Binomo is an online trading platform that allows you to get additional income by correctly forecasting the movement of an asset’s price for a selected period. This platform is a universal tool for the embodiment of the essence of organized financial trading. But in order to trade, certain knowledge is needed, especially for beginners traders from India, which we will talk about below.
What is Binomo trading?
Many beginners ask how to play Binomo. However, this is the wrong question. Binomo is a platform where users invest and trade. And for this they use certain knowledge about trading.
So, how to trade on https://binomo.com/? It is necessary to forecast whether the asset price will UP or DOWN. But it should be remembered that correct forecasting is not only about viewing and analyzing charts, but also the ability to work with statistical analyzers that allow you to extrapolate the results of previous data for the future. Together, this forms a multitude of trading strategies.
To succeed in assets trading, the trader needs to master the maximum possible strategies. The Binomo platform is just right for this. So, in our review, we will consider what exactly should be paid attention to by traders in order to reduce the risks of losing a deposit when they trade.
Note! The strategies offered by Binomo vary in complexity, so anyone from beginners to experienced traders can find the right one for themselves.
The best strategy for beginners – how to choose, what to consider
If you are just starting to trade assets on Binomo, the best advice is to start only with what you understand. The complex consists of simple elements, although there are many of them.
Price movement always depends on two types of factors:
These are factors related to the real value of the asset. If we are talking about stocks, then the fundamental indicators will be: growth of the company’s revenue, implemented technologies that reduce costs, access to new markets, etc. A trader can learn these factors from news feed on the website.
Everyone looks at the chart of the asset price. This is what determines the trend value for its subsequent development. Those “everyone” see what shape the trend “drew” in the past (including the immediate one) and draw conclusions regarding the future (also, directly coming).
However, traders make conclusions not only based on charts. There is a whole range of indicators. These are indicators analyzing the statistics of price formation, which allow us to predict the price movement in the future, and in a given period of time.
Note! Any price movement can be explained from the standpoint of at least one factor of each type, in other words, these aspects are present everywhere and always.
What advice can we give to beginners? With fundamental analysis, everything is clear, there is little choice. You just need to choose 1, maximum 2 most influential factors and draw conclusions based on them.
As for the technical analysis, it would be best to limit yourself to a maximum of two of the most “clear” indicators, set them up and adjust during the preparatory period (on a demo account) – in other words, check forecasts based on them in real-life events.
Education and Tutorial
An important aspect of successful trading is consistent practice and understanding of how to trade on the platform. In this regard, Binomo is indispensable for beginners. On the platform each trader can learn for free everything about trading and applied strategies from the sections:
- Help Center
- Glossary of Terms
A demo account, where virtual $10000 is available for practice, will help consolidate the knowledge gained. These Binomo tutorials are extremely helpful for traders who are just starting out to trade.
Reviews of the most popular indicator-based strategies
Below we will take a look at the most popular strategies used in trading by traders from India on the Binomo platform.
The indicator is called “Alligator” precisely because the decision should be made at the moment of intersection (when the alligator opens its mouth).
It represents 3 moving average lines that in the price flat situation do not intersect (but are not parallel either). Each of the lines has its own time shift parameters. In this case, the sampling length is constant and is set by the user.
When the top line starts to “dive” under the bottom line – it’s time to sell (for the price will go DOWN). If the bottom line crosses the top one (from bottom to top), then a trend reversal has occurred and the price will continue to UP.
For beginners, it is recommended to additionally wait for a confirmation candlestick after the intersection point – let the trend further confirm to you “the seriousness of its intentions.”
Bollinger bands (or waves)
This is the most obvious indicator, demonstrating a corridor of wave price changes based on the analysis of a moving average with acceptable (set) ranges of fluctuations. If the market has a direction (a situation of a trend, not a flat), then this indicator is most effective. Perhaps this is one of the best Binomo trading strategies for novice traders with only one feature – you need to understand and feel the reasons for the formation of a trend and its reversal.
The Relative Strength Index (RSI) determines the strength of the price movement, the intensity of its change over a given period of time. What do you need to trade assets? Basically, you only need to determine if the next candlestick will be green or red. RSI can provide confidence in answering this question.
The Binomo trading platform offers strategy based on this indicator for beginners, since these are the most comprehensive system for sending signals for buying UP or DOWN assets. It also analyzes the relationship between two moving averages taken over different time intervals.
In addition, a signal line is displayed on the chart (the difference between the values of these moving averages), which clearly demonstrates the further market sentiment to continue the current trend (for example, will sellers continue to prevail in the market, or buyers take the initiative).
Note! Remember that no strategy can guarantee a positive trading result. Only a combination of knowledge and factors for a specific trade will help achieve it.
Binomo strategies for beginners are diverse and use statistics from different angles. However, all strategies need one thing – testing. Spend more time setting up a Binomo demo account and identifying whether the forecast and result match. The more confirmations you get, the more accurate forecasts you will have when working with a real account. This Binomo strategy is great for both novice and experienced traders.
It is also worth remembering the risks that are always inherent in online trading. To reduce them, you need to constantly improve your trading skills.