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 trading from the very beginning, meaning reading relevant reliable sources and building a solid knowledge base. Many times knowledge comes 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. Do not neglect them as 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 with the greater public. So how did they answer the question: “Which is the biggest lesson you have learned after 1 moth of trading on Binomo?”
Observe the price
Trading is strictly connected to the direction of the price. And this issue is what most traders focus on. They are determined to predict the direction in which the market is going to move. As they sometimes do get lucky, but usually they lose their investment.
You do need to follow the price. As I often suggest, observe the color 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 a derivative trade 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 in the meanwhile.
That is why you have to think your move through. You need to analyze 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 in a certain way as they open the account on the trading platform, hoping that within a few days they are running around with a big smile on the faces and a big check in the hands. But the way to get to such a state is neither fast nor easy. It demands you spend long hours in front of a computer learning and then implementing what you have learned. You will have to patiently analyze the market and wait for suitable 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% into a particular trade. And if you lose a few times in a row, stop for a while, take a breath and analyze 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 longer trades instead. Normally, I suggest keeping a position open for at least 5 minutes. Not only you will avoid small price fluctuations, but also it will be easier to analyze 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 become much easier and come around naturally. The strategy must correspond 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 their own strategy. Moreover, if it is truly yours, motivation to follow it is greater.
These are the advices 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 a trading platform counts. Listening to the advice from others can fasten the journey to success. Practice 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 learned after 1 moth trading on Binomo?” Kindly leave a comment below. I would be more than happy to read it.
Wish you success!