People choose Binary Trading to make a quick money from the volatile market. The untold truth is that choosing a right and successful trading strategy is not the key element for traders. It is counted as an intermediary part of trading.

The question is HOW DO YOU BECOME A GOOD TRADER?

It is not necessary that a particular trading rule will work for everyone.

But, there are a few fundamental rules available for traders which works for everyone. Traders especially beginners, need to follow those rules to bring success in their trading life.

Let's Start

Rule no 1: Never Ever Took Risk More Than 1%-2%

As I said

NEVER.

It is not necessary to take risk more than your capability, no matter how good your trading strategy is. If the price does not touch the expectation level of yours, a particular trading amount will lead you to large losses. As binary options allows trading on a wide range of trading assets, so it is necessary to take a look on asset's price movement before placing trading order.

Example, if you want to trade the most volatile forex market, then choose the best currency pair that will give you the highest payout. When the cost of a single trade does not exceed 1%-2% of the account balance, it is easy to overcome the loss and the unprofitable trading period.

Rule no 2: Limit Your Loss Per Day

I, personally saw many traders to follow this rule strictly. Including to choose the best brokers for binary options, you have to limit your daily trade. Especially for novice traders, it is wise not to trade more than 1 at the beginning,

Moreover, this rule will help you to reduce your trading losses. Try to limit them for each day. You can apply different trading strategies for certain days and times.

If you see that the price is leading you in a negative balance, you have to stop trading immediately and wait for the next day.

Note that your daily losses should not cross 15% of the account balance.

Rule no 3: Control Emotion

Trading will give you stress. Remember that you are risking the capital to make more money. There are many ways to handle stress. You have to find your own way.

Novice traders are always unable to control their trading emotions. It is a place where you have to act calmly and confidently. It is important to be confident, even when your forecasting is not right.

Take a break of 15 to 20 min, in between your two trades, whether your trading result is positive or negative.

Rule no 4: Increase Your Trading Volume Based On Your Account Growth

The size of your account will grow if you use effective trading strategies, and have the ability to manage your capital correctly. Moreover, you can increase your investment or trading funds, based on the size of your account.

Though it is the last, you can add more on your rule's box according to the real life experience. Try to do it after following the three steps which I mentioned above.

Final Thoughts

In conclusion, these are the secrets of a successful trader. It is not easy to generate money consistently, though you have a lot of capital in your account. Also you can also join different trading tournaments, and enjoy cash bonus to make a fat wallet.

Happy Trading

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