When did you make your first trade?
If you’re still new to the world of trading, then welcome! You’ve got a long and possibly difficult road for you from the moment of your first trade alone, but the important thing is that you’re here to try your best and succeed. Making your first trade is never easy, although, with guides, tutorials, and sufficient practice, I’m sure you’ll be well on your way to earning real money through trading in no time at all.
This guide is suitable to both complete beginners and to those who are only new to the Binomo platform but have already tried trading before in other platforms. Without further ado, here’s my beginner’s guide to making your first trade on Binomo!
Two important reminders before making your first trade on Binomo
Before you can make your first trade on Binomo, there are two important things that you have to keep in mind first.
The first one is the time frame. Your trades will expire after a certain time. You have the option to set it time, so use it wisely while trading. Once this time expires, a winning position can earn potentially increase your balance, while a losing position can cause your balance to decrease.
How do you know what the expiration for your trade is? You can see it by looking at the number on the chart. In fact, Binomo makes this concept easier for beginners by adding a ‘Time Remaining’ line at the expiry point. You can also see a numerical value at the upper left side which counts down to 0. As mentioned in the previous paragraph, this number is adjustable. Simply tweak the values to the right to your liking and the ‘Time Remaining’ line will also move to reflect those changes.
The second thing to remember is the price trend. There are three different kinds of price trends: uptrend, downtrend, and ranging trends. Uptrends mean that the prices are rising. Downtrends mean that the prices are falling. Ranging trends mean that the trends aren’t strongly rising or falling.
Your choice of position to enter depends on what you think the price trend is. If you think an uptrend is going to happen, which means the price will be higher than when you first entered the trade, choose ‘Higher’. If you think a downtrend is going to happen, which means the price will be lower than when you first entered the trade, choose ‘Lower’. Correct speculation leads to earnings, but the wrong speculation can lead to losses.
You should also consider the rate of return and the amount you’re planning to trade. Return refers to the potential profits you can receive when you get winning trades. Amount refers to the amount of money you’re planning to invest per trade.
Making your first financial products trade on Binomo
Once you’re done choosing the financial asset that you want to trade, you can now start trading. In my case, I chose the EUR/USD currency pair.
In the example image above, I speculated that the prices would go up within 1 minute. If I invest $10 into the trade, with a return of 83%, this means I’ll be able to make an $8.3 profit.
Let’s say I placed an investment of $1000. Given the 83% return, this trade can make me a $830 profit. But as always, remember that there’s no guarantee of this happening and I could even lose more money than I invested into the trade.
Important trading features to observe
1. Expiration time
Again, this is the time remaining before your position expires. Whatever the outcome is after this time expires will affect your account balance.
2. Expected profit
If your trade ends successfully, this is the amount of potential profit that you can expect to get from the trade.
How to track your trading history on Binomo
Traders are given the option to view their trading history on Binomo. This allows them to know which specific trades ended in a win and which ones ended in a loss. Knowing this information is very helpful for those who are trying to adjust their strategies and trading plans.
To view your trading history, simply select the first option on your left panel.
How to successfully make your first trade on Binomo
Making your first trade on Binomo is easy, but increase your account balance on your first trade – now that’s a completely different topic.
But remember, although profiting from trading may be top of your priorities, your goal should never be to simply win. Your goal should be to not lose. You should always protect your account balance for as long as possible, making sure that it will never get depleted. You can do this by learning how to properly identify trends, how to find the right asset for you, and how to manage not just your money, but also your emotions. All of these will come to you naturally as you stay longer in the world of trading.
Did you learn a lot from this guide? Now it’s time to start practicing your trading skills by opening a free Binomo demo account. If you’ve already opened an account, then good for you, I hope you keep it up! Be sure to share your experiences with us in the comments below!
Good luck on your trading journey with Binomo!
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