There is a market of people interested in binary options in Nigeria. This blog post is here to help you learn the basics of binary trading; the dos and don’ts, the rules and regulations and some tips and tricks that can help you maximize your potential earnings.
Nigeria is a country with an economy, which is becoming more diverse with abundant and established financial, communications, legal, stock exchange, transport and natural resource sectors.
Previously hindered by long years of military rule, mismanagement of oil wealth and corruption. Despite, economic set backs in 2016; there is still hope and expectation that Nigeria will achieve its full economic potential.
A huge percent of Nigerians are currently employed in the Oil and Agriculture sector, which are major earners of foreign exchange in Nigeria. But with financial strain due to the slowing down of the economy, many people are exploring options for smart passive income and have started investing in binary options. If you plan on investing, you can follow this guide.
There is a market of people interested in binary options in Nigeria, and this blog post is here to help you learn the basics of binary trading, the dos and don’ts, the rules and regulations and some tips and tricks that you can implement if you plan to invest in binary options.
Here are some pros and cons that you can follow for a more successful and profitable trading experience.
1.Know the basic of binary options.
There are several terms that you can use for identifying binary options. You can call this trading option, all-or-nothing options, fixed return options, and digital options. The way it works is that you need to choose if an underlying asset will go up or down. Basically, it is predicting whether a stock will be profitable or not. If you anticipated it correctly, then you will be shown your potential earnings, but if you lose you simply will lose the money you have risked.
It is a very simple option; you can either win or lose. If you win, you get the money that you have bet plus bonuses in return, but if you lose, consider it as a lesson learned and try harder next time.
There are key ingredients that you need to know about binary option. The expiry time, the strike amount and the payout offer. The expiry time is the amount of time from the moment you purchase the option contract before it closes. Most people involved in investing on binary options are trading in the short term binary options. The strike amount is the price you were able to place which would determine whether you win the trade or not. The payout offer is a return of the offer given but the binary option broker.
2. Know if the binary option trader is legal or not.
You need to be very careful when it comes to choosing where to place your investments. I would advise that you search for traders with valid trading licenses. This will ensure that your investment is secure and you aren’t scammed.
Remember that this is a win or lose situation and if you run into a trader with nothing to offer but to scam you, then you will lose, so take your money elsewhere and get your money’s worth.
There are plenty of traders out there with a very strong code of ethics and conducts, which will ensure that you are not duped and losing your money to a scam.
3. Learn how to make money by investing in binary options trading.
There are several things that you need to learn for you to completely master how this trading works. You need to have a certain tip or strategy for every binary trade for you to win and earn your bonuses. You must accustom yourself in reading candlestick charts which will show you the activities in binaries that can be predicted by learning the past price movements. The charts may look a bit complicated at first but once you learn the basics of reading it, then it will not be a problem anytime soon.
You must also know and observe the pricing trends. Know which asset has been climbing for the past days and resist the temptation on betting the other way around. Make sure that you do not bet your savings or income set outside for regular expenses such as house payments, medicine, grocery and education.
The money that you should place for trading should come from your excess expense and not from your regular expenses. This way, you can make sure that you do earn profits from this trading option and not affect your daily lifestyle.
4. Learn which binary option is best for you.
Once you are ready to trade, you need to choose which binary options trade is best for you. Each trade can be different for each person so you need to choose carefully. You can do extensive research for each type of trade because after all, it is your money and your only goal in entering this kind of investment is to earn and to profit.
All of the factors will boil down to what your goals are. You need to strategize and plan your trading goals. You can set a target for a week or for a month then choose which types of options will help you reach this mark and which of the timeframes will be the best for you to get there. Each of the traders may have a different answer as to how they will realize their goal, but always remember to still value the quality over the quantity of the trade. You might also want to consider familiarity with the trade or the trade that you are most comfortable with.
At the end of the day, you may earn from this kind of investment or you may lose, that is the potential risk and reward. You just need to accurately plan for you to reach your goals.
If you ever lose on a trade, study and analyze the reason why you have lost and learn from your mistake. This is essential practice, especially if you plan on making bigger investment in the future. Be a smart investor and put your mind on it. As long as you are willing to reach your goal, earning from binary options is possible.
If you think we have missed some tips for trading in binary options, please do not forget to leave your comments and suggestions below.