Success does not happen overnight. Every trader has to go a long way to earn big profits. The learning process can sometimes be harsh. Many will lose money, some will completely deplete the accounts. Some will give up and the rest will continue trying.
It is wise to start from the beginning that means reading and getting knowledge. Knowledge comes usually from those who have great experience in trading or those who made big money in this field. But today, I have some advice from the beginners. Listen to them, they also have something valuable to say.
All the lessons in this article come from the people who have traded 1 month on the Binomo platform. They agreed to share their findings. So, what are the answers to the question: “Which is the biggest lesson you have got after 1 moth trading on Binomo?”
Observe the price
Trading is strictly connected to the price direction. And this issue is what most traders are focused on. They are determined to predict the direction in which the market is going to move. As they sometimes get lucky, usually they lose their investment.
You need to follow the price. As I often suggest, observe the colour of the candles. If there is a green one, go long. If the candle is red, the market will most probably go down so open a sell position then. Do not go against the current.
Decide on the expiration time
Opening the option comes down to one click. Red or green, sell or buy. One button and that’s it. But then your position stays open for some determined period and anything can happen.
That is why you have to think your move through. You must analyse the market before you enter and decide how big chances are that your transaction will end successfully at the expiration time.
Do not get carried away with impatience and greed
There are plenty of people who picture themselves as they open the account on the trading platform, and within a few days they are running around with a big smile on the faces and big check in the hands. But the way to get to such a state is not fast, nor easy. It demands you spend long hours in front of computer learning and then implementing what you have learned. You will have to patiently analyse the market and wait for the encouraging conditions to present themselves.
Furthermore, you cannot let greed take control of your decisions. Everybody wants money fast, but the big fortune can be usually made only by investing a lot of time. Do not put too much in a single transaction. This is the fastest way to drain your account. My recommendation is to invest no more than 5% in a particular trade. And if you lose a few times in a row, stop for a while, take a breath and analyse your actions. Come back with a clear mind.
Focus on one market
In the beginning, it is normal you want to try everything because you do not know yet what will fit you best. And this is okay, as long as you do it systematically. Trade on one market for a while and then change to another. Do not try to work a little here and a little there. Opening multiple transactions will only disperse your attention and you can lose a lot in just a few minutes.
Do not set short time frames
When you are trading short time frames, every price movement counts. And as the price is moving constantly, it may result in a big loss. Open the longer trades instead. Normally, I suggest keeping the position open for at least 5 minutes. Not only you will avoid small price fluctuations, but also it will be easier to analyse such a chart.
Design your strategy
There are many trading strategies available. I know, it may sound like an impossible task to design your own strategy. But I promise you that with time it will be much easier. The strategy must reply to your needs and your style. Everyone is different and that is the reason why we need our own strategies. Every successful trader had created his own strategy. Moreover, if it is truly yours, the motivation to follow it is greater.
These are the advice I have collected from the traders with 1-month experience. Well, 1 month is not a long time. But the truth is that every activity on the trading platform counts. Listening to the advice from others can fasten the journey to success. Practise and be patient.
Maybe you have some advice for others? Maybe 1 month of trading have brought you interesting discoveries? “Which is the biggest lesson you have got after 1 moth trading on Binomo?” Kindly leave a comment below. I would be more than happy to read it.
Wish you success!
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