As a first time trader you should always take a step back when you have signed up to a Brokers and have logged into their trading platforms for the very first time instead of simply randomly placing traders here there and everywhere!
You should always base your trades on research that you have done before logging onto a trading platform, as you will then be in am much better position to know just which trades are likely to end in you making a profit, which is of course what every trader will be looking to do.
You will not suddenly acquire a skill of picking out profitable traders however for you really do need to know just what trades are more likely to end in a profit, and it is with that in mind we have put together the following guide, so read on to find out more.
Questions and Answers
Take a look through the following questions and answers section of this guide for by doing so we will let you know the types of traders you may be best of placing and when you should be placing them, plus we will also pass on a few additional trading hints and tips you may be interested in learning all about.
What Trades Should I Place?
The first question any first time trader is going to have is just which trades he or she should be placing. However, never restrict yourself to just one market place for doing so is going to see you missing out on a range of different trading opportunities. In fact try and place as diverse a selection to trades as you can for the more you place the more likely you are to make a profit.
Will Short Term Trades be Profitable?
You are not going to have to wait the entire trading day to find out whether you have locked in and made a profit on many Binary Options trades, as you will find many Brokers will offer you something known as 60 second trades.
These trades expiry 60 seconds after you have placed them and they can be ideal trades to place when any breaking news story is having a dramatic effect on any particular commodity or share price value.
What Commodity Trades are Worth Placing?
You are always going to find the price of all commodities will swing in one direction or another, and as such whilst many traders tend to stick to commodities such as oil, never forget that there are plenty of other commodities you can place your trades on and as such always be prepared to place trades on the values of more than one commodity.
Should I Accept Risk Free Trades?
As you become a regular trader at some of our featured Brokers you will find they are going to offer you risk free trades. These are trades that will see you either making a profit if you trade on the right side or get your investment funds back if that trade is a losing one.
However, the one thing to keep in mind when you are offered a risk free trade is whether you are going to be awarded your cash back as a bonus funds, and if so take a look at the volume of trades you need to place before the bonus funds become real money credits.
Are Banking Options Profitable?
In recent years one of the most volatile market sectors is the banking market sector and as such whilst you can make some very substantial profits trading on the value of any banks share value, you do need to think long and hard in regards to which side of the trade you will be placing your trades on.
You can of course place both long and short term trades on banking stocks, and as such you may wish to sample the market out first by either using a demo trading account of placing small valued trades.
Should I Follow the Money?
Many Binary Options Brokers will allow you to see where the money is being placed by other traders using their respective trading platforms, and whilst many Traders will be more than happy to follow the money you should always stick to your own trading strategy.
Whilst every now and then you will find you can make profits by following the money there will never be any guarantees you will, and you will never know whether those traders placing trades on one particular asset are experienced or completely novice traders!
Will an Account Manger be Useful?
You will always have access to an Account Mangers when you sign up to any of our featured Binary Options Brokers, however do keep in mind they are employed by the Broker and as such you should always take a with a pinch of salt any trading tips they pass onto you.
However, it is always worth you keeping in touch with your Account Manager as they are going to be passing onto you unique and tailored promotions offers from time to time which can be quite high valued promotional offers.
Are Different Times of the Day More Profitable?
There are going to be no differences in regards to the time of the day you can place any type of Binary Option in regards to the likelihood of you making a profit when trading Binary Options. For you are just as likely to see some gains being made first thing in the morning, around midday or even in the late afternoon.
So always be prepared to schedule your trades to your own personal preferences and what it is you are looking place your trades on rather than the time of day.