Beginner Trader Step by Step Guide
Never Traded Before? No Problem! We’ll Help You Get Started.
Understand Your Market
Before you invest in any market, it is imperative that you have a sound understanding of the market you are choosing to enter. In this case the market is Binary Options. Over the recent years, Binary Options trading has been steadily increasing in popularity. This is due to a number of reasons, mainly the market is easier to learn, it’s less risky and often more lucrative.
The Binary Options industry is about predicting the movement of the market. The difference here from traditional trading, is that you do not actually buy or sell any assets. When you place a Binary Options trade, all you need to do is predict (along with some market analysis so you are not just taking a wild guess) whether the price will move up or down within a certain timeframe.
First Step – Choose a Regulated Broker
In order for you to trade Binary Options, you first need a broker. This is because the trades you place, will be conducted within your chosen broker’s trading platform. This is an important step in your trading career. There is a considerable amount of important factors, you need to take into account before choosing a Binary Options Broker. Let’s go over a few of these below.
For starters, you need to ensure the broker you are considering is legit. Unfortunately, there are many scammers posing online as trustworthy brokerage firms. Check-up that they are regulated, research different reviews on them & ask as many questions as you can. To help get you started, simply click on Brokers in the menu at the top of the page. This is our trusted list of brokers and they would not be listed there if they were not regulated and reputable!
The next few factors you need to consider are, platform usability or user experience – some trading platforms are easier to navigate & faster than others. Security – your broker needs to ensure your privacy online as well as protection of your funds. Pay-outs – different brokers offer different pay-out percentages; your best bet is doing a comparison between a few. Customer Support – this is always very important so make sure your broker has a good reputation in this area.
I’ve chosen My Broker, Now What?
Ok, so you have decided upon a broker to sign up with. That’s great! Now, your next step is the sign up process. This is generally easy but we’ll give you a quick break down of what it entails anyway. To begin, you need to head over to your chosen broker’s website. On the landing page you will usually see a sign up or join button somewhere near the top. Click on that & you will go through to the sign up page. Once there, simply fill in all your details in the required fields and then submit or send.
Once you have completed this step, you will usually receive a confirmation email, after which a personal account manager from your broker will give you a call to complete the process. Before you can activate and trade with your account, you need to fund your account first, the minimum with most brokers is $250. Then you need to submit verification documents to your broker. These are important for security reasons, as without these, your broker will not let you trade or withdraw any funds. So be sure to submit the required documents as soon as possible.
My Account Is Set Up, Now What?
Before you get all excited and start placing trades with your money, we would advise that you first practise trading with a demo account. Most brokers will offer you this option during your sign up process & we strongly encourage you to take it. This means you can trade with fake money while you learn the ins & outs of trading. It gives you a chance to learn how to navigate & understand your brokers platform, as well as how to actually place a trade successfully. This way, you can ensure you are comfortable & confident in trading before using any real money.
I Still Don’t Know What To Do?
Don’t worry, every experienced trader has been here before. We will soon be adding our very own education section for novice traders, but in the meantime, there is a vast array of educational resources available to you online, starting with your broker. Almost all brokers have their own education section, where you can access articles, webinars and videos on Binary Options trading.
In addition, you can make use of software & signal services to help you trade until you are able to do so on your own. There are generally two options here. One is what is known in the industry as Auto-traders, this is software that automatically places trades for you. The other is known as signal services. Here you receive signals to follow, on which trades to place & you enter the trade manually yourself. Options for both these services can also be found on our Home Page.
Best of Luck!
We wish you all the best in your new trading career, but this doesn’t mean you’re on your own now. Our team at The Binary Advisory is always here to help. If you are feeling a bit overwhelmed or have made a mistake somewhere along the line & are not sure what to do next, don’t hesitate to contact us & we will do what we can to help you. Just drop us a mail at email@example.com
Till Next Time…. Happy Trading!
The Binary Advisory Team