Tips for Binary Traders from Fellow Traders

1. I trade anywhere between £1.00 and £10.00 per point depending on the potential risk/reward situation and depending on how I've performed for that day. If it's going well, the trades will tend to increase with confidence. If not, the trades decrease. (note this is the reverse of doubling up on losing trades). I have a simple target of 25 points a day. Sometimes I'm well over, sometimes near to it but sometimes I'm negative. Today I lost 12 points, Friday I won 34 and tomorrow, well that's another day and we'll have to wait and see.
2. I never double up or trade an amount that would give me serious heart palpitations. It appears to me that a lot of people seem to trade big numbers to get 1 correct trade and take the rest of the day off. You should trade regularly with smaller amounts and try to maintain a constant flow of winning trades. This builds confidence and reduces heart rate.
3. I never trade during the first half hour on an hourly as more often than not, due to time frame it will move against you.
4. Maintain an open mind and try to make reversal trades as well as backing the favourite. Too many times I see traders doing nothing but going with the favourite.
5. Watch the market very carefully. If it's a whipsawing day, trade more reversals but if it's a day when it's trending, back the favourite.
6. Have several accounts and if one goes down then you can open another trade with another firm in the opposite direction thus effectively closing your winning trade.
7. Always close a trade close to the extremes and don't wait for expiry unless you are 100% sure. That last minute can be a bitch at times.
8. Set strict stop losses and never leave a trade unattended. As an example though not always, if I am buying at 80, my stop might be 60 so it's an equal trade I will either win 15 - 20 pts or lose 20 pts but better to lose 20 even if it does climb back up after you’re out than 80 outright.
9. Newsfeeds are great for reversals. FTSE 1-2 is great if big US news is due at 1.30. Open your trade at 1.28pm’ish.
10. We all know that binaries are manipulated in some way or another. Just remember to use this your advantage. I never trade the FTSE frenzy as my fingers have been burnt too many times.
11. No binary betting firm offers stops so you just have to watch it and close the trade at your stop level manually. Discipline is the key. It's so easy to watch it fall through your stop expecting it to reverse back up. This can happen but in my experience, it usually doesn't. If you allow it to fall through your stop expecting a reversal, you are gambling and gamblers never prosper. If you are stopped out, it might mean the pattern has changed and therefore, it's time to revaluate and re-adjust your thinking and plan ready for the next trade.