Starting out a task with some level of difficulty is not easy. If trading was simple, a lot more people would be doing it and succeeding as well. If you’re newbie you may need a little bit more hand holding along the way. What this tutorial will do is give you a basic understand of […]
What are Binary Options
Without getting into a lot of detail, you should come away with a better understanding of what binary options are. If you’ve been trading other instruments or never traded before, this will help you clear up the “WHAT” question. Binaries are really easy to understand with just a little knowledge, but they do take a while to master and become profitable. Be on the lookout for many more advanced videos on this topic.
Now that you watched the “what is binary options?” video, you are ready to move on to other topics. Each of the topics below are more advanced if you are new, but you could use them to your advantage later. Once you’ve watched all the videos you should be more than ready to start your binary trading.
Topics you may find interesting are
Getting to know pivot points – Understanding pivots is critical to trading no matter which market you trade. It will allow you to find new trade setups. You can use the pivot point as a place for entry, exit or a place to avoid making a trade. Once you understand pivots, you can break down the details of support and resistance. Taking advantage of these lines will also help you trade.
For you to take advantage of pivot points you will want to understand price charts. Without charts it will be hard to know the pivot, support or resistance. Getting to know your charting software will take some time, but after a while it will become second nature. Just be sure to practice using each package before making real trades. This will help you avoid the mistakes most newbie traders make.
Once your knowledge starts flowing together, you may want to pick a broker. Picking a broker is very important. It will come down to location, payout rates, appearances and more. You want to use one you can trust and offers the best service. It’s better to have more than one binary broker since you could be happy with one payout on an asset where on a different broker the asset has even a better payout. This information can be learned in a demo account, so be sure to practice first.
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