Is binary options trading suitable for me ? – This is most important question asked by any new trader.
Binary options trading is classified as very risky. Investors always have a risk of losing ALL FUNDS IN THEIR ACCOUNT, if trades goes against their prediction. The investor may incur significant financial losses or even lose all the funds on his Account. Hence no investor should invest any money which he can not afford to lose.
To become a successful trader in binary options the investor must posses the following :
Discipline: A disciplined trader can only be a successful trader.
Control: The trader must control his emotions while trading. No body has become millionaire in a day. Keeping this in your mind if you progress at a steady pace , no body can stop you from being a successful trader.
Risk Management: Its very important to manage the risk, as you can not always win the trade. Manage your risk so that you can remain profitable. Never invest a significant amount (more than 5 %) of your fund in a single trade.
Binary Trading is not a computer game, mobile game that you can play any time and win.
Don’t trade in a mobile platform blindly, because usually you don’t have access (or very limited access) to any analysis tool to help you place an trade. Where as in your desktop or laptop you can analyze the chart, study the chart pattern and place a trade.