Recommended Broker: https://tinyurl.com/closeoption Real Time Forex Charts: https://www.investing.com/charts/forex-charts
Step 1: Open a Trading Account
Start by opening an account with an online brokerage. You want one that gives you access to a trading platform with multiple commodities, currencies and stocks.
Step 2: Understand the Method
The trading strategy that I use is simple. I follow the up and down market trends of other professional traders worldwide. This technique is known for its effectiveness in binary options trading. That’s because when trading binary, the exact price pips don’t matter. To profit, you only need to decide if an asset will increase or decrease. And you can place a trade at any time. What this means in practical terms is that we can profit by simply identifying market trends after they occur and following and copying them.
The trading strategy that I use is simple. For example, we don’t have to make decisions, like the corporate investors, about whether to buy or sell Apple stock ahead of a new product launch. When trading binary options, you can wait for the product launch and then see if it is successful or not and see which direction the stock price moves. You follow the existing trend and place your up or down trade.
Step 3: Know 3 Key Trends
The trading strategy that I use is simple. To know whether to place an up or down trade, you need to know what the current trend is. In simple terms, there are 3 key trends and movements that you will see on an asset graph. Here are the types of trends that can be identified.
The trading strategy that I use is simple. You should use a graph with a time frame appropriate for the length of trade you want to place. So if you want to place hour long trades, adjust the time frame on the graph so that you can see what happened in the last hour by hour periods.
If the trend is going up, follow it and place an up trade.
If the trend is going down, follow it and place a down trade.
If the trend is going sideways or you are not sure about the direction of the trend, don’t trade this asset. Look for another asset with a stronger trend and trade that instead.
Step 4: Invest the Right Amount
The trading strategy that I use is simple. As you can imagine, even professional traders get it wrong sometimes. You would be upset if you placed all of your account balance in one trade and lost. That’s an extreme example, but my point is that spreading your risk is important. All good traders do this. By following the trend, you should have a high winning percentage overall, and so a few little lost trades don’t matter. Get in the mindset of a professional and think about making a lot of money over a period of time. This isn’t an overnight game.
Each trade you place should not represent more than 5% of your account.
If you have $500 in your account, place a maximum of $25 on a trade.
If you have $1,000 in your account, place a maximum of $50 on a trade.
If you have $5,000 in your account, place a maximum of $250 on a trade.
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