Today I would like to provide you with a step by step guide how to become a trader of binary options from scratch. So if you decided to become a trader-you are welcome, this program is for you. I must say that the path of becoming a trader from novice to professional is not the easiest. But, of course, Vincent, though will require from you a certain percentage of perseverance, desire to learn and to learn new things, motivation in the end.
So, if you have wondered how to become a trader from scratch something to start to understand who is a trader and what he does. So, the trader is a financial market participant who commits the transaction on the sale of assets with the purpose of making a profit. In simple terms, people on price changes in the market. Actually, binary options trader likewise earns due to changes in market prices. That’s just to get the full amount of the profits it is enough to make the price has changed in the right direction at least 1 point. In more detail, I tried the binary options market terminology in the relevant article, as well as in Dictionary trader. Therefore, if you experience a lack of knowledge on the topic of “who, what and where” can read so as not to confuse binary options and binary auctions».
How to quickly and effectively lose deposit?
I must say that many newcomers think that in order to make the binary options, you can locate the Holy Grail chalice. That is any tool that would give them a 100 percent profit. Of course, this naive belief in unicorns, greed and the reluctance to learn yourself now and make extensive use of brokers and their managers. So today on the Internet today, you can find just the car and small truck magical ways to earn:
- 100% strategy,
- 100% LEDs,
- Trust management.
Let me tell you (“future” trader you need to immediately understand this), that trade with 100% result simply does not exist in nature. I have been trading for over 8 years, it’s a good idea to make, but my results are much more modest than that notorious 100 %. Moreover, all of these robots and magic strategies that promise you magical and easy money, serve only for one purpose, draining your deposit. Yes, buying strategy, setting robot or giving money to the Office of “Super Trader” you earn nothing, but rather lose the money invested.
However, I have already written in the article about the stages of formation of the traders, that at some point the newcomers simply don’t listen to advice, considering that they know better. Confess I already tried to discourage newbies from losses of their own money. Therefore, if at the time of reading this article, you just communicate with the manager that persuades you to a robot or other nonsense. Did you weakly do in what I wrote rig, settle for the robot? Let’s talk after you lose your deposit.
What do you need to become a trader?
So we dismantled, who is a trader, what he does and what methods should not use exactly in the trade. Before proceeding to a detailed programme, which I call the “I want to become a trader, let’s discuss a couple more points:
- If you really decide to become a trader, be ready to work hard. Yes, Yes, will have to work hard, especially at the beginning of the road. So if you think that trading is very simple and easy and you do not want to do anything, here’s my advice to you is don’t even start;
- And second, you must understand that according to statistics, 90% of traders lose their deposits, because they simply are not ready to learn, don’t want to work. If you don’t have time if you want to make someone made money for you while you go about their business. In fact, in this case, can again reread the advice I gave in the previous paragraph.
If you understand what it means to be a trader and are ready to start working, the next part of the article for you. Just please, don’t try to learn everything at once, nothing but the “porridge”. Select investigate each paragraph at least a few days. Behind you no one pursues, it makes no sense to rush and examine everything “diagonally. As I have repeatedly stated in trading as nowhere else works “-slow and steady wins the race”
The programme “I want to become a trader»
Next, I’ll provide a step-by-step program, how to become a successful trader from scratch. I hope my Tips will help traders to learn this profession. Those who are not scared and took up this part of the article, I want to say that in fact the Special Science here nor is there any “special” skills are not required. Believe me, I’ve met different people of different ages, with different education, different social status. They all were able to become traders because all of them combined readiness to new knowledge, willingness to learn and develop.
The basics of trade
Of course, starting with the study of basic terminology. Agree, it’s hard to imagine a successful trader, which confuses who and who is a trader, broker. So, to begin, I would advise you to review the following basic questions:
- What are binary options (as well as trader, broker, timeframes, etc.),
- The essence of trading binary options,
- What are the assets of binary options,
- Currency pairs on BO,
- What is technical and fundamental analysis,
- What is a Mani management (and why is it important to use it in Commerce
Prepare the workplace immediately. You will need a computer with Internet access and opportunity in the future to plug at least 1 monitor. I must say that it is not necessary to immediately buy expensive powerful hardware to work. To start is enough and a conventional PC or laptop. Further, your workplace must be in the room in which there is a minimum number of distractions. Because a trader works, precisely, should work in a relaxed environment to be able to concentrate. Again to start fit ordinary headphones with soft music that “executives” you from distracting sounds.
Binary options broker
Next, traders need to define the binary options broker, in which he is going to trade. Actually, today has bred a huge number of brokers scam which simply cannot make a profit. Won’t you scare stories about unscrupulous companies, just advise to take responsibility for the choice of the broker. In this regard I recommend to read the following materials:
- Instructions on choosing a broker,
- Article about how brokers fit for a trade.
