I have been trading on the Binomo platform for a year now. Sometimes I earn extra income on Binomo, and sometimes I lose my investment. But I was sure that I could improve my result if I tried. I just needed to figure out how to trade efficiently by following some of the tricks and tips offered by professional traders.
I went through tutorials, wrote down some tips, and tested many different strategies on a Binomo demo account. Thus, I understood the basic principles of trading on Binomo, which reduced the risk of losing funds.
I have found four tips that I want to share with you. They form the core of my tradingeducation on Binomo.
Tip 1: Treat a demo account like a real one
A Binomo demo account allows you to try different strategies and tricks to save your funds. It provides you with virtual funds to trade, which means that if you fail, you do not lose your investments. At the same time, you trade on actual charts, the same as on a real account.
I switch to the Binomo demo account whenever I want to check if the chosen strategy works and test it several times. After ensuring that the strategy works the way I want, I switch to the Binomo real account and start trading. Moreover, I test various indicators on a demo account and select the best ones for analyzing the price movement of an asset.
Many beginners do not perceive a demo account as real: they indicate large amounts of trades, do not consider the trade time, and use random strategies. However, this approach will only lead to the loss of funds when trading on a real account. I recommend you take practice on a demo account seriously, try out all the financial tools available on Binomo and understand how they work.
Using a Binomo demo account increases your trading skills and confidence. It will help you understand when it is worth entering a trade and when not, what strategy or tricks to choose in this or that case, and what time to choose for a trade.
I recommend that you practice whenever possible on a demo account. It is a unique opportunity to understand how Binomo works using actual charts.
Tip 2: Avoid short 60-second trades
The Binomo platform offers traders a straightforward and understandable trading mechanic, Fixed Time Trade (FTT). Let’s see how FTT works:
- Choose an asset to trade, for example, the GBP/NZD currency pair.
- Specify the amount and time of the transaction (from 1 to 60 minutes).
- Make a forecast and press the green button if you are sure the asset’s price will rise; red – if not.
Agree that there is nothing complicated in this technique. If your forecast is correct, you will get additional income; if not, you will lose all investments.
Earning extra income in 60 seconds may seem not tricky, but it is not. Such short trades are fraught with risks. The faster the time, the easier it is to make an error with the forecast. The price constantly changes, and even a tiny fluctuation can become a loss for you.
Keep in mind that the price constantly changes in short and long timeframes. However, price fluctuations on longer timeframes are not so large that you make an error in forecasting. It is easier to analyze and forecast the price direction using longer timeframes. Use this tip and try not to open 1-minute trades.
Tip 3: Check the trading history often
The main goal of every Binomo trader should be to minimize losses and maximize earnings. Therefore, it is essential to analyze your past trades. Traders used to handwrite down all the trades they made to analyze which got funds and which did not. Now you can view your trade history in your Binomo account in the “Trades” section.
Your trading history will show which trades were profitable and which were losing. You will also be able to see which financial instruments helped to achieve positive results, which strategies worked best, and what time was the most optimal for trading.
For instance, trading on the GBP/NZD currency pair from 2 to 3 am brought you additional income. You used the candlestick chart and the “Night channel” trading strategy. This information lets you know when to trade that particular currency pair. This trick will help you make an accurate forecast for the future.
Tip 4: Think over and follow a trading plan
When I first started trading on Binomo, I didn’t stick to any plan. I wanted to trade and get some quick additional income, so I chose random assets and trade times. However, such activities often led to losses. I began to think about how experienced Binomo users trade. I found out that they always have a particular plan. It was exactly what I needed for efficient trading.
Here are a few things to include in your plan:
- how much would I deposit;
- how much money I would invest in one trade;
- would use bonuses to increase the deposit;
- what strategy will I use;
- what chart type (candle, bar, mountain, or line) and indicators I would use;
- what assets to choose for trading;
- when I will withdraw funds from my account and how many of them I will withdraw.
It is a clear example of how I advise you to approach trading. Don’t be afraid to create a plan that suits your trading style.
Do not forget that any trade involves the risk of losing funds. Learn to analyze your past trades, don’t ignore the Binomo demo account, develop your trading plan, avoid short-term trades and constantly improve your knowledge with the free Education and Strategy sections. These simple tips and tricks will help you reduce the risk of losing funds.