5 Trading Mistakes To Avoid In Binary Options
Hello YouTube! I’m Tom and I’m back with another video about binary options and how you can use them to profit.
In most of my videos I like to focus on positive things, like giving tips on stuff you SHOULD do, but in this one I want to point out 5 mistakes you can easily avoid when trading binary options.
1) Don’t over invest – it’s never a good idea to “put all your eggs in one basket”, always go for smaller trades, even if the return is smaller the risk is also not as great.
2) Don’t diversify too much – hedging your investment is a smart idea, because it acts as a sort of insurance if one market crashes, but investing in too many assets is also bad because it makes tracking changes in markets a nightmare.
3) Never chase losses – you will lose some trades, that’s a fact, but the mistake some traders make is to invest more the next time around to try and make up their losses, make a plan and stick to it as best you can.
4) Avoid “honey traps” – If a broker offers returns or promotions that are MUCH better than the market standard, there’s a catch somewhere, and you’ll do best to avoid the offer, which leads directly to the final point…
5) Avoid “push calls” – some traders will pressure you into making more deposits or more trades than you’re willing to, avoid this at all costs, they might be doing their job, but that doesn’t mean you should make it easy on them, you should stick to a predetermined budget.
Avoiding these mistakes may make things a little easier for you, as will my other videos, so subscribe please and check them out!
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