The best way to start a career in binary trading is to get some practice in with a binary options demo trading account. With a demo account, you can practice trading in real time with certain brokers. Brokers such as Olymp Trade. Who offer traders a truly free demo account no strings, no restriction as compared to the real. Sadly that can’t be said for all the brokers offering demos. Hence I mention Olymp trade by name. However There is no way to duplicate the experience that comes with real trading. The emotion is not the same when trading with binary options demo accounts.
How Does the Demo Account work?
The way it works is pretty easy. With Olymp Trade demo trading, simply enter your e-mail and a password, choose demo. You are given $10000.00 to start out with. The platform you will be using for demo trading is the same platform that you will use when you’re actually trading with real money. No difference in the form of indicators, price movements or assets availability. So demo trading helps eliminate the learning curve and any mistakes that you might make while figuring out how to use the software.
Demo accounts will differ from broker to broker, and some places do not even offer demo trading. Still, this is an important part of your trading tutorial. Hence Olymp trade demo account is featured within this post and used as an example and indeed recommended. Because this brokers demo account offers what is needed.
The thing about binary options trading is that you cannot enter a trade unprepared—ever. In order to meet long term success here, you need to have a viable method of identifying profitable trades and a good money management system to make sure you are never risking too much at any one time or risking too little for the trade to be worthwhile. Trading strategies can take months (or longer) to develop, and if you skimp out on this area of your trading, you will likely not be successful. Do your research on the asset you are looking at and make sure that you have a good entry point picked. This will make sure that you are being efficient at picking winning trades.
Why Should I Use A Binary Options Demo Account?
Binary Options demo accounts are valuable assets to both novice and experienced traders alike. Many new traders sign up with a broker, make their deposit and wonder why they lose it all in a short period of time. There are many reasons for this, but using a demo account will certainly help your chances of success.
Its tempting to start trading with real money immediately. Don’t be. Instead, take the time to have a good look around the demo system and practice your trading strategies. This approach will help to boost your win rate and lessen the possibilities of making expensive mistakes.
New traders should ask to get access to their chosen brokers’ binary options demo account once they have signed up. Most brokers will need an initial deposit before giving access but usually this is refundable should you choose not to remain with this broker. Check the terms and conditions to see their policy on demo access. With that been said though remember Olymp trade demo accounts are completely free and recommended.
Choose Brokers That Offer Free Binary Options Demo Accounts
Make certain that the broker has a tradable demo account and not just a Flash or video overview of how their platforms work. You want to simulate a genuine live trade to fully understand and become comfortable with their platform and to ascertain how your strategies for your selected assets work. Just like the demo account offered by Olymp Trade you want the one you choose to offer all the benefits of a normal real account. Not just a portion of whats actually available.
Experienced traders should make use of demo accounts when available to get experience of a new platform and to test out new strategies. Some skilled traders use demo accounts when trading assets that they haven’t traded before just to check if they can get a positive outcome before investing their own capital.
Unlike Olymp Trade demo accounts. Some brokers may put a time restriction on the availability to the demo account which is of little use if your requirement is to test out a new strategy. Having access to a demo account for one day is not what you need if you want to check a strategy methodically. If you can not get sufficiently long access to the system then you need to have an alternative means of checking out strategies such as using METATrader 5 or Tradingview.com. This will allow you to select an asset and set your own expiry time. You can then test your strategies multiple times at your own convenience and see if they work for you.
Test Binary Trading Platforms on The Demo First
When beginning to trade Binary Options or switching brokers don’t just leap in and start trading. Use the demo if one is provided. else you may make mistakes being unfamiliar with the trading platform or unfamiliar with how Binary Options deals work. Not using a demo and not testing and checking your strategies is akin to gambling and rather than rely on luck it is far better to rely on your own judgement and ability to predict which way an asset will move.
Use the binary options demo as you would a live platform, checking for news and analysis of the asset you plan to trade, research if there are any events on an economic calendar that will have an effect on your selected asset while you wait for the trade to expire. This way if you make mistakes they will not cost you. Quick sign up below for a free Olymp Trade demo account: