Deray Options strives to offer you a successful trading experience. Here are some tips that all novice traders need to take into consideration before starting their trading journey:
• Do your homework and be a well-informed trader: learn about your chosen asset, its trends and how it is affected by global fluctuations and different financial markets. Try to trade on clear market trends or clear announcements like stock prices decreasing in Asia or unemployment rate in the US.
• As a beginner, focus on a limited number of assets or even one asset so you can learn its trends and fluctuations and rhythm – there are slow markets and highly volatile markets. Being a specialized trader gives you higher probability to make successful trades.
• Timing is crucial: don’t get confused between weekly charts and daily charts, you need to consult both and keep time in sync before making decisions.
• Global financial markets are open from Sunday midnight to Friday midnight. Avoid trading Friday midnight to Sunday because of the lack of liquidity in these times – large trades move the market trends randomly and unexpectedly.
• Do not risk more than 10% of the volume of your balance. For example, if the size of your balance is $1,000; the upper limit of the total daily trades will be $100 only.
• Avoid opening multiple trades at the same time; the more trades you open, the higher the risk is. Do not open more than 2 or 3 trades at the same time.
• Avoid opening multiple trades on the same asset and if you are an experienced trader, try opening trades in several separate markets.
• Start your trading session at the opening of European markets at approximately 12:30 KSA, and the U.S. markets, which opens at approximately 17:30 KSA – there is usually high liquidity at this time, and the profit opportunities are numerous.
Proper Prior Planning Prevent Poor Performance; This rule apply very well for binary options trading. We, Deray Options, believe that education comes first in order to become a winning in binary options. Thus, this guide is definitely one of the main advices we can give you to become a successful trader.
Wish you a fruitful trading journey.