The 7 Biggest Binary Options Mistakes You Can Easily Avoid – South Africa

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The 7 Biggest Binary Options Mistakes You Can Easily Avoid

Trading binary options is getting more and more exciting for many interested people in South Africa. Ever since 2008 when binary industry initially appeared, traders across the world, including South Africa learnt how binary options industry enables them to achieve high profits thanks to numerous advantages.

Binary options trading is especially attractive to new traders who don’t have any previous trading knowledge and therefore we want to provide them with accurate information on how to have a successful binary trading journey.

This guide about the 7 biggest binary options mistakes you can easily avoid will provide exactly that. Our main goal is to educate inexperienced traders in order to avoid trading mistakes and start trading binary options with a success.

Trading with Scam Brokers

According to our point of view, trading binary options with scam brokers comes as the biggest mistakes which could be easily avoided by South African traders. Nowadays, there is an increasing number of brokers who offer their trading platforms to traders in South Africa. Also, we need to mention how there are different elements by which it is possible to detect binary scam brokers.

For example, unclear terms and conditions should be among the first things traders need to check when they evaluate particular trading platform. If a broker doesn’t provide any important information or doesn’t have any policies available on the platform, this should be seen as a “red flag”.

Also, it is recommended to read broker reviews first to get better insight and check how customer support works. This is important for all traders who want to have access to support agents in case their assistance is necessary.

Missed Opportunity to Practice on Demo

Many regulated and trustworthy binary brokers offer demo account as part of the trading platform with ultimate goal to provide South African traders an opportunity to test the platform and practice how to perform trades in binary options.

Brokers, such as Opteck, 24option, Banc de Binary and many more have prepared demo accounts for registered traders. On demo, trading binary options becomes completely risk free since traders use virtual and not real money. This means brokers themselves funds demo account which may be valid for certain or unlimited period of time.

Demo account in binary options trading is particular important to new traders who just began their binary trading journey and want to gain as much knowledge as possible and this is the true value of demo account.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Broker!
    Perfect for beginners!
    Free Demo Account! Free Trading Education!

  • Binomo
    Binomo

    Only for experienced traders!

Once traders try out different trading features and strategies and feel more comfortable when trading, they can switch from practicing on demo and invest in binary options on real trading account.

Don’t Forget Education

Although trading binary options isn’t difficult, it does not mean how traders in South Africa can rely on luck and not to educate themselves to have better understanding of how to trade on binary options market.

Many trustworthy brokers, such as Banc de Binary or Opteck offer their registered traders an amazing education materials, which are very useful and can be used in the trading process.

These edu materials include a selection of tutorials, webinars, FAQs, ebook and many guide and strategy articles regarding how to deposit or withdraw and what is the best way to benefit from binary options trading.

Education isn’t used only by traders novice but also pro traders who want to expand their knowledge in order to have more profitable trading journey. Therefore, those traders who understand importance of binary options education are more likely to become successful and will be able to learn more tricks of binary trading process.

Having Unrealistic Goals

Unrealistic trading goals are something often seen in online investment and it also belongs in category of biggest binary options mistakes traders novice can make in the very beginning. When traders in South Africa decide to trade with different assets in binary industry, their initial goal is to earn huge amounts of money right away, without any plan or strategy.

Having big plans is a good thing in binary options trading, however unrealistic goals are something to be avoided because it can lead to a money loss. Most brokers offer traders very high returns, even more than 90%, but it doesn’t mean how traders don’t need to evaluate financial market or try out different trading instruments for better trading results.

Lack of Trading Plan

When investing in binary options, trading plan should be an important segment of successful binary trading process. Lack of trading plan is one of the mistakes most traders beginners are faced when planning to invest in binary options.

Traders in South Africa who plan to rely purely on luck factor will most likely fail in the trading process, because binary trading isn’t gambling and set of tools and strategies should be a constantly part of each trading process with goal to reduce risk. Successful binary traders spent a specific period of time if evaluating market situation in order to detect when to invest in a specific assets and how will the market react on it.

Traders who don’t feel like spending too much time on trading process itself, can choose automated option and invest in binary options with an auto trading software, such as Binary Options Robot. With this binary robot, traders can adjust settings and let Binary Options Robot to trade on their behalf.

Overtrading in Binary Options

When planning to start trading binary options, most traders make a wrong decision and end up with overtrading effect. The whole idea is to trade, but trade smart and not impulsive. This binary options mistake is mostly used by inexperienced traders who choose to invest in stocks, commodities, currencies and indices, all at once.

Pro traders don’t do that and so should act traders novice. Explanation for that is actually very simple, it becomes difficult to check market situation of many assets in the same time simultaneously. That is why we advice our readers to trade wisely and avoid overtrading in binary options.

Investing More than You Can Afford

Last but not least mentioned in our 7 biggest binary options mistakes to avoid is not to invest more than one can afford. A lot of traders waste thousands of dollars without having any strategy plan and most importantly, in most cases they can’t even afford it.

It is recommended to begin investing with 50% first until traders get better insight of how trading process works and what assets work the best for a particular trader.

Each broker offers trading accounts with different trading characteristics so that South Africans can choose what suits them the most. So if traders can’t afford minimum deposit of couple of thousands, then it is the best to choose the most suitable option and later on, they can boost it to a advanced account type.

Binary Options Guides

Binary Trading South Africa is a place for South African traders to find relevant guide articles which can assist them to have better trading knowledge of binary options.

We continuously strive to bring our readers in South Africa guide about topics that interest them the most in order to gain more experience and become pro traders with better trading results.

Below in our Binary Guide section, you can find selection of articles on various trading topics.

Deposit Methods with Best Regulated Brokers in South Africa

What is Social Trading?

How to Avoid Scam in Binary Options?

