Binomo is a convenient online platform that allows you to invest and trade without having to contact an agent. Its users earn extra cash on shifts in currencies and other assets. There are four types of accounts available on the platform: Demo, Standard, Gold, and VIP. Depending on the account type, traders get access to various benefits, tools, and bonuses.
For those who are always on the go, the Binomo mobile app is an excellent way to use the platform anywhere. It has almost all the same features as the web version including educational materials and the support service
1. System
Your trading on the platform should be systematic. This refers to both the trading strategy that you're using, and the total time allotted for working on the platform.
Creating your system is the right way to success!
2. Account balance
The higher it is, the easier it will be for you in the future. If your balance is $50 and a failed trade costs you $10, your loss will be 20%. That's pretty significant, don't you think? You would then only have 4 attempts to get back to the original amount, which would require you to be even more careful and focused.
But what if it was $500? An unsuccessful trade of $10 would not cause any major damage, because that is only 2% of the total balance
So, a lot depends on the initial account balance. We recommend that you carefully choose the amount of your trades, especially for beginners
3. Capital management
Just like in the last point, we'll give you specific numbers. If you still don't have a lot of experience, the safest option for you would be trades that don't exceed 2% of the total balance. Moreover, we recommend keeping the total amount of all open trades to no more than 15% of the balance.
If you already have a bit of trading experience, you can calculate a safe percentage for yourself based on your preferences and goals
4. Limiting losses
Introduce a daily limit on the number of failed trades, for example, 10. Or, on the percentage for the total balance, 15%.Never exceed that limit, even if you feel like you're about to hit the jackpot
5. Training
Trading is a dynamic way to earn money. It is constantly evolving, new trading strategies come out, and new assets are introduced.
To avoid losing your money and stay on top for as long as possible, spend more time studying.
6. Controlling your emotions
Pay attention to your behaviour during the trading day. Your emotional state, whether it's positive or negative, should not prevent you from following your trading strategies!
It’s very important to keep calm and be guided by experience, not by impulse!
7. Market analysis
You must analyse the market to make the right decisions in the future using your experience of making successful trades. And, to avoid repeating the same mistakes which previously led to losses.
Remember these 7 points and try to follow them for at least a month. You will see trading becoming easier and the number of successful trades you make will increase!
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