Hello Newbie Trader! These 5 steps are important before you trade with those funds.

First of all, welcome to the world of money flippers, the world of options traders. I also applaud you for being a risk taker, risk seeker or risk lover, whichever one you prefer. It's cool, below are five steps you need to know to avoid getting burnt as a binary options newbie.

First Step: Do I want to GAMBLE or TRADE?

This should be the first question that pops up on your mind
before you make the mistake of signing up with any platform at all. 'Am I in this to gamble or to trade for profit?'.

Gambling only requires a coin-like strategy and then nothing. This to me is a deadhole, don't do it!

Trading requires one or more strategies that has the backing of a good and reliable chart and I'm not talking about your options broker's available chart, you need a third party chart platform (I use FX Open mt4 charts platform).

Do not even bother considering binary options if this step is not covered.

Second Step: Knowing your tools.

I want you to view the tools you will be using for binary options trading as the connecting roads/paths that leads to your home in a new town. You sure know you need time to understand how the roads connect as well as the best time to leave home or leave work if you wanna avoid traffic jam.

This applies to your charts and strategies as well, you need practice, familiarity with how your indicators responds to sudden volatility of the market. Also, learning how to apply new indicators to your charts to create new and more favorable strategies.

Your experience is highly important, so I advice you to start with a demo account where you can trade with dummy money to get yourself familiar with the environment. I use binary.com because they provide one of the best platform for both trading realtime and demo.

Third Step: Disciplined Demo Trading.

You probably have a broker by now and you made sure your broker offers a demo trading platform. Now is the time to put your strategy(ies) to work. Spend time on it on different times of the day to understand how the markets responds to your country time. Know when to pull out and when to trade. Be disciplined even though it is not real money.

Fourth Step: Gain Additional Skills

You are here and you are almost there! You have used so many strategies and found out they do not even have 90% accuracy. You are on the right track. 

This is when you need to find the common mistake you've been making on all the strategies you've tried. E.g Time frame for your trades, which works best for you and what time frame you need to set on your charts. These are little details that counts much in binary options.

Eliminate the common mistakes and your mind will be open to new skills that you can add to your arsenal.

Fifth and Final Step: Choose a reputable Broker

This is very important. After all the demo trade and disciplined training, you want to make real money and none other way than investing real money with a broker. You want to place your money in the hands of a reputable broker who wouldn't ask dodgy questions when you want your profit. 

My number one and most efficient broker that I have been using since 2008 is binary.com. Formerly Betonmarkets, and in operation since 1999 under the group name called Regent Markets. There has never been late payment and their options payout rate is one of the best in the industry. Highly recommend.

You can also find the one that suit you, but make sure you choose right.

I wish you WINS. :)