Learn the first steps you should take before trading binary options
You will soon learn that you need much more experience and once you do realize that, it means you are making progress. Remember that strategy you picked up that looked so promising and that was going to make you a millionaire? Go ahead and try it on a demo account first. Just do the exact same thing, take a trade, come to your diary and post it together with the analysis you made. There are many strategies, some are adapted to 60 second trading, 5 minute trading, 15 minute trading or whatever the expiry and timeframe is.
Do this for a while and I am certain you will gain lots of trading experience, this is the closest thing to the Holy Grail. You will soon learn that you need much more experience and once you do realize that, it means you are making progress. Just do the exact same thing, take a trade, come to your diary and post it together with the analysis you made. But before you can test all your acquired skills you need to research and select a broker.
First, you need to get familiar with your charts so you need to pick up a trading strategy. Well, you just got one! However, a strategy is great for practicing purposes.
Other traders can then provide feedback and help you out. However, a strategy is great for practicing purposes. You should always have a third party charting application so you can analyze the Japanese Candlesticks and setup a trading strategy. After all, you are going to invest money and make money.
You might either already have a broker at this stage which also provides you with a demo account or not. This is where the fun starts! Selecting your broker is almost like getting married.
Once you got your charts up, at first sight it will look like you are about to perform brain surgery. No strategy is gonna give you a steady win rate unless, as I said, you understand price action. Here is a list of indicators but there are more. Whichever the case is, you absolutely need to practice on a demo account with virtual cash before you get to the real deal.