deposit for the first time.
This type of bonus is very rare because the broker offers you a bonus that does not require any deposit of your own money. Amount you get is very small and turnovers to withdraw such bonus are higher.
THE BEST BONUSES
It’s recommended to understand the trading bonuses before you make any decision. You can’t avoid the requirements but you can make sure to make them as low as possible. Many unknown brokers are giving outrageous requirements for you to be able to withdrwa the bonus. So make sure you get a good bonus while you still are able to get it out and profit and use it in real world. Try to find a broker that is not trying to trick you that is why its better to sue popular and regulated broker.