The Secrets to be a Successful Binary Options Trader

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7 Secrets To Day Trading Success

Why you need to know these exposed day trading secrets – every day the markets offer a multitude of opportunities to generate profits. However, only a small minority consistently manage to do so. What is this ‘in-crowd’ doing that the rest of the market is not? Perhaps they are utilising the best, but often not so well-known methods and resources. Fortunately, the day trading secrets below may reveal some of those invaluable tricks.

1. Knowledge Is Power

With instant communication, an event the other side of the world can quickly affect your market. As a result, having access to reliable news sources is more important than ever. However, some resources go above and beyond reporting breaking news. They also offer in-depth insight and commentary. All of which may enhance your ability to predict future price movement.

So, one of the best-kept secrets of day trading is Financial Juice. Once you have signed up for a free user account, live news will be audibly read out as it breaks. Making staying up to date with events that may impact your market straightforward and effortless. This all makes it one of the best day trading secrets to be revealed.

However, if you’re looking for additional commentary and insight, you may want to consider several other of the top options currently available:

All three offer high-quality financial analysis that can help cut your research times. However, unlike Financial Juice, they come at a cost. Fortunately, you can sign up for a free trial to see which one is the right fit for you.

So, if you want to assert and maintain an edge over the rest of the market, utilise Financial Juice or one of the other options listed above.

2. Economic Calendars

The next of our day trading secrets to be exposed is a tool often overlooked by traders, an economic calendar. They simply track the occurrence of market-moving events. Yet when used correctly, they can also help you to anticipate and organise a plan around a future occasion.

They will break down key influential events, including:

  • Interest rate decisions
  • Non-farm payroll numbers
  • GDP announcements
  • Consumer Price Index (CPI)
  • Purchasing Managers’ Index (PMI)

An economic calendar will also instil discipline and organisation. Two extremely important qualities day traders should develop.

But utilising an economic calendar, in general, isn’t the best-kept secret. Instead, it’s using the tool Price Alerts that is. Their easy-to-use app allows traders to follow all worldwide economic events in real-time via their Economic Calendar.

You can develop tailor-made alert systems. The calendar comes with country and importance filters. Plus, you aren’t required to log in or hand over any personal information. Not to mention, it’s totally free.

3. Enhanced Analysis

eSignal

Some say you are only as good as your technical analysis. That is why ensuring you have powerful charts and tools at your disposal is vital. It is also why in this list of 7 secrets to day trading success, eSignal deserves a mention.

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Whilst the standard charts you get from your broker will make do for a while, eSignal is the place to go when you are ready to upgrade.

You have the ability to draw and write custom formulas. Once custom scripts have been installed, they can then be used as indicators for reversals and drawing support/resistance lines. eSiganl also runs smoothly, enabling you to load charts on numerous monitors without any lag.

On top of that, the financial media and social integration features allow you to instantly connect to information and experienced traders. Bouncing ideas off other traders can prove an effective way to hone an advanced day trading scalping strategy, for example.

NinjaTrader

If you’re looking for the inside track, NinjaTrader charting software is another of the relatively unknown trading secrets. NinjaTrader gives everything from order entry to execution. But what separates it from the rest is the customisability. Not to mention the third-party library integration that makes over 300 add-on products compatible.

So, with over 100+ technical indicators and advanced charting capabilities, you are in a better position to interpret and react to market data than others.

The only downside is that unlike many of the secrets above, NinjaTrader is not free. However, it remains a sensible choice nonetheless.

For more information, see our NinjaTrader page.

4. Practice Makes Perfect

Profiting from intraday price fluctuations requires more than knowledge. It also requires practice. Too many people lose their hard-earned capital from early mistakes that would have been best made in a demo account. So, these practice accounts are the perfect place to get familiar with market conditions and hone a strategy.

In fact, one of the top day trading success secrets is to run prospective strategies through a simulator account first. Funded with virtual money, you can identify flaws and improve your technique until it generates consistent profits. Then you can apply it to a live account.

However, demo accounts alone aren’t one of the best insider day trading secrets. The secret is using the Oanda practice account.

Signing up is quick and hassle-free. It comes with zero fees and can be used for an unlimited time. This ensures you don’t have to risk your own capital until you feel confident. You can also choose between the popular MetaTrader 4 platform or their own proprietary platform. In addition, you can access your demo account via a mobile app.

But one of the greatest selling points is the access to their advanced auto-charting feature, ‘Autochartist’. This allows you to build and improve a strategy using highly sophisticated tools and technical analysis.

This all means Oanda demo accounts should feature on any day trading secrets revealed PDF.

For further guidance, see our demo accounts page.

5. Trade Diary Secrets

Too many traders are concerned with quantity and forget to sit down and look at the quality of their trades. Neglecting the need to figure out where and why they are going wrong. This is why in my secrets of day trading in stocks or any other instrument, keeping a journal with TradeBench toward the top.

TradeBench is a totally free online trade journal. You can plan trades, position sizes and it comes with risk management software. Most importantly though, it keeps a detailed record of previous trades, including:

  • Entry & exit points
  • Data of trade
  • Time of open & close
  • Position size
  • Profit/loss

This allows you to easily look back and identify flaws in your strategy. While others will continue to make the same mistakes, you can continuously improve.

