Trading isn’t an easy job, but I do enjoy it, especially when I make profits.
In fact, April was a pretty profitable month for me. The last two weeks weren’t as good as the first two, but I still managed to make an average of $100 per trading day. In the end, my profits were a clean $1700 in one month alone.
Are you curious about how to make money weekly trading on Binomo? Read on for our full guide!
How to make money weekly on Binomo
Full disclaimer: I don’t know all the secrets of trading and I’m still nowhere near as successful as some of the most famous traders out there. I still have a lot of room to improve, definitely. And you have to consider the risks involved.
However, I’ve been managing to earn a good amount of money through trading alone, so I think I’m pretty qualified to create this guide, especially for beginner traders who still have a lot to learn.
At this point you may be asking, how do I manage to consistently make profits on Binomo while the majority of traders struggle?
In this guide, I’ve included some tips as well as some real-world examples of how you too can make money weekly on Binomo.
1. Patience is key
The truth is, trading is a waiting game. That’s why it’s important to be very patient if you want to become a trader, especially if your goal is to do this full-time.
Some days, I only trade 4 times or even less. “But Bart,” you may ask, “I thought more trades mean more chances of succeeding?”
This may come as a surprise to you, but the answer is no. Honestly, entering more trades doesn’t guarantee that you’ll succeed at more trades. On the contrary, I learned through experience that trading just for the sake of trading isn’t a good way to make money. In fact, it’s a great way to lose money, since you’re more likely to lose than to profit, especially as a beginner trader.
So why do I only enter 4 trades or less? Because I spend a lot of time identifying the perfect market conditions first. This means that I spend hours just patiently reading the charts before even considering to make a trade. I analyze the markets and wait for favorable conditions so that I can finally apply the trading strategy that I’m using.
Like a highly trained sniper waiting patiently for the perfect conditions before making his shot, a good trader also waits patiently for all the right market conditions to present themselves before entering a trade. That’s how you can improve your chances of a profit.
If my chosen market still doesn’t have my preferred conditions, I won’t just give up and change to a different market. I’ll stay and wait until my preferred conditions show up.
In short, if you want to make money weekly trading on Binomo, you have to learn how to get into the same mindset as a top sniper. Always wait for the most favorable conditions first before clicking the trigger.
2. Develop a personalized trading plan
A personalized trading plan is very important if you want to step up your trading game. I highly recommend that you make your very own, something that fully complements all your trading goals.
What does this mean? Simply put, your trading plan should cater to your goals, no one else’s. For instance, if your goal is to make $500 weekly on Binomo, then you can’t rely on the trading plan of someone whose goal is to earn only $200. That’s because your goals are very different, which means your plans for achieving them would be very different as well.
How to create an effective trading plan for Binomo
Every effective trading plan has two essential parts.
The first part focuses on your individual trades, such as the conditions that need to be met before entering a trade. The second part focuses on how you can manage your account, especially your profits.
Here are some of the questions that can help you in creating your personalized trading plan.
Market entry strategy requirements:
- How much money do you plan to invest per trade?
- What financial instrument are you planning to trade?
- What’s the time frame for each trade?
Money management strategy requirements:
- How much are you planning to earn each day?
- How many trades will you make per day?
- What’s your expected profit per trade?
- How much capital is needed to achieve your target daily profit?
- What’s the maximum number of losses you can risk per trading day?
If you want to learn more tips on how to make your own personalized trading plan, you can also check out our full guide to creating a Personal Trading Checklist here on Binomo.
3. Follow through with your plan
Believe it or not, creating a plan is only the easy part. The real hard part starts when you’re already done creating your personalized trading plan because that’s the time when you’re finally supposed to follow through with the plan.
If you really want to make money weekly on Binomo, one good tip I can offer is to start a trading journal. After every trading day, write down everything that happened – how much you earned, how much you lost, what trading strategy you used, and what you learned in today’s trading session. The more detailed your entries are, the better.
With this trading journal, not only will you be able to track your progress, but you’ll also be able to learn more about your very own trading methods. You can see that here on Binomo, our guides and strategies typically include our own experiences, because we believe that experience is the best teacher.
