If you’re serious about learning about trading derivatives, then you’ve probably come across certain traders claiming that they’ve increased their money about five times. They prove this by posting screenshots of their supposed money, of their Binomo account, and then they try and sell you their courses and books or whatnot.
There’s a lot of those boastful statements out there, and if you’re new to the game you might get tempted to bite into their bait. After all, if they’ve managed to earn this much, then they must know what they’re talking about, right? Wrong.
In this guide, we’ll tell you the best strategy to increase your Binomo demo account balance in a week, and if it’s possible to double your money within that time period.
The truth of the matter
In reality, most of those traders aren’t talking about their account balance, but about their trade investments. Moreover, a five-fold increase isn’t possible to do in a single trade, as each transaction is only limited to set returns. Typically, these returns are in the 60% to 95% range, depending on the broker. This also implies that the actual return percentage that reflects in their account is a bit lower than what they’re telling you.
Doubling, tripling, or even multiplying your trade investment by 5 times in this way isn’t uncommon at all. You can do this too!
The truth is that the strategy that these boastful people are using can be learned by anyone, without having to pay for anything.
In fact, we’re going to do your better and not just multiply your trade investment, but your entire account balance.
The strategy to increase account balance
For this guide, we’ll use a $100 demo account. This is because it is much easier to double smaller amounts than larger amounts in a week – say, you can double $100 demo account money in a week, but you most likely won’t be able to do the same for $1000. Why? The reason is in their mental state.
If you have $1000 in your demo account, your trades are more likely going to be much bigger and this is going to incur more psychological pressure. The pressure from trading $50 per trade is more significant compared to $5 per trade — and you won’t have a $1000 account just to trade $5. In short, the more money you have in your demo account balance, the bigger the trades you will do. The bigger the trades you undertake, the more you will feel pressured to win. You will then most likely be more emotional, and the more money you lose the more you’ll fall into a downwards spiral.
Hence, for the purposes of this guide, let’s assume we’re just going to trade with $100 in our demo account.
Furthermore, we’ll trade 5% of our demo account balance, which is $5 per trade. With Binomo’s 80% return on winning predictions for derivatives, each win would net us $4 in profit. For our entire demo account balance, that’s a 4% increase. If we make 5 winning trades in a day, we’ll achieve 20%. A 20% increase every day should be able to double our whole demo balance in 5 days.
All in all, that means we need to consecutively win 25 trades. This is difficult to achieve when trading derivatives, but it’s certainly possible. It will be difficult to do though, so we’re going to make an allowance in our daily trades. We’re going to set the goal of trading $20 in demo balance every day.
The rules for trading
The first rule is that we’re only going to stick trading one currency pair, which will be the EUR/USD for this guide. Trading a pair with over 80% return helps you regain your losses easier.
As mentioned we’ll be investing $5 for each trade to gain $20 per day. However, if we incur 3 consecutive losses, we’ll stop immediately to avoid making emotional decisions. We’ll use the SMA indicator to trade 5-minute long trades.
We’ll also trade only one derivative at a time. This means that we’ll wait until one transaction expires before we enter another trade to avoid confusion.
As soon as we hit our $20 daily goal, we’ll immediately stop trading. Any additional trades will just be an unnecessary risk for our demo account balance. However, as long as we haven’t achieved this daily goal, then we’ll continue to trade – except of course if we lose three times consecutively.
I’ll wait for every open transaction to expire before entering a new position. This way, I’ll be able to keep track of my progress.
Conclusion
Using that method, we should be able to multiply our demo account balance within a week. We only need to accurately assess how much we need to earn to fulfill our weekly goal and break that down into a daily setup, and then take the steps to reach that daily finish line. We also need to balance psychological stress with gain, so that we don’t make losing decisions.
This strategy balances trading psychology with having a concrete, measurable, and actionable daily goal. As long as you follow this, then multiplying your Binomo balance should be easy. However, no strategy is perfect there are always risks involved – so make sure that you are prepared to deal with the consequences.
Have you tried our strategy? What were your results? We’re interested to know all about it in the comments section below!
Good luck on your trading journey with Binomo!