Burning a real account is one of the most common problems in the world of binary options trading, and in this article, you will find information on how you can avoid burning your account.
3 tips to avoid burning your account
Now, you will be able to find 3 tips that helped one of the best traders in the binary options market and also in other types of markets to become one of the best traders that can exist in the virtual market I am talking about Cristian AP
- Have a plan: In order to avoid burning your real account, you must have a clear plan that will help you achieve your goal. Usually, traders who do not have a clear goal tend to quickly ruin their account and this is because by not having their eyes fixed on an objective, they do not take seriously the work they are doing. If you find yourself entering the world of binary options and you are just looking for an easy and fast way to generate profits, I am sorry to tell you, but that is not a plan. But if you think about being able to double the amount you have in your real account every month, that is an excellent plan that you should start. You can write in an Excel sheet to be able to keep a proper control of the exact amount that you need to reach your goal, which in this case would be to double your real account. If you have a plan like this, I can assure you that you will be able to increase your capital in a safe way and you will be able to have more knowledge when trading and you will be even closer to becoming an expert trader who knows how to control his emotions against the binary options market or any market you want to trade.
- Focus on 1 strategy: The worst mistake you can make when you are starting to trade in the binary options market is to follow several strategies at the same time, but even if you find yourself making money thanks to the signals that can be given to you by the expert administrators that you follow when you try to practice strategy you will lose too much money because you don’t find yourself concentrating on a single strategy. If you decide to follow the signals provided by a smart application that sends the best options that the market can offer you, the signals by a manager who specializes in binary options or a strategy, I recommend that you use only these strategies to trade because you will be taking care your capital from unwanted losses. And remember that following several strategies will not be able to help you increase your account in a safe and reliable way. Also, choosing a single strategy to trade will help you avoid ruining your real account and remember that you should choose the type of strategy that is closest to your needs as a trader so that you can feel comfortable while you are doing your daily trading and do not burn your head following anything you don’t like.
- Practice on demo account: The most important advice that you should apply for a long time is to practice on your demo account. If you are a beginner trader in the world of binary options, you will learn how the market works, when you should withdraw from trading and if you want to try a new strategy, you will be able to learn to use it in a safe and reliable way, because you will not be risking your capital. It can also help you test the functions of the broker you are using without putting your money at risk, most traders usually make the mistake of not using the demo account and jump to use the real account and not having any kind of knowledge or experience trading, then end up burning through their real account too quickly. The purpose of trading in a demo account is not to win all the time or never get a loss or see how many trades you can lose in a day, but it is about practicing the exact points where you should enter the signal with the strategy you find yourself using. This is because in binary options, the Entry Price is too important for you to win a trade.
I recommend that you follow these concepts because at first, I made all these mistakes that led me to burn several binary options accounts and when I started following these wonderful tips provided by Cristian AP, I was able to increase my knowledge in the world of trading and my capital in a safe way. Now, you can find a video that explains this amazing topic in more detail