Ready to trade digital options for the first time? If so, prepare to be amazed at just how simple and profitable this form of trading can be. Below is a six step quick-start guide that will help you start trading quickly and correctly
Step One: Select your trade type
When trading with Brokers Options you’ll have the chance to choose basic digital options, 60 Seconds, Long Term, One Touch, and Pairs trades. The simplest options for beginners are the basic binary options. These are the simple Put or Call trades that only require a prediction of upward or downward price movement.
Step Two: Choose your asset
Brokers provides over 180 total assets to choose from. These come in the form of stocks, commodities, currency pairs, and indices. This type of variety will prove very helpful when searching for easy profit opportunities.
Step Three: Complete analysis
Complex technical analysis is not required during the beginning stages of trading. Do, however, examine past and current price movement. This can be done by viewing the live asset charts provided by Brokers Options. Fundamental analysis is simply a matter of checking out the most recent news and reports related to your chosen asset.
Step Four: Select an expiry time.
When trading with Brokers Options, you can enter into trades with expiries as short as 30 seconds or as long as several months. Your chosen expiry time should correlate with the analysis that you’ve performed. For example, if a short-term price trend is taking place, you’d want to select a shorter expiry time frame.
Step Five: Enter your forecast
For a prediction of a price increase, select CALL. For a prediction of a price decrease, select PUT. With Pairs trades, you’ll select the asset that you feel will perform better than its paired asset.
Step Six: Select your investment amount
This is an important decision for new traders. The best advice is to only consider reasonable investment amounts in order to avoid quickly draining your account with a couple of mistakes. Brokers Options allows traders to use $1 and $10 minimum investment amounts, so there really is no excuse for huge losses.