Even though binary trading is very easy to learn and understand, it is necessary to prepare for it in order to be successful enough. The preparation requires some time and effort, especially if you are completely new to this concept and to trading in general. Do not let yourself get discouraged by this, because as they say: nothing ventured, nothing gained. If you are really determined to pursue binary trading, there are many sources where you can learn and practice and many ways to find the information you need. Here we will deal with several basic steps to take before you start trading, considering that you have never traded before.
First of all, you need to learn the basic terms and concepts of this kind of trading. There are many websites offering very comprehensive and rich glossaries of binary-related terms, which you can study in order to better understand the concept. Other than terms, there are also various educational materials that can be found online, such as video lessons and e-books, which provide more information on various aspects of trading. Here you will be able to find a lot – how to use a trading platform, what types of binary options are there and how they work, how to read economic calendars and charts and much more. It is recommended to read these educational materials and watch the videos, because you will get a better insight on how everything works and it will seem much less confusing than when you first encountered binary trading.
After you get acquainted with the basic concepts in theory and feel that you are ready to create an account with a broker, another kind of research will be ahead of you. It is necessary to find a good broker, which is regulated, reliable and offers favorable trading conditions. You should look at the lists of best binary options brokers, read the reviews and also pay attention to the comments and experiences of other traders, so you get a full insight. Choose several brokers that seem good enough for you, and then read their terms and conditions, payout rates and deposit methods they offer, what bonuses they have etc. You can create an account with only one of them for a start, but as your experience grows, you can create accounts with a few more brokers, especially if you decide to connect some of the accounts with binary robots.
When choosing a broker, it is recommended that they offer a demo account. Most brokers have a demo trading platform, which is the same as the real one. Some of them offer it unconditionally, while the most of them will require you to create an account before they allow you to use the demo platform. It is a good way of practicing the trading process in real time, on a platform that looks exactly as the real one, but without losing any money. After gaining a theoretical knowledge, it is always good to apply it, and this is when demo platform proves as a very useful tool.