Tips, Page 2 Category

Tips for Saving Money for Trading

How much money do you have in your trading account right now?  $100?  $200?  $500?  The majority of binary options traders are trading on a shoestring budget.  That is one of the reasons that binary options have become so popular over recent years.  The entry barriers are low, and you can get started with only a few hundred dollars.  Trading on a shoestring budget imposes a number of challenges though.  You profit very slowly, which is a struggle all in itself.  And then there is the struggle to hold onto your patience.  When you wish you were profiting more quickly, and when you really need the money, it can be difficult to restrain yourself from making bad trading decisions.

What Are S.M.A.R.T. Goals?

One of the topics that I discuss frequently on this site is setting goals.  Setting goals is extremely important for several different reasons.

5 Reasons to Take Trading Seriously

There may come a time during your education as a trader when you realize you have more than a passing, casual interest in binary options trading.  Perhaps you first started learning about trading so you could gamble for fun.  But the more you learned, the more you realized you wanted to learn even more.  If you are thinking about honing your edge and getting serious about trading, here are five reasons to consider putting in that extra effort.

Binary Options:  Business or Entertainment?

Have you been thinking about trading binary options, only to have someone you know tell you, “That’s just gambling.  Do that and you’ll lose money?”  If so, you may have started having doubts about trading, and you might be wondering whether you are doing the right thing by opening an account or not.  Binary options are somewhat unusual in this respect, since they exist at a juncture between business and entertainment.  They are not 100% one or the other; they are a little of both, and which one dominates depends more on the trader than the activity itself.  Ultimately, whether you are a gambler or not determines whether binary options is gambling or entertainment.

Should You Trade Binary Options on Your Mobile Device?

When you are reading through reviews of binary options brokers, you will usually find out whether a broker offers mobile trading or not.  Some brokers allow you to trade on a mobile-friendly interface on an iPhone, Android, Blackberry, or similar device.  They have webpages which are designed to display clearly and make it easy to trade on a small screen.  In theory, this should allow you to be able to trade binary options anywhere you want, as long as you have an internet connection.  This is generally seen as a positive feature and a boon for traders.  One thing I notice hardly anyone ever talks about though is whether you should take advantage of this feature or leave it.

Improve Your Concentration for Better Trading

Do you have difficulty focusing while you are trading binary options?  Maybe not, if you do only short term trades like 60 Second trades; a lot of new traders are attracted to binary options because they do not have to stay in their trades for very long.  Impatience is not your friend, though, and you will quickly discover that if you are not testing your trades, you will not do well on any timeframe.  And testing takes a great deal of focus, even when you are testing short-term trades.  You might balk at the idea of testing hundreds of trades before you even trade live with real money, but it is a fact of life for any successful binary options trader.

What Will You Do With Your First Million Dollars?

I like to write posts based on threads that I have recently found while perusing trading communities. Recently I saw a trader post a thread asking what people were planning on doing with their wealth once they made it. The discussion focused on what the trader was going to do with his first million dollars (not as much money these days as it used to be, but it is a number many traders still fixate on).