Here on Binomo, I always encourage beginner traders to look at others for inspiration and for new knowledge. Take time to practice and learn more about trading in general and you’ll see that you can earn so much more money. After all, there’s no other way to earn profits through trading. Or is there?
A shortcut to making money weekly on Binomo
While it’s true that there are no shortcuts in life, there is something I can share with you that can make your life as a beginner trader so much easier.
But before I say it, I want you to know that you still have to put in the effort to actually learn about trading, especially if you want to make money weekly on Binomo, and consider capital loss risks. For instance, reading strategies and guides from experienced traders can help you jumpstart your journey to becoming a pro-trader.
Practicing what you learned, meanwhile, is the only way to truly understand all the lessons you read about. Of course, simply practicing all your learnings on the free Binomo practice account won’t mean that you’ll succeed at all your trades on the real thing, but it’s a great way to significantly soften the learning curve.
The three ways to make money trading
Okay, here comes the ‘shortcut’ that I’m telling you about. It actually has something to do with the three ways to make money trading, which I will describe in detail below.
1. Trade for yourself
The first way to make money weekly is by trading for yourself. Basically what many traders, such as myself, are doing right now.
Here’s how I first started trading on Binomo. First, I practiced by using virtual money on my Binomo practice account. After doing this for more than a month, I decided to take the plunge and invested an initial deposit of $30 into the real account. My only goal was to earn at least $2 a day. A simple, very low-risk goal, right?
By the end of the week, I had upped my balance to $40, a clear 33% increase. Each of my trades lasted 5 minutes and I also didn’t invest more than $1 at a time. To this day, I still use the same principles, even though my trading goals are already vastly different.
2. Get paid signals
Remember when I said that there’s a shortcut to making money weekly on Binomo? Well, if you want to skip most of the hassle, you can simply opt to get paid signals.
This means joining a group of experienced traders who make a living out of selling trading signals. By doing this, you’re skipping the stage that requires you to do market analyses before entering a trade, because these experienced traders are already doing the analysis for you.
The biggest downside, however, is that the group is in no way responsible for any losses should you follow their advice. You basically pay them for advice but you can’t blame them if their advice doesn’t result in successful trades. Also, you need to make sure this group of people are not actually scamming you.
3. Invest with fund managers
The third and last approach is to invest your money with fund managers.
This is the least risky, most low-effort way to make money weekly trading. You simply give your money to the fund managers and let them make all the decisions, all while paying them a fee for their service. However, investing with fund managers require you to have tons of capital as well. They certainly won’t work with you if you only have $30 to invest, just like I did when I was first starting out.
So, what’s my recommendation? Well, if you don’t mind doing some studying, then your best bet would be to just go with the first approach and trade for yourself. Personally, I’ve been trading on Binomo since the start of the year and my profits have only been increasing during this period.
I guess in a way, there are some shortcuts in life, but these shortcuts – getting paid signals and investing with fund managers – are typically risky or very expensive.
Final tips to help you make money weekly on Binomo
To end this article, here are a couple more tips that I can give if you want to make money weekly on Binomo:
- Each trade should only be worth 5% or less of your total account balance. A lot of traders seem to think that trading big amounts will result in bigger profit, but unless your success rate is exceptionally high, this isn’t recommended at all. In fact, you can easily wipe out your accounts in just a few trades by doing this.
- Fewer trades are always better. My personal rule is to never exceed more than 10 trades each day. After all, making more trades doesn’t mean that I’ll get more gains than losses.
- Try to enter longer sessions. 1-minute trading sessions are typically a no-no, especially for beginners. That’s because the charts for longer sessions are always easier to analyze, which also increases your chances of making profitable trades.
- Use a practice account first. This is very important especially if you want to try out a new strategy. Never ever practice using your real account unless you want to lose money.
Now you know how to make money weekly on Binomo! Make sure to sign up for a free practice account first if you’re interested in trading for yourself.
Good luck on your trading journey with Binomo!