I should add that I would not advise beginning work in the newly discovered binary options brokers (because they may well turn out to be scammers). Also no need to blindly go in company brand. History knows many cases when large brokers begin to deteriorate and roll into Frank scam, same 24Option, Opteck, OptionRally, etc. From myself, I can advise those brokers, where I sell myself at the moment. This company IQoption and Binomo (on the links there are reviews about these brokers, including mine). What good are these brokers for beginners, so this low size of bets, you can observe the risk management (you already realized that without it a profitable trade is impossible?) is already at the minimum deposit. Just in case, here are the links to the official sites of all these brokers:
Graphics-this is probably the Holy of Holies for each trader. So if you seriously want to be a trader, then you definitely need to learn how to work with charts. To begin, let’s talk about the charts start with ordinary living graphs, and only then (several months) if necessary (and it becomes a problem) go to MetaTrader. All the basic information about how to use live charts (how to add indicators, change assets, etc.) I detail painted under the graphs (simply scroll the page down a bit).
A little more about the graphs. Start your work with graphs with observations. Watch for the price as it moves, what regularities occur on schedule. I would even advise to “field notes” in a convenient format. Make tagging blog entries, take screenshots, print-it doesn’t matter, the important thing is to learn how to “read” chart. Try different types of charts (candles, binary), browse the different timeframes. This chart will help traders. So, move on to the next item.
Indicators for binary options
Relative indicators a trader need to be aware of the following: future indicators, alas, did not predict, and are based on the testimony of prices from the past. Therefore, it makes no sense to look for the most “magical” indicator, which suddenly makes your trade profitable. This will not happen. Also, do not build their trade on testimony alone indicators for binary options, understand that simply is not enough.
Of the indicators I would advise necessarily examine base (they, by the way, are automatically embedded in all the charts, download them is not necessary):
Chase them on the charts, combine among themselves, look at where their signals for binary options are correct. Also for the benefit of traders, I made a special reminder-contents for finding indicators for binary options.
Well, we continue our tutorial trader? The following item, which, in my opinion, traders do not just need, but simply need is an indicator trade. indicator trade also applies to technical analysis, however, has nothing to do with the testimony of the indicators. Out of all the magnificence of tools, I would highlight the following:
Support and resistance levels (a trader need simply required),
Candlestick models (time, two, three, four),
If these tools you will seem insufficient if you want “again and again”, then on the link you can see all articles filed under “indicator trade”.
My first strategy
We will continue our program to become a binary options trader from scratch. Actually, now you are ready to start developing your own strategy for binary options. In fact, if you really followed the preceding paragraphs, it is surely about understood what and how it works. In this case, you just have to start a “to line” to your system, select filters, swap lights, try different timeframes, etc. If such an understanding you have not yet understanding, don’t worry, you can always take any existing strategy and start to work with it (exactly as well as tested would be his own).
A little more about strategy for binary options. The meaning of the policies that they spelled out clear rules of an entrance to the bet. In fact, traders need to understand what it will do when the different behavior of the market still immediately prior to the commencement of the trade. And another important point when I say clear rules, I mean it is clear rules, without any type of amateur “seems to me”, “Oh, a long time ago there was no signal for binary options on my strategy, I’ll go in here. Friends, I have repeatedly said that intuition should be based primarily on experience (several years), so if you do not have such experience, and it seems to cut off. Well, if you’re not Good
We continue our tutorial. On the fundamental analysis want to tell you, dear traders, as follows. If you do not know how to independently analyze the news (and I mean not analysis heads of bulls of the economic calendar), if you do not have the economic knowledge, you should not poke its nose in trading on the news. No, really, don’t think that you are the one so clever, learned to use the economic calendar. The market is much more complicated than just numbers in the calendar. There are market makers, who can manipulate the market. Many news is cleared in advance. In this issue of traders will help old-good rule is not to trade for 10-15 minutes before and after the release of the news.
Well, you are still wondering how to become a successful trader from scratch (although if you get to this part of the article, it is certainly not “zero”)? Then continue. The last item is very very important. Because the worst enemy of any trader is himself. Yes, Yes, that’s right. He himself with all his emotions, greed, laziness, lack of discipline, fears, excitement …
The truth is that even constructing a highly profitable trading system, you can still suffer losses due to a lack of self-control. Such stories I hear almost every day, when traders after 4-5 a profitable deal in a row begin to increase bet amount (if not go all-in) and eventually lose all the money. Understand trade without downsides does not happen in nature, be prepared for it. In order not to merge all the earned money or don’t get in a big drawdown, you need to control your emotions, be extremely careful and disciplined. Discipline, in General, is extremely important, it not only helps traders, but it is also simply necessary for sustainable trade. On the topic of the psychology of trading in his blog I published the following material, which I advise to familiarize newcomers:
- The main problems in the psychology of traders,
- Types of traders and their features,
- The stages through which pass (or get stuck) traders,
- Why 90% of traders lose on Binary Option,
- Causes of excessive trade.
In conclusion, I would like to voice some more important, in my opinion, points. Firstly, never trade on a demo. Currently, binary options brokers help traders to trade on the demo to those rather switched to real account. As a result of having a demo account excellent results with almost no downsides, traders merge your deposit on the first day of trading on a live account. So do not be deceived, start train “on paper”, this is what I wrote in the relevant article. Next, second, once again I remind you that Grails on binary options, so it makes no sense to go into an eternal quest “the same” strategy or indicator that suddenly make your trading success (successful it will make only patience and hard work).
That’s all, I hope my Tips help traders master the profession and eventually succeed in the market. We wish you success in training! If you can contact me with emerging issues. My contact information is in the relevant section (in the upper right corner of the site). By the way, especially for beginners posted top-10 of the most useful books about trading.