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Informative guide on how to make $1 million (1,000,000$) in binary options from scratch for a beginner. After all, successful trading is available to everyone, you just need not to stop halfway!
Probably today it is difficult to meet a person who does not dream of a million dollars. Until recently, only a few could earn such an amount, but today, in the era of the rapid development of the financial market and information technology, the opportunity to earn a million is open to everyone.
For this, there are binary options, through which anyone can carry out private exchange trading. For many, making a profit through binary trading has already become commonplace, and they do not need additional recommendations.
But, there are novice inexperienced traders who are just trying to understand this financial instrument. It was for them that this short but effective step-by-step instruction was prepared, after reading which it will become clear to any beginner how to make a million on binary options.
Step #1 - choose a good broker
Without a brokerage company, it is impossible to carry out option trading. In fact, a broker is an intermediary between a trader and an exchange, since only a legal entity has the right to conclude contracts on the exchange.
There are a lot of brokerage companies on the market today, but only a small number of them offer truly high-quality services and services. You can see the best ones in ranking, and in this article we will consider trading with this broker.
After all, the effectiveness of binary trading will mainly depend on how technically advanced the broker's trading platform is.
That is why you need to choose your partner very carefully. It is better to choose the most effective trading platform according to the following parameters:
- Availability of a package of all permits and a license issued by the local financial regulator;
- A trading terminal of our own design and professional level, which is equipped with all the tools for qualitative market analysis;
- The smallest values of trading conditions;
- Free full demo terminal;
- An excellent line of support services for trading;
- Free quality training course;
- Daily professional analytics;
- Fast profit withdrawal service.
A properly chosen trading platform can increase the effectiveness of trading on 30%, in addition, the security of the trader's funds also plays a role in this regard, since the market today is overflowing with a huge number of scammers and unscrupulous brokers.
Step #2 - Gain knowledge and experience
The next thing that will help you get a million on binary options is the knowledge of binary trading, skills and experience. Only education will help you achieve true success in the options market.
Don't worry, you won't have to pay for courses or sit in pairs at the academy. Option trading training can be completed on the broker's website and it will take a little more than a week.
The main thing that is important in this case is that the broker's training program is of high quality and progressive level.
Thus, you will learn the theory of option trading as quickly as possible and move on to practice.
Often, training programs consist of several approaches:
- Teaching aids in an interactive form;
- Dictionary of exchange terminology, that is, the necessary knowledge base;
- Video tutorials where you can see the trading process in dynamics;
- Webinars from professional analysts and traders.
Having mastered the theoretical base, it is necessary to consolidate it in practice. It is best, in this case, to use the broker's demo terminal.
On the demo platform, you can not only consolidate the studied theory, but also gain the experience that is necessary for future profitable trading.
You need to train to conclude transactions on special training platforms that are as similar as possible to a real trading terminal, its functionality and trading conditions.
Only after achieving consistently profitable trading statistics on the demo terminal, you can proceed to making deals on a real trading account, that is, for real money.
Step 3 – choose an effective trading strategy
Trading chaotically, without any rules and preliminary analysis of the market, it is impossible to achieve consistently profitable results.
Only using best strategies for binary options you can close the maximum number of executed trading contracts with profit, which means you can dynamically increase the size of your trading account or trade according to a break-even strategy.
So that you can choose the most convenient and efficient trading system for yourself, we will divide all existing strategies into three main types:
- News trading strategies;
- Strategies based on technical analysis;
- indicator strategies.
The best option for beginners are simple trading strategies with a high level of efficiency, in which it is visually easy to recognize trading signals.
These are indicator trading strategies, in which working technical means analyze the market instead of the trader. A lot of strategies of this type have been developed, moreover, a trader can build them on his own.
Here is a simple example of how you can create an indicator strategy based on a simple Bollinger Bands channel indicator?
The principle of operation of this indicator is to build a price channel on the chart, within which quotes carry out their fluctuations. Another function of this indicator is to determine changes in the direction of quotes and reversals of trend movements.
In its work, the indicator generates a trading signal to conclude a deal, which is displayed as a price crossing the central channel line of the indicator:
This signal is quite easy to identify on the price chart of an asset, even for a beginner, and close deals with a positive result with a probability of about 90%.
Its essence is as follows: you need to buy an option in the opposite direction when the candlestick climbs out of the channel. The expiration here is equal to one candle, in this case it is 1 hour.
With the help of this trading strategy, such a question - how to earn 1000000$ on binary options will no longer arise.
Step #4 - we adhere to the rules of money management
A disciplined trader is a successful trader. Compliance with trading discipline and money management rules is the basis of profitable trading. Simple money management rules will help you avoid many trading risks and keep the funds in your trading account.
Ambition is necessary in option trading, but it must be accompanied by common sense and lack of greed, otherwise a too bright desire for profit will, on the contrary, drain the entire trading deposit.
For successful money management, simple rules have been developed - the amount of one transaction should not exceed 5% of the capital, and the total number of transactions opened per day should not exceed 10% of the trading depot.
Trading in this mode allows you to reduce the number of losses to the maximum and provides a good capital gain.
How to make a million on binary options?
Here is the answer for you - just follow the above recommendations, constantly improve your skills and knowledge, adhere to the rules of money management and trade according to effective trading strategy. Then your results and the speed of their receipt will exceed your expectations.