The Five Golden Rules

If you want to make money when trading with binary options then you need to have an advantage over the markets. While there are no great secrets that are going to earn you money there are a number of rules that you should observe which will help you to get the most out of your trading. Below are five tested and proven 'golden rules' that you should following when trading on the markets. They won't guarantee that you will attain success but they will help you to avoid the obvious pitfalls that befall a great many traders.

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This is the foundation of every good trader. You will need a strategy to follow. This will allow you to identify opportunities in the market and will also dictate how you approach your markets. Your strategy should detail all aspects of your trading including your trade entries and exits, money management and risk profile. If possible write it down and refer to it often. Only change your strategy if you are sticking to it and are not getting the results that you expect.

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This tip can be taken two ways. Of course you should always trade with amounts that you can afford but here it relates trade to your abilities. If you are in impatient trader then don't try to use long term strategies as the chances are that you won't be able to wait for the expiry and will adjust your trades. Pick an approach which is suitable for you and you will be more likely to profit from your trading.

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