6 Steps to Successful Trading on Binomo
Binomo is a cutting-edge trading platform that allows people to earn money online. Anyone familiar with trading is familiar with the all-too-common situation in which trades simply stop going right. There is nothing to be concerned about. The most important thing is that you properly manage your emotions and take control of the situation. We wrote this article specifically to help you trade long-term while protecting your account from uncontrollable losses. Begin trading on Binomo by following our recommendations and you will always be on the winning side!
We provide you with the following short guide to help you stay in the black:
1.The account balance
The higher it is, the easier it will be in the future for you. If you have a balance of $50 and a failed trade costs you $10, your loss is 20%. Don't you think that's significant? You would then only have four attempts to return to the original amount, necessitating even greater caution and focus.
But what if the price was $500? An unsuccessful trade of $10 would cause no significant harm because it represents only 2% of the total balance.
As a result, the initial account balance is extremely important. We recommend that you carefully select the number of trades you make, especially if you are a beginner!
We'll give you specific numbers, just like we did in the previous point. If you still don't have much experience, the safest bet would be trades that do not exceed 2% of the total balance. Furthermore, we recommend that the total amount of all open trades not exceed 15% of the balance.
If you have some trading experience, you can calculate a safe percentage based on your preferences and goals.
Introduce a daily limit on the number of failed trades, for example, 10. Or, on the percentage for the total balance, 15%.
Never exceed that limit, even if you feel like you're about to hit the jackpot!
Trading is an exciting way to make money. It is constantly evolving, with new trading strategies and assets being introduced.
Spend more time studying to avoid losing money and to stay on top for as long as possible!
You must analyse the market to make the right decisions in the future using your experience of making successful trades. And, to avoid repeating the same mistakes which previously led to losses.
6.Control your Emotion
Sounds like it is the easiest but this is also the hardest especially when you are facing losses. Pay attention to your behaviour during the trading day. Your emotional state, whether it's positive or negative, should not prevent you from following your trading strategies! It’s very important to keep calm and be guided by experience, not by impulse!
Remember these six points and make an effort to follow them for at least a month. Trading will become easier for you, and the number of successful trades you make will increase!
What are you waiting for, TRADE NOW!