The great thing about Binary Options trading is that it is easy to get started. Unlike many form of investment which can prove off-putting due to the high degree of knowledge that you need to get started, entering into the world of binary options trading is simple.
This is the key reason why this method of trading has proven to be so popular. Not only can those people who are already in financial trading take part, but so too can those who have never traded before. Of course you will still need to spend a bit of time going through the mechanics of trading and learning how to spot profit opportunities. However when compared to say, Forex or Stock investments, this is trading at it’s simplest.
Here is a quick five point guide to help you get up and running.
1. Open An Account
To start trading you are going to need to open an account with a binary options broker. This site contains some reviews and recommendations on brokers to use. They have been chosen from my own personal trading experience with them as well as the features that the offer. You can register with any broker for free to take a look around their platform. Then once you are happy that you want to start trading with them you simply need to fund your account to get started.
2. Fund Your Account
These days most brokers accept a wide range of deposit methods to fund your account. The most common are credit and debit card or by bank wire transfer. If you want to use some other method such as third party payment processor (UCash, Moneybookers etc) then it is worth while checking the deposit terms with the broker before you try to open your account. Funding by credit or debit card is normally the quickest way and you should be able to trade on your account almost instantly.
3. Decide On A Market To Trade
With so many assets available for trading with binary options you need to select carefully. When you first start stick with the major assets with the category your choose. So if you want to trade indices then try the Dow, NASDAQ or FTSE, and if you choose Forex then try to stick to the majors (EUR/USD, GBP/USD, USD/JPY,USD/CHF). These key assets tend to attract more coverage in the press and therefore you will be more easily able to find good analysis and information to help you trade them.
4. Decide On Your Contract
Once you have chose your asset you then need to determine the contract that you want to place. While many brokers now offer a wider range of contract types then the ‘classic’ option (Call/Put), these higher or lower options are easier to understand and trade with when you first start to trade. You only need to determine if the market will finish higher or lower over the contract period you set. To determine this you will need to look at the latest news and the direction that the asset has been most recently trading.
5. Place Your Trade
The final thing you will need to do is actually place your trade. This is a simple process… the only thing you need to make sure is that you have entered all of the details correctly. It may seem daunting the first few times but you will soon get the hang of it.
Once you are done it is then just a case of waiting until the set expiry time to see if you have been successful in your prediction!
The aim of this site is to provide sufficient detailed information and resources to get you up and running quickly. However there are plenty more resources around the web which you can make use of to help you understand more about the world of binary options trading. Also once you have got yourself up you will need access to some good resources to assist you in your analysis.