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Young traders have always been advised to start with a demo account before opening real money account. Through demo trading you can acquire the basic skills and test the trading platform but can you train your emotions for real? Binary options platforms are offering many different types of trading with some of them more advanced than others.
When you set up your trading strategy based on fundamental and technical factors, go to your demo account and follow your trades closely. It is even better if you keep track of your actions — later you can try replicating them in real trading. Once real cash is involved, your emotions would affect your decisions. This is called psychological difference between demo and real. When real money is at risk, emotional vulnerability increases and makes traders take wrong decisions.
You need to keep your emotions down and to focus on the market news and charts. In fact binary options are a very simple way of trading based on short term predictions. Of course there are types of options with much higher payouts up to 1.
With your money at risk the temptation to commit some of the trading sins will increase. Most traders start investing bigger amounts after a good session of trades which might lead to heavy losses in the end. On the other hand, some consecutive unsuccessful trades could make you binary options demo account with expressions your initial strategy, which in most of the cases would result in more binary options demo account with expressions.
I would recommend you to deposit an amount of money you can afford to lose — this will help you reduce psychological burden and will cut off the pressure. It is binary options demo account with expressions to focus on the markets, the upcoming news and your actions on the platform, not so much on the profits.
When you are confident enough in what you are doing, the profits will follow. I should say from my experience this is not really easy to manage as it requires mind games and practice. The trick is to trick your mind that this money was actually real and you had been working hard to earn them.
Imagine that this money was your salary and you could not afford to just squander it in the next 15 min expiry. The best is to stay calm and to keep your emotions low — this way you are more likely to make the right decisions.
Too much fireworks or hitting your PC will not work in your favor — you have to be emotionless as much as possible. The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions.
He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.
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