Most Profitable Auto Trading Robots in South Africa

Best Tips on How to Master Binary Options

Binary Auto Trading Robots

Binary Options Introduction – South Africa

In recent years, binary options trading became a popular system which interest individuals in South Africa to invest in binary options.

Trading with binary options is a quite simple process and easy to understand. No complex procedures and technicalities are involved in this trading system.

Like other parts of the world, binary options trading is highly popular among the traders in South Africa. Traders can choose whether they want to invest in currencies, commodities, stocks and indices.

Trading binary options is actually trading with fixed payout and time of expiry. There are only two options; asset price can rise or can fall. The idea behind binary options trading is to figure out will asset price be below or above target price.

To able to make a right prediction for predetermined time, a certain trading skills are required.

Although, trading binary options isn’t difficult as people might think, it still needs a certain effort involved and understanding of how binary trading works.

BinaryTrading.co.za Guide Section

Under Guide tab, traders can learn many useful tips and tricks with only goal to become more experienced and have better option for profitable trading journey. South African traders can find out more about how to choose the right binary broker and detect scam in binary industry.

Also, traders can learn what is binary auto trading, as well as social trading and why are these investment types so popular among traders in South Africa.

We find Guide section to be very useful because of its many advantages.

Traders can get guidelines from our articles which can later be used to profit from binary brokers. This is especially important for new and inexperienced traders who are thinking about joining binary trading platform.

Services such as demo account and different trade options are significant for trading process. On demo account, traders have an amazing opportunity to test the platform and try out different tools and strategies to see which one work the best. This is risk free since South Africans deposit virtual and not real money.

In case you are not sure about which broker to choose and want to know more about trading features, we recommend to read our Guides and get valuable information.

3 Important Reasons Why Beginners Fail in Binary Trading

July 18, 2020 8:20 am

Binary options seem really easy, but there are so many reasons why traders fail to gain a significant profit. This article will explain the most important reasons why traders fail to succeed.

The world of binary options trading is attractive to everyone who ever experienced the world of financial investing, but also to those who have never traded before. The simple nature of binary options can sometimes deceive traders who believe it is all about luck but it isn’t. Binary options trading is not gambling and requires a careful approach, analysis, and attention.

This short guide can help traders to avoid some common mistakes, misperceptions, and stereotypes that are so common in the trading community. Only by doing so it is possible to achieve good results and make a profit. There is no universal method or strategy that will work for every trader, but there are guidelines that can help traders be more successful.

1. Traders Don’t Take Binary Options Education Seriously

“Binary trading is all about up and down”, “There is no need for research”, “All brokers are the same” – these are only some of many statements that can be found on binary trading forums. Many of those statements come from inexperienced users who are still experiencing ‘trading rush’ and believe the profit will come from mere trades placing.

Unfortunately, the truth is a bit different, as binary options, as any other form of financial investment, are requiring proper education and analysis. This doesn’t mean that all traders should start taking university classes, as education is often free and available online.

Traders can easily participate in webinars, read eBooks and Academy section available on FBO.com. Good brokers have free education centers that are free for registered traders. The only investment that has to be made is deposit amount and time for education.

There are also many auto trading and social trading platform that allow trading with less knowledge than traditional brokers, due to the specific trade execution. Beginners can always try Binary Options Robot!

2. Traders Think All Binary Brokers Are the Same

Another misconception is that all brokers are the same. Those who failed in trading due to lack of knowledge or signing up with bad broker believe that all brokers are a scam. Others see no difference as almost all brokers, the good and the bad ones, offer lucrative bonuses, although under different conditions.

The truth is, as always, somewhere in between. There are good brokers and bad brokers, and finding a broker that suits you is not an easy task. The universally good broker doesn’t exist, and traders should be aware of that.

Yet, there are some ways that can help traders to make the right choice. For example, a great number of reputable brokers is also regulated by CySEC, FCA or some other regulatory body. This can highly affect the decision-making process. Find them on Regulated Brokers list.

Also, if the offer sounds too good to be true, it probably isn’t. The broker is promising traders they’ll become millionaires in only a few weeks or months? It is better to skip that broker and look for one with more realistic promises.

3. Traders Have Unrealistic Expectations

This reason is connected to the 2nd reason why traders fail. Many people hear rumors about binary options being a simple and easy way to make money. Add some scam promises in the equation and high self-esteem and we have a perfect recipe for disaster.

Find out more about scams.

Binary options traders must be aware of the fact that it takes a significant investment to make a significant profit. Most beginners start with a minimum deposit of $250 (on average), and it is of crucial importance to understand that it is hard to make $100,000 profit of $250. The higher the investment, the higher the profit.

This doesn’t mean that traders should simply give up: even professionals were beginners once. Small steps are important even in binary options trading. As their knowledge in binary trading strategies and analysis increases, so will their profit, but also the amount invested.

Consistent effort, realistic expectations, and careful approach will definitely help traders to make more successful trades. Of course, people get disappointed when they realize they are not new “Wolves of Wall Street”, but most people aren’t, and there is nothing bad about it, as everyone can become successful in binary trading but not immediately after depositing.

Binary Options Trading for Beginners

It is evident that many traders get deceived as they trust scam brokers, or simply believe they are professionals even though they never placed a single trade. Traders must always be aware od possible scams, but also their trading knowledge and possible limitations.

Trading with safe brokers is always advised, but one should never forget the importance of education, investing plan and money management as well. Binary trading is not a scam, but a real form of financial investing that is requiring some times to generate profit.

Traders can find out more about trading in FBO’s Academy, or by reading useful instructions in Guide section.

Traders who want to start auto trading should try Binary Options Robot!

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Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Broker!
    Perfect for beginners!
    Free Demo Account! Free Trading Education!

  • Binomo
    Binomo

    Only for experienced traders!

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