Many entrepreneurs often see binary options as complex, exotic trading options. The intriguing complexity of the binary option is further underlined by the bad rap and mixed reviews of Forex Trading.
However, it does not need to be so. Binary option is a good way to earn passive income online, provided you understand the way they work.
Nonetheless, trading with binary options is increasingly becoming popular. Unfortunately, many people are still new to the term, which is why we`ve rounded this article on how to start trading option in Indonesia.
Step 1: Choosing a Reliable Broker
The most crucial element for a successful binary trading process is choosing the right platform.
A reputable and reliable broker will provide an ideal launching platform for a profitable binary options trading journey.
Remember that a good broker, who knows his work will make all the difference.
If you`re a trader, there`re some criteria that you should bear in mind when choosing a broker;
- The broker should be licensed and regulated
- The broker should provide training
- The broker should have a comfortable platform
- The broker should have reliable software
- The broker should have customer support
- The broker should allow fast and easy deposit and withdrawal of cash
The above list is by no means conclusive, but it should act as a rough guide to choosing the right broker.
If you`re in Indonesia, there`re plenty of reliable brokers in the market.
I, however, have my personal favorite- Olymp Trade. Olymp Trade is a regulated trading platform which provides easy and straightforward trading options. It`s a reliable platform that has received plenty of positive reviews and feedback.
If you`re looking to learn more about this platform, then read on the comprehensive Olymp Trade review from BinOptionen.com, a leading binary options portal.
Step 2: Open a Demo Account
Agreeably, binary trading offers limitless possibilities of making profits, but at the same time, it carries a huge amount of risks. Therefore, it’s enough to say that binary options involves high risk as well, and therefore it’s especially important that beginner trader open a demo account and test indicators, etc in practice mode, so they get a feel for it.
And this is why new traders must be willing to take advantage when their brokers offer to test their trading platforms and practice for free with demo accounts.
Opening a demo account will allow you to develop and test your trading strategies in a “sandbox” environment without any risk of getting hurt.
Why waste your money when trying to develop a trading style, when you can prove the strategy first in a demo platform?
Besides avoiding wasting money, a demo account will allow you to hone your trading skills, develop a winning strategy, build up your confidence, and even test new strategies.
Step 3: Deposit Money
The next step after building your confidence with a demo account is to open a live account and deposit real money.
Now, here is where the crux of the matter is: only set aside an amount of money you feel you`re comfortable to play with.
The higher the amount, the more profits you can make, but be aware that trading also carries its risk.
The rule of thumb when to live play is that you should always remember that your goal as a binary trader is not to make a million dollars with a single trade. Instead, your aim should be to make money over time systematically.
While many beginners are carried away to make one big score, you must always exercise some self-control and resist the urge to over-invest.
Step 4: Consistency: Learn and Practice
As we mentioned earlier, there`s no set-stone way of trading. Binary trading is a skill, like any other, and it requires learning.
To perfect and refine your trading skills, you`ll need to practice, and develop a strategy that will allow you to reap in the long run.
Fortunately, if you signed up with a broker such as Olymp Trade, you get the added benefit one-on-one coaching on how to use indicators, reading how the market moves and other trading techniques that will allow you become a pro trader within no time.
Conclusion
The above guide is to help you get started in binary trading. While the guide is tailored to the Indonesian market, it can be applied anywhere else in the world.
And as we had earlier mentioned, we continue to insist that your success in binary trading will depend on the broker/platform you choose.
If you`re in Indonesia and looking or a reliable, and trustworthy broker that will see your binary trading a success, we recommend Olymp Trade.
