Binary Umpire Strategies
BINARY UMPIRE STRATEGIES INTRODUCTION
Binary Umpire Strategies – In finance a Binary option is a type of option in which the pay-off can take only two possible outcomes, either some fixed monetary amount or nothing at all.
Having a right strategy is fundamental if a trader or would be trader is to find success in the industry.
The pre-requisites of any good trader will be to understand the different aspects of trading and to combine these with some good solid strategies. In this section we shall look at some of the pre-requisites before going on to discuss a few strategies.
1) Choosing a right charting software provider
2) Find a good news source provider
3) Have a good money management plan laid out before-hand. Having the right mind-set.
4) Watch and Demo Test a few strategies before going live
5) Go ‘Live’ but always stick to the plan.
Choosing The Right Charting Software Provider
Choosing the right software provider is fundamental to the learning curve and towards conducting analysis. A good software will enable one to choose from a variety of currencies and time-frames and comes with some standard indicators.
-Meta Trader enables trader to perform real technical analysis before they place a trade with their choice broker. To set up your free demo account please click follow the link
-Free Stock Charts is another good web based charting software provider that helps traders to choose from different currencies
-For US Citizens we can also recommend Think or Swim which offers additional stocks and commodities not found in other charting software providers.
Find a good News Source Provider
Keeping upto date with the latest news events is paramount . News can have a fundamental effect on currency behaviour. Technical chartists generally steer clear of news alerts and trade before and after the news has hit. Fundamentalists play with the news and use volatility to their advantage. Are you a technician or a fundamentalist?
Good news source providers in our opinion are
Have a good money management plan laid out before- hand. Having the right mindset
Having a plan is what it is all about. Do not put all your ‘eggs in one basket.’ Trading is not a numbers game but a marathon. Generally a 3%-5% on account balance is a good plan to start of with. Should a trader loose more than twice in a row in given session, the advice is STOP and take a break. Learn from the mistakes before resuming.
Having the right mindset is very important to trading . Treat this like a business and ‘DON’T GAMBLE’ on what you cannot afford to loose
Demo Test and Going Live
Always be sure to demo test strategies before playing with real money. With good charting software’s you can back test strategies to see how effective they work. A good strategy will yield a 75% ITM. Some brokers may offer free demo platforms . Be sure to ask this before depositing any money. This will help you to get a feel of the platform, test out your stuff and get you all prepared and ready when you start trading live. Be sure to check out our strategies linked to this page.
Once you decide to take the step of trading live. Be sure to ‘ALWAYS STICK TO THE PLAN’ and ‘TRADE SMART’ Having the right mindset is what its all about.
Be Safe and Happy Trading!
Thank you for reading our Introduction to Binary Umpire Strategies