The capability to recognize and interpret various market conditions is one a crucial factor.
Each trader should have good analytical skill.
Through these analysis if they are able to forecast futuristic changes, then success of trading lies in the same.
The various factors of the same are ranging markets such as no touch trades and boundary or trade ranges, Trending markets and Chopping markets.
Ranging markets will help in setting the boundary or strike price limits for the market.
Trending markets are to check if the price is moving as expectations and accordingly profit is calculated.
Chopping markets is more associated to spikes, whipsaws and various other forms of misdirection that can trap a trader.
Apart from these strategies there are lot more tips and tricks that are used by various traders to be successful in the trading environment.
Here each day is unique and the level of executing winning trades and losing trades is left up to each trader’s choice.
Another important factor is there are lots of strategies out there.
The trader has to crucial scrutinized each of these strategies to find the right ones that go along with his/ her style of trading.
Applying same strategies at all market conditions will lead to failure of the trade.
Similarly using same strategy for all type of trades will also affect the winning status of the trade.
It is quite normal that everyone wants results right away.
But in binary option trading you need to have a lot of patience and persistence.
Expecting things to happen overnight is more like trying to be greedy for money.
The trader should stick to longer expiry dates to gain maximum benefits.
The longer you are in a strong trade, the more the return on your investment will be.
Continuously keep a check on your emotions.
Never let emotions to take control over the trade strategies.
This will lead to fall in performance or will lead to taking decisions that are not logical.
Executing trades with right broker is another key factor but be mindful about the legitimacy, trustworthiness and professional nature of these brokers.