Choosing the right financial instrument is crucial if you are thinking about being a trader. You should know the options your broker is providing, and then decide on something that will produce the highest profit. Losses will happen, that is for sure. But with the right asset, you will be able to cover them in just a few moves. So, let me tell you how you should proceed to choose the best instrument on Binomo.
Aim at the payout rate 80% or more
Log in to your Binomo account and click the plus button in the top left corner of the platform. You will see then a list of available assets. The payout rates are next to the name of the instrument. They differ depending on the conditions in the market and the length of your transactions as well. They are usually a little bit higher for short-lasting trades. But you should find the asset that still has at least 80% return for long trades.
I mentioned that these payout rates you see at this particular moment are not permanent. They will change together with the situation in the market. For instance, the hours in which you plan to perform trading matter. Always check the present return offered on the platform.
Remember to focus on the assets with higher payouts. Aim at 80% and above. This way you will protect your balance account and you will be able to recover in a couple of winning transactions.
Focus on one currency pair
I recommend, especially in the beginning, focusing on one currency pair only. You will be busy enough with one asset, believe me. In order to enter profitable transactions, you will have to spend many hours in front of the computer. You will have to analyse the behaviour of the price carefully and wait. You should not hurry with opening the positions. You should wait until the situation is quite clearly developing in your favour.
This waiting may sometimes be difficult. You would like to move into action. But jumping from one market to another will only disperse your attention and lead to failure. Be patient. Focus on one currency pair only.
Trade during weekdays
Most of the markets close during the weekends. Not all, though. You will find that there are a few markets on Binomo that can be traded on the weekends. These are cryptocurrencies and Over The Counter (OTC). You may be tempted to use everyday trading to make more money. But you will soon discover that you will be offered a lower payout rate and extended trade sessions during the weekends. It may result in not so big winning or not winning at all.
Trade during weekdays only. There is still plenty you can do on the weekend to improve your performance on the rest of the week. You can not only read trading blogs or watch tutorials, but you can also review your past transactions. You may not want to waste time for it during weekdays, so now you get extra time to do this. Reviewing your past actions is very important. You analyse what worked well and what did not. You draw conclusions and start the next session a little bit wiser.
I would love to hear what is your favorite asset on the Binomo platform. Leave a comment in the comment section which you will find down below the site.
All the best!
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