UltraTrade is the latest online binary options broker to offer quality services. In this article, we’d like to provide 10 tips for binary options trading with UltraTrade. These are especially useful for those new to binary options trading.
1. Get to know the system
Before you trade, get to know the system. This way you’ll avoid some unnecessary trading mistakes. Actually, trading with this broker is quite simple as all you need to do to place a trade is to select the asset, the time period of the trade, direction (up or down), and a bet amount.
2. Take advantage of tools
Many tools are provided to clients. There are charts, trading signals, daily reviews of markets, and economic calendars. Get to know all of these.
3. See and study what other traders are doing
What’s great is that with this broker you can see what other traders are doing. It’s a way to see what’s hot, and where the profits (as well as losses) are occurring. You can learn from the experience and mistakes of others.
4. Focus at first
Many new traders get overwhelmed by the possibilities offered by binary options brokers. Stocks, indices, currencies, and commodities can be traded from the same account. But, that’s also an easy way to get confused and trade without really knowing what you’re doing. So, at first, focus on just few markets.
5. Match the opportunity to the right time period
Traders not only need to be right on the direction (up or down) of the asset movement, but also on the time period during which it will occur. So, a right binary option needs to be used- whether 60-second, 1-hour, or 12-hours one. (And there are many other intermediate periods.)
6. Decide which type of an option you want to use
There are many option types to choose from. There are options that are locked at the time of a trade. So, the asset needs to finish above a certain level (for a Call) or below it (for a Put). There are also Touch Options with which the asset price only needs to touch a certain level for a winning trade.
7. Study the payouts
At the time you’re placing a trade, you’ll see the payout if you’re right. At that time you need to decide if the risk you’re taking with your money is worth this payout.
8. Take advantage of whatever access you get to the experts
Depending on your account type, you’ll get different levels of support. Some of these include 1-on-1 trading sessions. Make sure to utilize these services as much as necessary for you to succeed in trading.
9. Be careful with your trading capital
At the beginning, limit your bets. If you’re new, it’s better to place small bets at first. Once you learn, then consider placing bigger bets.
10. Take advantage of bonuses
New clients at UltraTrade get bonuses to join. This is a great way to get some extra trading money.