Binary Options Trading Contests
Binary Options Trading Contests: the how to
If you are looking to add a little spice and excitement to your usual trading routine then you are not going to find anything more mind blowing than entering a Binary Options contest where you can pit your skills against your trading peers in a bid to see who has the talent and who doesn’t, not to mention the fact that there are some amazing prizes on offer.
Across a variety of platforms exists a world of different contest types to keep you on your toes and trading hard but if you are not 100% sure of how to go about it then here is a little advice to get you on your way.
First of all you are going to need to find a contest, preferably on the broker site that you are currently invested in. Once you have chosen and entered it is time to get trading according to the contest rules. Check beforehand to see the duration of the event as some can be daily while others are monthly or even longer.
Once you are engaged then it is time to think about strategy. Most traders already have their own version of the golden ticket strategy but you may wish to have a new variant just for this type of competition.
When it boils down to it there are 2 specific strategy pools that people use; the high risk high reward method and the low risk high frequency method. The downside of the first is as you can imagine with all your eggs in one basket. Given the typical risk factors associated with options trading this way is more than not going to sink you but if you are confident that your strategy cannot be beaten then by all means go down this path. The second method is more in tune with good trading where you can spread your risk factor across a lot of small trades minimizing the damage done by any loses.
Once you have got your feet under the trading table it is time to go for gold. By which I mean press your gains. If you spot the gap where your strategy work then press it till it bleeds. Always keep in the back of your mind though that you should never go outside of your risk quotient.
Remember that competitions are nothing more than standard trading except that they have a few extra conditions attached so if you continue to trade smart, do your homework on the data pools and make sure than your maths is up to scratch then you have a shot at the top spot. If you feel like you are losing control then step back a second and take stock of your position. It is better to take a lower place then to blow it all chasing a dream. The same applies to your normal trades. There is no such thing as a sure thing in the trading world.
A quick cautionary note before we close: always read the terms and conditions of the contest before you enter it. Some contests are done using real funding to make it a real top trader contest but if you are not happy doing that then stick to the free entry types. And lastly play to your strengths and don’t get caught up on the large prize funds. Think smart, play smart and trade smart, always.