Binomo Strategy (Tips and Tricks to Become a Successful Trader )
Multiple online trading platforms have emerged on the internet, but very few have managed to stand out from the masses. Among them, Binomo has quickly become a popular and convenient online exchange platform reaching across 130 countries.
In essence, Binomo is an online trading platform that provides access to numerous financial assets and analytical trading services (with practical tools). Users can learn about and trade in more than seven different assets, including currencies, indexes, commodities, and more.
The International Financial Commission or IFC, an impartial, external dispute resolution agency that safeguards Binomo users' interests, has validated the platform. Additionally, users from the 133 countries that enjoy Binomo's trading services have commended its reliability.
What's more, the platform provides a healthy environment for beginners and professional traders to help them achieve their specific trading goals.
How it works is that users predict on the platform whether the value of an asset they chose will rise or fall during a particular time frame. The extra income will be credited to your Binomo account if it's correct. If it's inaccurate, you'll lose the money you invested.
In this article, we will talk about some of the industry techniques that can help a trader to make a successful trading exchange. Simply put, we'll look at several strategies traders can apply while trading on Binomo.
In our article Binomo Broker Review, we have covered basic topics about Binomo like deposits, withdrawals, verification etc., but to make sure you become a good trader, you need to learn some tricks and strategies which are mentioned below:
Ideal Time Of The Day For Binomo Trading
Not only skills, even your timing matters when you want to make a successful forex trade. The first step is to track the various opening hours of the four main trade markets: New York, London, Tokyo, and Sydney. Each market has a different opening time depending on the corresponding time zone.
Choosing the correct hours for trading can be difficult because of external factors like preferred currency pairs and particular geographical time zones. As a trader, knowledge of the specific time when the market opens is beneficial because it allows you to manage your schedule over days and weeks effectively.
For instance, if you love trading in choppy markets, you should look into which currency market offers those precise trading windows at your desired time. Meanwhile, predicting the best time windows is easy for situations where you opt for ranging markets to enter short positions.
The main points about market timings to keep in mind are:
To start, determining your preferred times for trading is vital. Following is a list of the best currency pairs during specified periods.
5 am to 12 noon
12 noon to 7 pm
7 pm to 5 am
In addition, anyone who knows how to spot market trends, manage their capital wisely, and react quickly to changing market conditions should opt for day-time trading. However, who prefer trading in a calm atmosphere, night trading is fine to go.
Can Binomo Make You Rich?
Binary trading is an efficient and systematic way of earning money. As long as users follow particular rules and exploit the available strategies, platforms like Binomo can double as alternative sources of income.
With Binomo, trading aspirants are offered a chance to try out the ropes of trading through a demo account. Although it does not provide real money, the demo account helps prepare future traders for this highly lucrative industry.
A sound trading strategy and keen sight can be powerful tools in gaining significant profit through forex trading.
How to Guarantee a Win in Binomo?
Trading can be unpredictable, because of which even the most seasoned forex traders face losses every once in a while. Nonetheless, there are several strategies traders should use to ensure maximum chances of financial success.
Here are a few steps to stay on top of your trading game:
1. Systematic Trading
The exchange process on the platform should be done systematically. This applies to the person's trading approach and the total time they have set aside for dealings with Binomo. The right path to success starts from creating your system of running the trading process.
2. Account Balance
This is an important step, especially for beginners. The initial account balance will decide how benefitting future trades will be in the actual scenario. A higher balance can prove to be more beneficial.
For instance, if the initial balance is $10, a loss of 20% would be pretty significant. But the same loss with a balance of $500 would not be as bad.
3. Managing Capital
If you do not have much expertise, trades that do not surpass 2% of your total balance are the safest alternative. Furthermore, it is advisable to keep all open trades account for at least 15% of the entire balance.
On the other hand, if you are not a beginner, figure out your trading goals and preferences followed by calculating your approximate trade-to-capital percentage.
4. Limit Losses
Set a daily restriction for the number of failed deals, such as ten. Or, in percentage terms, 15% of the entire sum invested.
Even if you think you're going to score the jackpot, never go above that limit!
5. Keep Training
Trading is an activity that evolves continuously. Its nature is dynamic, with new trading tactics and assets being introduced all the time. To stay at the top of your game, keep yourself updated with the changing features of trading.
6. Market Analysis
Use the experience gained from initial investments to record market trends. Once you analyze the market, making decisions about future trading choices will be easier and more advantageous.
Additionally, it will also help avoid the previously made mistakes.
