The primary reason as to why binary options are so appealing is their simplicity. The dynamics of each trade means that only two potential outcomes exist, either profit or loss. Digital options provides everyone with the opportunity to invest in assets, with no need to purchase any actual shares. For as little as $1, Digital Options traders can enter into trades based upon their prediction of upcoming price movement.
In order to get off to a great start, consider the following foundation strategy steps:
Start off small. As mentioned above, there are plenty of low-priced trades to choose from when trading within the Digital Options platform. Your level of risk, therefore, can be as small as you wish it to be. Open a free account and start exploring the platform to view the upcoming trade opportunities.
Make sure that you select a reliable source for accessing real-time market data. In addition to this, refer to the daily market analysis that is provided by Digital Options. Together, these sources of information can point out excellent trade opportunities, while providing you with the details needed to complete proper analysis.
Track your progress. At the very least, you need to know what your win/loss percentage is. This will tell you if improvements need to be made. Other tracking options include details about the asset selected for trades, investment amounts, strategy used, etc. The more detailed your tracking is, the easier it will be to tweak your methods if the need arises.
- Focus on mastering the basic digital options trade at first. This is the basic Put or Call trade. Select Put for a prediction of a price decrease, and Call for a prediction of a price increase. Digital Options 30/60/120 second trades work the same as basic trades. The only difference is their shorter expiry times.
- Start out by focusing on the asset class that you feel most comfortable with. For many this will be stocks, but this will not be the case for everyone. Feel free to select commodities, currencies, or indices if they offer more appeal. The goal here is to become familiar with one asset class before branching out to others.
Last, but not least, have a money management plan in place prior to entering into your first trade. Already trading binary options? Then now is the time to consider a solid plan for fund distribution. Controlled investing is the best tactic for those who want to experience steady profit growth, while keeping losses at a manageable level.