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Welcome Note to New Traders!
Welcome to Binary Options Trading, also known as Digital Options Trading! The word binary represents that it is zeros or ones, just like in computer binary codes. The reason for it’s name because that is what binary options trading is about, it is all or nothing trading. So it is rather convenient to actually know how much you will be risking per trade and also potential profits. There is no complex money management strategy needed where you calculate how many pips you need the asset to achieve in order to break even. As long as the price at expiry is higher than the strike price, you are entitled to the promised payout.
While we understand that it might feel intimidating to actually get started in binary options trading especially when viewers have no prior experience. Hence, we highly recommend viewers to get a feel of what it is like through a DEMO account first! Although the concept of how to profit in binary options trading is as simple as getting it right as consistently as possible, but if you have no game plan, you will most likely lose all your funds anyway. Hence, this article is for the benefit of viewers that has zero experience in binary options trading in hopes to gain a feel of what it is like!
As I recall my early experience in binary options trading, I felt like it was extremely simple and I had no prior experience in trading before. Hence, I started trading in a demo account first and I lost all my demo funds within a day! Fortunately, those are not real money but I have also lost my real money account after I gained “enough” confidence in trading with real money. Those are priceless mistakes which I hope to share to you for your benefit. What I have learnt from my experience is that, although the concept of binary options trading is easy to grasp, but winning consistently is tough! I only prepared myself with basic chart analysis to make my decisions and my early trading results stuck at about 60% win rate. Which is near break-even rate! Ultimately, I traded in a day which had major market spikes and I lost my cool! Hence, after 2 losing streak, I decided to gamble and increase my bet size! And of course I lost everything within two hours of losing my cool!
So my advise is to gain as much knowledge and research as much as possible on available tools that can help you as a beginner trader! It was soon after that I lost my entire fund that I have researched many binary options services which I found to actually be reliable! Hence, I have also contributed some of my research experience to the Binary Options Sentinel team and came up with both binary options scams/trusted services! We hope that our reviews helps and all the best in your trading journey!
Binary Options Free Demo Account with IQ Option
Most demo account offered by binary options brokers requires an initial deposit before you can even use their demo account. However, of course there a few brokers that offers free demo account before deposit. Among the free demo accounts, we prefer IQ Option free demo account because it is quite reliable and rarely lags/disconnects. The free demo account grants you $1,000 to trade with and you will be able to “refill” just in case you run out of funds at any time!
IQ Option Trading Platform. Free DEMO Account
How to Sign Up for IQ Option Free Demo Account?
- Click the IQ Option Free Demo Account Link HERE!
- Fill Up the registration form with accurate details.
- Check your email from IQ Option and click the last button below “Continue to Platform”
- Click “Download” so the IQ Option platform can be installed. This is to ensure fast loading speed. Should you use the browser based platform, it needs to download the platform every single time.
- Enjoy Your Free Demo Account!
What Should I Do Next After Getting a Free Demo Account?
Well, that totally depends on your experience level to be honest. Assuming that you were in the same condition when I first started exploring binary options, I would certainly advise some basic understanding of Candlestick Charts and other chart reading definitions. There are many indicator that is built into the IQ Option Free Demo platform which you use too. After which, you may feel free to go lose some money to the Free Demo Account! No worries, you will be able to refund your Demo Account at any time. The reason for this is for you to get a feel and realization that how fast your funds can run out just by a few losing streak! Hence, it is very important to emphasize that in order to succeed in binary options trading, a winning percentage of over 70% is necessary to be profitable!
Next, you will need to familiarize yourself with some basic trading strategies and start practicing on the Free Demo Account! Not only it will be beneficial in providing you with some trading experience, but it is also a test of discipline! Which is another important aspect when it comes to trading! Discipline and Patience!
There is no easy way for you to be a fully competent binary options trader! Practice, discipline, knowledge, and patience is necessary!
Does this mean that you will never be able to profit even when you just stepped into binary options trading? Chances are, new/inexperienced traders will most likely lose all their funds, it is just a matter of time! Obviously the trading environment will be harsh and will definitely require you to achieve higher than 70% winning rate should you be interested in seeing consistent profits! HOWEVER, there are trading tools that can help new/inexperienced trader to profit while they learn the basics! There are Binary Options Signals Group where experienced trader provides trading signals! Good manual signal services like United Trading Network is a great place to start!
Apart from that, there are binary options auto trading software which executes trades on behalf of the traders. While many of the auto trader released in the binary options industry are scams, Binary Options Sentinel strives to bust as many scam auto traders on a daily basis. At the same time, although rarely, we come across reliable and good auto trading systems! Which is why we came up with our Trusted Binary Options Signal list that shares our recommended auto trading system!
At the end of the day, I guess everyone is interested in earning profits! So it totally depends on how much time you will be able to commit to trading binary options. Of course binary options signal services and auto trader will be able to generate profits for us as well. So should you be purely interested in trading binary options seriously, take some time to gain some knowledge and join a manual signal group to help increase your chances to profit. Should you have limited time to commit in learning binary options trading, an auto trader can actually generate some profits for you! However, please do check in regularly with our list of trusted binary options signals where we recommend high performing auto trading system! Our Blacklist also lists down auto trading system which you should stay away from!
Good Luck and wish you a profitable trading session!