Indicators are tools on the Binomo platform used to analyze the mechanics of asset price movement, decode indicator trading systems, and get trading signals to initiate profitable investment decisions. Here are a few simple indicators available for traders:
#1. Moving Average Indicator (MA)
When the user specifies a period in the setting, MA helps calculate the average asset price over the given amount of time.
Then, the trader can discern the general direction of asset price movement when utilizing the MA indicator on the quotation chart (candlestick chart). In turn, this assists the trader in making the best judgment possible when forecasting the direction of the trade at that moment. Keep in mind this also works for future transactions.
Indicator Settings: The number of candles on the chart depends on the duration of the indicator period. With more candles, more general information is gained about the movement trend. What's more, there are types of Moving Average indicators as well.
#2. Alligator Indicator
This indicator was developed by the world-renowned trader Bill Williams. It allows users to create a trading strategy using the indicator. The strategy requires one to trade after getting signals from three lines. These lines should be moving on average with a spin.
Short-term changes can also be analyzed through this indicator and the general direction of asset quote movement.
Indicator Settings: The Alligator indicator also allows you to specify the number of candles used to calculate the average price for each of the three lines. If necessary, you can additionally adjust the shift for each moving average.
Each line has its name in the Alligator indicator: "Jaws," "Lips," and "Teeth."
#3. The Bollinger Bands
Not only does this technical indicator calculate the average price for a specified period, but it also calculates the average deviation from the normal average for that period.
In addition, the intensity of quote movement can also be determined by the trader. If the three lines are close to one another, it means the market is narrow or less mobile with lesser opportunities for successful trades.
Moreover, it also shows precise changes in the direction of the quote movement.
Indicator Settings: The trader can customize the kind of moving average calculation, the number of candles required to calculate the average price and the parameters that will calculate the quote deviation from average.
No indicator will work for everyone at all times. But if the procedures to employ the indicators are followed, your trading plan will yield good results.
Tips and Tricks For Binomo Users
Every trade through Binomo is never a guaranteed win. However, recording your strategies and following certain tricks of the trade is an excellent way to progress to becoming a profitable trader.
Here are four golden rules to follow while operating on Binomo:
1. Assume the Demo Account is Real
Since Binomo provides 1000 dummy dollars for beginners to practice trading before investing real money, it makes sense for an individual to use it for mock-investing and taking risks. This could give them practical experience, and in case of a loss, they would not lose real money.
All in all, practicing different strategies using demo accounts is one of the best ways to master trading on Binomo.
2. Don't Do 60-second Trades
People believe that 1-minute trades might be the fastest way to make big money. However, it is not the safest way. Price fluctuations are inevitable, and they can lead to considerable losses in a minute rather than a longer time frame. It also becomes easier to analyze/predict the trade market during longer timeframes.
3. Frequently Check History of Your Trades
Every trader in the market wants to maximize profits and minimize losses. When it comes to trading, it is always a wise decision to review past trades done by you. This helps deduce loss/profits, instruments that generate the highest profits, strategies previously used, and the timing of those investments, to ensure you can use the knowledge gained to further invest in data-based trading decisions.
4. Keep a Trading Plan
It is always sensible to plan for the smallest of trades. In the same way, it is a good idea to have one for large trades. It helps to analyze and create a profit-making strategy that increases profits for the trader. A successful plan would include the period, amount of money, markets, strategies, moment to stop trading, withdrawal indicator, etc. This is a plan also followed by many successful investors.
5. Binomo Success Rate
Currency hedging is a risky business. Even when you win five times in a row, another win is never guaranteed. There are several factors – market and personal – that come into play.
That being said, profit is not unattainable. Statistics show that even though a large number of accounts are not entirely profitable, 90% of them still make profits occasionally. Still, the losing trades tend to overshadow the wins leading to the reduction of overall balance.
There are few better ways to try your hand at trading than using the demo account. Nevertheless, the best trading strategy is experimenting. Experimenting lets you apply the trial-and-error method without any actual losses.
One reason that ties the 10% of successful traders at Binomo is consistency. Experimenting and recording the different strategies that you apply will help bring out the patterns in your trades. For instance, you will understand the methods that work well at specific times and get familiarized with the most valuable trading tools.
When reliable strategies are put in place, the success lies in following them consistently. Although 100% trading wins is still not ensured, following a strategy obediently gives you a better chance at winning.
When it comes to trading: the market conditions, strategies you apply, the instruments you trade with, and your emotional approach to it are just some of the main factors that make or break your chances of success.
As a beginner or professional trader, Binomo presents a platform to hone your forex trading skills. Once a plan of action is set, traders can embark on a journey to maximize their profits. Build a strategy, focus on it, master it, and the result will speak for itself.