Millions of people around the world earn extra income. Some work in the evenings and on weekends, while others invest money in various assets, and yet others earn online. Today we will talk about a universal way to earn extra income – trading on a trading platform. Trading enables you to earn money anytime and from any device that has internet access. If you’ve decided to try something new, now is the time.
The principle behind trading is to analyze changes in the value of an asset and predict its decline or growth. To make it easier, we’ll explain this using the example of the Binomo trading platform application.
First you need to sign in and select an asset, for example, EUR/ USD. All you need to do is to figure out if the value of EUR will increase or decrease with respect to USD in the upcoming time interval. If your forecast is correct, you will receive earnings of up to 92% of the value of the trade.
As we said earlier, you can trade anytime and anywhere. If we’re referring to the Binomo trading platform, it is worth noting its intuitive interface and fairly high download speed. Put your quarantine time to good use. Try installing the Binomo app on your phone and follow these five tips to help you become a trader.
1.Learn in practice
You can read a ton of books and articles but never learn how to trade. We recommend immediately consolidating theory with practice. For example, the Binomo trading platform offers a demo account. It is free and designed specifically for beginners to learn how trading works, and for experienced traders to test out new trading strategies on it.
2.Create a development strategy
Discipline is one of the most important steps towards success in trading. Figure out what you want to get out of trading and try not to deviate from that course. When your goal is set, start regularly monitoring your progress. There is a “history” section for that. If you’re trading on Binomo, you can see all your completed trades to the left of the chart by clicking on the clock icon.
3.Set up the chart
Explore the tools that the trading platform offers. Many of them will help you analyze the chart more accurately. According to statistics, experienced traders prefer the candlestick chart because of its good visibility, and they also prefer to use the moving average tool. See what might be able to help you and be sure to take advantage of it.
4.Switch to your real account
Staying on the demo account for too long is a mistake that many make. Firstly, you waste time that you could have spent earning. Secondly, you risk developing a fear of real trading. Maintain a balance and switch to the real account as soon as you understand how the platform works.
5.Keep your emotions in check
Always evaluate the situation soberly and do not succumb to your emotions. If your trades aren’t profitable anymore, take a break. You can try taking part in a free tournament as a distraction, or you could test out a new strategy on the demo account, or even completely close the platform and go about your other business. Remember that stress is the main obstacle on the path to success.
While the current situation around the world is far from stable and many people are being forced to stay at home, use this time wisely and learn something new. We wish you success!
