Why should I start with a Binary Options Simulator?

May 18, 2015 by in category Articles tagged as , , with 1 and 0
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Starting off a trading career can sometimes prove to be daunting and this is the reason you need to know the best way to start. A simulator account would always be the first step you take towards starting off binary options trading. You will reap plenty of benefits from this such as gaining confidence in making your decisions and familiarizing yourself with the different trading platforms available.

What is a binary options simulator?

I bet the word simulator is not new to you. Simulation is imitation of a process or the virtual representation of an environment you would wish to be familiar with prior to getting into the actual process or procedure.

When trading on a binary options simulator account, you will be involved in real time trading data but without using real money; you will be using virtual money.

Almost all brokers have the demo account provision in their platforms (ask binary options broker manager for details). Some of these demo accounts get terminated after a given time, some close if you burn out the virtual money provided but if you grow your account, they will hardly close unless you wish to terminate them and what to switch trades to real money markets trading.

What benefits do I reap from a Demo binary options trading account?

  • Get familiar with the trading software
  • Choose appropriate trading commodities and pairs
  • Trading psychology management
  • Learn smart money management skills
  • Learn and try out trading strategies

With the simulator account, you will be in a position to learn and familiarize with the trading software. This way you will learn a couple of short commands, know how to add new trading charts, as well as, how to make fundamental and technical analysis on the charts.

Binary_Options_Simulator

With the demo account, it will be possible to try out different currency pairs, commodities and corporate stocks. Even the best traders cannot trade all pairs and commodities offered in the market. You cannot be a jack of all trades; this is why you need to be a master of a few in order to excel. Try out different pairs and later concentrate on those that you think you can learn easily and maximize on. This will make things easier when you move to real money trading.

In the simulation trading process, you will also learn to build a clear trading psychology. Binary option is risky and very rewarding. You need to have good emotion control as you start investing your hard-earned money. With this, you will be in a position to learn of psychological traps. To be in a good position to keep your psychology intact, involve other traders in learning how to adjust to various incidents you may come across in your trading activities.

Managing your money when trading is important; this should start in the simulator and not in the real money account. Money management will help prevent you from losing your trading capital. For good trading, try not to risk more than 1-2% of your trading money.

A simulator account will be of benefit in the long run

After getting into real money trading, you can still keep your simulator account. Why is this? You might learn of a new strategy and want to practise it. It would not be wise if you tried it on your real money trading account. You will need your binary options simulator account for this, once you are good at it; you can start using it on your real money trading account. Even before trading with real money, practise your strategies on the demo account.

Trading via Binary Options Simulator account will help you to discover the type of trading and platform which suits you the best.

Boris Schlossberg

1 Comment

  • Josh
    on July 31, 2015 Reply

    Binary options simulator really helped me to understand the basics of trading. You can’t lose your money, but you can get hell a lot of experience !

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Binary Options trading involves high risks which may not be suitable for every person. Never invest money which you can’t afford to lose and make sure you familiarise yourself with the basics of binary options before you start. MrBinary.co.uk is not responsible for any losses, as all our pages should be used for informational purposes only.

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