So, in any day trading secrets PDF, opening a journal with TradeBench should feature high on the list.

6. Staying Neutral

It’s barely lunchtime and you’ve just lost $500 on a trade. Now you’re doubting your carefully formulated plan. On the flip side, when you’re significantly up, holding onto that winning position feels like the right thing to do, regardless of your strategy.

But as successful trader Victor Sperandeo correctly asserted, “The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money.” However, developing monk-like discipline is hardly amongst the top 15 secrets to day trading success. Instead, the secret is knowing how to develop that emotional discipline.

To do that, you need to take a well-rounded approach and follow all of the steps below:

10 Steps to Mental Success

  1. Stops – You must respect your stops. They compel you to take a minute and focus on where and why you went wrong.
  2. Consistency – You must outline your strategy at the beginning and stick to it thereafter. Trust in your research and data.
  3. Start small – Focus on big wins and you forget the importance of following the pattern. Over the long run, taking smaller positions will give you greater control. Then you can gradually increase your position size as your confidence grows.
  4. Lifestyle – You must find a plan that fits around your lifestyle. Looking at 50 charts when you only have time for 5 is a guaranteed way to waste time and stress. Instead, concentrate on a few very good opportunities.
  5. Noise reduction – It’s all too easy to get bogged down in huge volumes of microdata. Breathe for a minute and focus your energy on the overarching picture.
  6. Realistic goals – This is one of the best trading secrets. Unrealistic profit targets will quickly lead to reckless decision making. So, set yourself small and realistic goals, particularly to start with.
  7. Cutting losses – Going on autopilot and getting out is essential when threatened with big losses. So, prepare mentally and visualise that emergency exit. As Bruce Kovner highlighted, “if you personalise losses, you can’t trade.”
  8. Learn from the best – Pick up books on developing discipline. The Disciplined Trader by Mark Douglas is a great place to start.
  9. Trust yourself – Whilst chatrooms and forums can be useful, don’t allow yourself to be overly influenced. Spend too much time on them and you will quickly doubt your strategy when your capital is on the line.
  10. Overall picture – Fix your bad habits and practice building that willpower in all aspects of life. You will then find staying neutral when you trade is far easier.

7. Going Automated

Once you have a consistently effective strategy, automation can be used to enhance your returns. This is because you can only make a certain number of trades manually each day. Whilst an algorithm can execute a large number of trades as soon as pre-determined criteria have been met.

In the automation world, AlgoTrader is one of the best-kept secrets. It was designed by industry experts and gives you maximum control of high-speed, fact-based automated systems.

The system is exceptionally fast, processing up to 500,000 events per second. The open-source architecture also allows for substantial customisation. Third party libraries can be integrated and the built-in features help reduce costs, increasing your profit margin.

The built-in features include, but are not limited to:

  • Execution algorithms
  • Option pricing engine
  • Historical data download
  • Excel based backtesting reports
  • Automated parameter optimisation

The reliability, support and wide range of features separate it from much of the offerings currently available. This all means that if we had 15-day trading secrets to success, AlgoTrader would be towards the top.

For more information, see the pages on Automated Trading and AlgoTrader.

Final Word on Secrets

Even with the above intraday trading secrets, generating consistent profits is no straightforward task. Whilst some tools work well for some, they can leave others no better off. The trick is finding the above-listed secrets to day trading that compliment your individual trading style.

An Option Traders Memoir: how I failed my way to success as an options trader.

You’re about to learn 3 secrets of successful option traders. And when I say secret I don’t mean something that others don’t know about. It’s actually something people know about, but have yet to discover just how powerful it is.

I’ve had the honor of mentoring hundreds of option traders and every single successful trader I know follows this approach.

But first let me quickly share how I discovered this secret as you may be making the same mistake I made.

When I was 20 I was introduced to real estate investing, but I wasn’t savvy with money management. Fast forward a few years and I had overextended myself on credit and had absolutely no backup plan.

My exact thoughts were, “I don’t need an emergency fund or 401K. I’m going to be rich!” I dreamed of nothing but mountain tops (success). I didn’t factor any valleys (problems) into my plan.

I was so focused on real estate that I forgot one of the cardinal rules of investing, diversify your income streams.

I took every bit of savings I had and poured it all into real estate. Things were going great for the first three years until I encountered my first major problem.

This is when I realized how flawed my plan was.

It started with one problem, one unit, and it slowly escalated into several back to back problems.

It took me three years to build up my real estate business. It took less than six months for me to lose everything.

3 Secrets of Option Traders Revealed

I needed money and so my friend introduced me to a multi-millionaire who was a stock option trader.

It took him all of 10 minutes to point out what I was doing wrong: I was putting too much focus on making money .

He then shared Secret #1 with me: he advised me that as an options trader I should risk roughly 1-2% of my total account value on any one trade.

And Secret #2 was to never have more than 50% of my account out in the stock market at any one time. I’ve since reduced this down to 10% based on my experience as an options trader.

And this 2/10 formula is what I share in my options coaching program. Some people trust my wisdom and just follow what I teach. Others have problems with this approach and say things like.

But Travis, if I invest 1-2% of my account on a trade, I’ll never get rich following that plan. And leaving 90% of my money in cash. that’s just wasteful. Having all that money sitting in cash is not productive. I’d rather be earning something on that cash instead of letting it sit there being eaten up my inflation.

Valid questions and the 2/10 formula does seem counter-intuitive, but here is the mistake they are making.

“What puts option traders out of business, making money or losing money?”

Have you ever heard an option trader say, “hey I quit trading because they made too much money?” No you haven’t!

It’s losing money that causes option traders to give up on their dream of becoming rich and financially independent.

And this leads to Secret #3 of all successful option traders: you always, always, always, trade to protect yourself from a loss. When you protect yourself from losing money you avoid the #1 reason why people fail (losing money).

Most new traders only think about how much money they can make. They see the 2/10 formula and they only think of how much more money they can make if they invested more.

But let me show you a real life example of how this works….what I’m about to share with you is our secret sauce. It’s why the majority of my students succeed in an industry that has a 90% failure rate.

For example: $10,000 to trade with and only $1,000 out in the stock market at any one time.

Worst case scenario: lose all $1,000. Cool, you’re good to go and still have $9,000 left.

Avg. Case Scenario (most likely to happen): five $200 trades. Each trade represents 2% of your total account and no one trade can take you out so to speak.

  1. One trade is a 50% loss
  2. One trade breaks even
  3. One trade has a 30% return on investment
  4. One trade has a 50% return on investment
  5. And one trade has a 100% return on investment

Total profit: $260 (or 2.6% of $10,000).

Multiply that 2.6% by 12 months out the year and that equals 31.2% on your total account for the year and you only had 10% of your account invested at any one time.

AND at the same time you were protected from losing all your money which is what happens to most amateurs and greedy people. So what do you do with the 90% not invested? Whatever the heck you want to do with it.

Again, all successful option traders follow the 2/10 formula (or some variation of it) because it protects you from losing a ton of money. But don’t believe me, believe your experience. Trade my way and your way side by side and see which approach works best for you.

To Your Success, Trader Travis

Wealth Building Resources

MarketClub (Stock Trading Software)

MarketClub Options (Budget Friendly Training Program)

The Success Academy (Most Popular Training Program)

Binary Options Secrets for Successful Trading

There is a lot that your binary options broker doesn’t want you to know as a trader. If you find out about these binary options secrets, your trading is going to change forever. Some of the secrets don’t feel like they are going to help you out at all, but what you need to do is trust in the system and wait for them to work. Doing these right is going to help you out a lot more than you may think.

Shorter Doesn’t Always Equal Better

A huge myth in the world of trading binary options is that the shorter the trade lasts, the more control you have over whether it is a win or a loss. A lot of traders think that these shorter trades allow them to take advantage of the sharper, quicker swings in the price of the asset. Brokers, for the most part, don’t tell their clients that this isn’t the case. You can’t really blame the broker for doing this, of course. They can only make a profit if their traders lose some of their trades, after all.

However, it is entirely the fault of the masses of traders out there who have become addicted to the adrenaline rush of a high risk trade that lasts for a few minutes. Always try to make your trades last for as long as you think they should. Try not to go under 5 minutes with the expiry time, because this will lead to a lot of stress and more losses as well.

Analyze Economic Data Dumps Before Trading

You also should never trade with your broker right after a new store of financial analytics has been released to the public. Right before or after this type of data dump happens, the market becomes a lot more volatile. This flood of new information or the thought of it does nothing more than reduce how effective you are at trading binary options by taking away your need to compete. Even worse is the release of this type of data by your broker.

They aren’t out to intentionally make you lose your trades, but they can make you be more random with your trading because you don’t know which assets to invest in right before or after this release of data. Never trade during a volatile time like this. Take the time to analyze your assets and compare them to the data you have received.

Signals aren’t a Binary Options Exclusive

If you are a trader who uses signals a lot while binary options trading, you should know that signals were invented for the stock market. If you start using them with Forex trading or commodities, you are going to be in some hot water. Do not let past trends in the life of the asset define how you invest in your binary options. Sure, all those analysts out there will tell you that you have to look at the history of the asset.

The truth is that while this works for stock trading where you look at the performance of the company as a whole, it doesn’t work nearly as well for commodities. Also, you need to think about the fact that signals lag. No matter how fast they come to you, the fact of the matter is that for the signal to be sent to you the event has to already have happened.

Last but not least, you need to go with the flow. This is one of the most important parts of binary options trading. Now, you do need to understand that taking longer trades is a good idea. In fact, it is a great idea. Not succumbing to the wishes of the many technical analysts and signals out there is another great idea. Going against the popular trades and not following the bigger asset trends? Bad idea. Very bad idea indeed. If you want to commit binary options suicide, this is what you need to do.

If you can take all of your assets and invest in the ones that have a good lifetime, that are being invested in by many other users, and are going to serve you well in the long run leads to a higher chance of that asset’s trade ending with you being in the money.

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    Only For Experienced Traders.

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