Binary Betting – Tips And Techniques

Binary Betting is gaining in popularity, and it is likely that more online trading brokers will be offering Binary Bets in the near future. Being successful in playing Binaries, like any other form of trading is dependent on two broad factors; understanding of the markets and binary bets, and knowledge of the self. This page is a brief guide that seeks to address these issues, and set the beginner off in the right direction.

Learn Your Trade

If you were learning to play the piano, you would start off with chopsticks! You wouldn’t be entering any piano competitions too soon, and you certainly wouldn’t pay to enter any competitions. But with Binaries you will be starting off entering the arena with your hard-earned cash. So, learn to play the market, keep your stakes low, follow the trends. Remember back in school in the 1600 metre running races? There was always someone who started sprinting and by the 200 metre point they’d lost their lead and were lucky if they could make it around the rest of the track without an oxygen mask. Don’t throw your all in, its a marathon, not a sprint.

Choose Your Instrument And Stay With It

If you decide that you want to learn Binaries using the currency market, then do just that. Don’t move to another market until you have managed to stay in profit for an amount of time decided by you. This time will vary dependent on how often you bet, and what size stakes you are laying out. Only you will know when you are ready to start upping your stakes or moving to a different market. Be honest with yourself.

Choose Your Bets

If you don’t like the prices being offered by your broker, if the odds aren’t good, leave it out – this again is part of the learning process, knowing when not to bet.

Review Your Trading performance

Use your broker’s history function to review your past trading performance, and maybe keep a diary noting why you laid bets on. This will assist you in developing your own winning betting strategy. You need to be disciplined, as although it is betting, you need to do more trading than gambling if you want to stay in the game.

Treat It Like A serious Project.

Treat it as a serious venture, because it is one! Do your research. If you are trading on the FTSE 100, find out what dates are important to traders e.g. Budget Announcements. If your broker has newsfeeds read them, and use any other functions on offer. Join a forum, chat with other newbies, check out the Trading Game Forum.

Trading Money Management

Obviously, it goes without saying that you should never bet more than you can afford to lose. Beyond that, decide on how much disposable cash you have, decide how many bets you can place, at what level, and stick to it.

Give Yourself A Break

Tired, bored, something on your mind? Then don ‘t put any bets on, you need to be focused to succeed, besides, while your taking a little time off from trading, those ‘mental cogs’ will be whirring in the background, and you may return with a fresher more balanced perspective. It is a learning process. PROCESS is the key word here, anything worth doing is worth doing well, and process takes time.

Don’t Get Carried Away!

Don’t disregard you own money management rules because you think you are going to miss out on a great bet. Remember that you can bet on up, as well as down, so as long as the markets exist, there will be the opportunity to profit, and when the next potentially big bet comes along you will be in a better and more learned position when it comes to figuring out exactly how much you should up your stakes by.