The so-called 60-second trading presupposes two outcomes: either you earn a money profit or you lose your funds. And all of that may happen only in 1 minute. Since the chances for winning are not really 1:1, you have to be careful and avoid mistakes. Typically, the level of your payout percentage on a winning trade is 75% and the return profit in case of a failure is only 10%. It means that you must make correct predictions in more than 50% of cases. Otherwise, you can not establish a long-term success. Your binary trading activity can be finished in an extremely short time if you make typical mistakes. If you want to learn how to trade binary options successfully, refer to our list of mistakes.
- Getting in without possessing a system.
If you launch trading without having any working strategy in your pocket, you are unprotected. In this way, the only thing you can count on is luck, which unfortunately dooms you to failing. Thus, if you intend to make profits with trading binaries, develop your personal winning strategy. Indeed, the better your preparation is, the more chances to be successful you have. Concerning 60-second trading, this option can surely block your way through BO trading in a short time if you do not have a system to rely on.
Instead, if you develop good strategic planning, you have a possibility to track critical market trends and, therefore, align them with your trades. Without it, you place yourself in a chaotic trading world, which is certainly going to destroy you at one moment. With 60-second BO trading, this moment comes quite soon.
- Placing different sums of money on trades.
Although you may find it the best binary option strategy to accommodate the traded amount of money to the types of trades, the method is actually bound to bring you down in a marketing world sooner or later. You have to note that the only way, in which you can enhance your profitability, is reducing the level of randomness. With arbitrary investing you can not reach this aim since you only add randomness to the process. If you consider placing different sums on trades, it may also mean that the selected trades differ in complexity. It is already a big mistake since efficient BO trading presupposes picking up only the most probable trading opportunities. Moreover, a good step would be risking no more than 5% from your balance on every act.
- Emotional trading.
It is impossible remaining completely unemotional in the world of trading. Still, you must try to protect your trades from the impacts of your personal feelings. The range of the so-called emotional habits is quite large. Thus, some traders tend to chase the trades that did not work out for them or relying on previous luck and making rush decisions about the following trades. It shows that not only negative but also positive feelings may doom you to failure. Thus, the decisions that you take if you underestimate yourself may bring you as much damage as those that you make if you are overestimating your skills.
The danger of acting emotionally while making 60-second trades is maximized. Indeed, if you employ this technique, you risk not only being overemotional but being in a hurry as well. Thus, the likeability that your rush decision influences the rationality of your decision grows.
One more mistake is letting intuition to affect your decision making. Sometimes, traders tend to follow their instincts in choosing a specific asset, making a prediction, and persuading themselves of the necessity to act in a specific way. Such strategy always leads to losses since the decisions based on intuitive spurs can not make you a successful trader.
- Starting to trade without testing the platform previously.
Placing real money on trades when the method of trading was not tested by you is a typical mistake that is made by beginners. Thus, we recommend trying out every new trading method before employing it in reality since there is no theoretical data, which could give you a real feel of the strategy. It must be tested in practice first.
What does trade testing actually bring? With the help of this strategy, you may understand the way, in which your system works in every individual trade and diverse marketing conditions. Accordingly, it gives you a clue about differentiating between winning and losing setups. Testing accommodates your trades to your personal style of trading, your schedule characteristics, and investment type. In other words, it shows how the system will work in your situation, which is quite important, taking into account that trades tend to work out differently for different traders.
Just as well as historical testing, demo verification is highly important. It is particularly critical if a trader employs 60-second trading options, due to the quick character of their unfolding. There is always some fear involved in trading for the first time with real money, especially within such a short time as 1 minute. If you do not have any idea about how the trade is going to be sustained, it would be a big failure to get involved into it. With a demo version, you have a chance to get a real feel of trading and stay prepared for realizing it in live regime.
- Ignoring the risks.
The aim of advertising BO trading is making an impression that this type of investment does not involve any risks. Thus, you may come across the promises about getting a full profit and winning all the time. It would be foolish to believe it is true. Thus, if there would really be a possibility to win 100% of trades, you should not have to run any platform.
The thing you have to understand is that binary trading involves a high level of risk and the possibility to lose at any moment. Moreover, if you use 60-second options, you risk to be deprived of your money in a short time. Still, provided you employ rational strategies, there is still a possibility for you to earn money.