Along with its reliable desktop platform, Binomo allows its users the advantage of mobile trading. Trading with smartphones are convenient, as you can carry them wherever you might want to go, and thus you can always be up to date with market proceedings no matter where you might be.
But the Binomo app does not offer the same features as the desktop version does. Users might not like the fact that it has fewer features and a different interface. However, this is nothing to worry about. With the right strategy, even your smartphones can become powerful financial trading tools.
This guide will discuss trading financial derivatives using Binomo’s mobile app, whether it be Android or iOS. We’ll use candle color trading; a strategy that requires little use of indicators and tools. This will suit us best as the mobile app is limited in these aspects as well.
Without further delay, here’s our easy guide on trading with Binomo mobile app!
Candle trading basics in Binomo mobile
For this trading method, it’s best to use Japanese candlesticks in 5-minute intervals.
When using this trading technique, our most common market entry point is a full candle. The close of this full candle is our signal to enter a position in that specific asset. If your candle is green, this means that prices are likely to go up in the next session, and thus you should enter a buy position. If the candle is red, then it is likely that it will further go down – enter into a sell position.
In this scenario, we’re using the Martingale system. Take note, like all other strategies, there’s a risk of losing money with this strategy, so you should always be careful.
Scenario examples of candle trading
In this section, we’ll discuss a real trading session on the Binomo mobile app.
If the first full candle is green, immediately enter a buy position the moment the green candle closes. Next, wait for the opposite full candle to develop. The way we trade is alternating – that means if the first full candle is green, then we wait for the next full red candle to be our entry point. If our first position is a buy position, then the next trade is a sell position, and a buy position after that, and so on. We repeat the formula until 5 to 7 trades are made for the day.
However, take note of a rule for this formula: only cycle through the positions if the previous trade is successful. So if your last buy position failed, wait until your balance increases before you enter a sell position. Don’t enter a sell position yet unless your buy position closes successfully, or until you reach your cut-loss level for your trading session.
Here’s a more thorough discussion of the entry points that we took.
Possible trade entry points
- The first entry point is a full bearish candle. This developed after a smaller bearish candle, so we put a 5-minute sell position right after the close of that candle. This trade succeeded.
- For the second market entry point, we picked to enter after the close of a bullish candle. We entered with a 5 minute buy position. This trade succeeded as well.
- The third entry point was a full bearish candle that occurred after a series of bullish candles. This trade went well.
- For the fourth position, it was another 5-minute buy position right as the last candle closed. All of the trades until now have been successful.
- This fifth trade position did not pay off. We picked the close of a full bearish candle for this 5-minute position, but prices went the other way. Therefore, we employed the rule that we mentioned a while ago – trade the same color until it wins.
- The sixth position also didn’t pay off.
- The seventh position, however, did.
Because of the Martingale money management system that we committed to beforehand, we traded only one amount for winning trades. However, we increased the investment after a losing trade to make sure that the previous losses are recovered. Observe the results in the table below.
How easy is trading with Binomo mobile app?
Trading with Binomo mobile app is a different experience compared to trading with the desktop version. But it’s not impossible to raise your portfolio with the Binomo app – on the contrary, using the candle color trading technique which is ideal for the less-featured Binomo phone app may even help you achieve your goals. Using the Martingale system of money management increases the odds of your success.
However, some words of caution. Always get a feel first of how the app works when trying it out for the first time. Don’t jump straight into it with a real account balance. Furthermore, if you notice lags in your charts, stop trading immediately and first reestablish a strong WiFi or data connection before resuming your trade.
Did you like this easy guide to trading with Binomo mobile app? Do you have any interesting experiences that you’d like to share with the group? Head down to the comments section and tell us about it!
Good luck on your trading journey with Binomo!