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Self-Control and Money Management - is this the most important?

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Hello, I am new to binary and with desire to start learning. As I understood so far emotional control and money management are probably the most important elements in binary options trading. Of course I should start learning fundamental and technical analysis as well. Please share your experience and let me know form where to start?

Comments

JForte's picture

Yes, they are both important in trading. In my opinion it is important to stay focus on learning and understanding of the basic market forces. Many ads claim you can become rich in 60 seconds or even in 30 sec but the truth is you can't make money without knowledge.

1. First start out to get a feeling about the price action on a candlestick charts. A good advice is to compare the ongoing situation on a different timeframes so that you get a feel for the market noise. The problem what you probably will find is that most of the binary brokers do not offer candlestick charts. On the other hand if you are on a one minute time frame line chart with a lot of market noise it is quite difficult to make a decision. Fortunately there are some brokers powered with candlestick charts and different time frames which you can try.

2. Don't go with 60 seconds trades! Better start with 1h trades or even daily close at 20:00 GMT. Watch the price developments in 1h time frames to get a feel for it.

3. If you apply technical analysis start learning macd, rsi and stochastic oscillator indicators but don't take the signals as triggers better let them tell you when not to trade. Technical indicators are just statistical means to evaluate the situation better and help you with decisions.

4. Money management - don't use more than 10% of your balance on one trade. If you deposit $100 - buy options for $10.

5. Start trading first on a demo acc for at least 1 month - to get in use with the trading platform and to feel the price action.

JForte
SpiderMouth's picture

Very useful tips, thanks a lot! Which brokers offer indicators?

SpiderMouth
JForte's picture

optionTime and 24option as far as I know

JForte
KathyMinor's picture

Yes, Self-Control and Money Management is the the most important. If you are properly managing your money you will see yourself staying clear from falling behind. You make your payments on time, you never go over the limit on credit card fees, and you never overdraw your bank account.

KathyMinor (not verified)
Craig Spearman's picture

Yes, it is everything if we have control we can succeed but without that it’s not possible.

Craig Spearman
riksa18's picture

Learning never ends in trading business, it's a full time job and you have to consistently learn in order to remain successful. The right approach for managing your money matters can help you bring at the top, it also includes risk management.

riksa18
Vizory's picture

Selfcontrol is the main thing in trading, afterall, one minute of losing control can cost you your deposit.

Vizory
Prime's picture

At first glance these are secondary aspects of trading, although no matter how paradoxical it may seem they influence how successful you're gonna be in trading binary options.

Prime