Rules For Successful Trading on Binany

Binany is a trading platform designed to trade stocks, currencies, cryptocurrencies, and options. It is not difficult to become a trader now; it does not require any degrees or special knowledge, the initial costs are relatively low, and you can work without leaving your home. Getting started easily, however, does not mean easy profits. Most experienced traders confirm that success depends on many factors, including hard work, planning, discipline, and constant market research. As with other industries, there are certain principles that, if followed, can greatly increase your chances of success.

Here are some tips in trading

1. Trend is your friend. Don't trade against the trend. The idea of catching a global market reversal and buying at the very low is, of course, quite tempting. More than one million traders have already tried it and went bankrupt on such heroism. Effective trading primarily involves knowledge, not luck.

2. Buy on rumors, sell on news. If you wonder how to succeed in stock trading, remember the main rule not to buy stocks because of rumors. Do not fall for the magic of good news; they are very often already expected by more experienced traders, including professional participants in the securities market. Therefore, such news is played back by the market in advance; the price rises for several days before the news. And when the latter really comes out, the price makes a small and short hit upward and begins to fall. Throwing into amazement newcomers who cannot understand why the market falls on good news.

3. The market is always right. If the market goes down, you can call its participants' stupidity as much as you like, just do not try to reverse this market. Your assessment of the situation may not be complete, you may have missed something, or even the good news may have some very bad undercurrents lurking. Therefore, do not fight the market.

4. Buy high, sell low. The call looks strange, but its meaning is simple. If the market has broken through a strong and stubborn resistance level, it will most likely rise for a long time. Therefore, there is no need to be afraid in such cases, which is already very expensive, buy, and soon it will be even more expensive. The same applies to selling; a breakout of the level downward gives a signal to sell. Do not hope for a quick reversal for reasons; well, there is definitely nowhere to get cheaper, there is always where. These are simple stock trading rules to remember.

5. Don't rush to buy when a crash occurs. No amount of analysis will tell you the exact target of a sharp price drop. The usual pattern looks like this, a collapse stops suddenly and is replaced by a sharp upward price rebound. This is followed by a return to the area of the previous minimum, and if at that moment the price has not broken even lower, then you can think about buying. Keep this in mind when doing Binany trading.

6. Trading for success. It is often impossible to determine the target of a share price rise in a strong trend; it just grows and rises. The same applies to a sharp take-off; it is unclear whether the continuation will follow after the inevitable rollback. Therefore, it is useful to use a sliding exit level from the trade. Set a mental barrier, say, 10-20 percent below the current price, and move it higher and higher as the price rises. Then, when the trend reverses, you will not lose too much compared to the ideal option, that is, selling to the very maximum. At the same time, avoid a hasty exit from a profitable position, which could leave you too early out of the market, which continues its rapid growth.

7. Never average a losing position. There are many successful trading strategies, but you should remember not to bet on averaging losses. Even some solid trading guides recommend buying more in the event of a losing position so that the average buy price is lower, and in the event of a rebound upward, you will quickly get a profit. In practice, however, the price often continues to fall, and you simply end up with a double loss.

8. Do not succumb to general euphoria. Successful trading methods involve cold settlement. After a long rise, the market begins to fall exactly when the last doubters agree that further growth is inevitable. If everyone is just buying, it makes sense to think about an imminent exit from the market. If you have ten familiar analysts and all 10 predict powerful growth, then the maximum of the market is already near, and a fall will begin soon.

Remember these points and try to rely on your knowledge when trading, and not on blind luck.

(Brand desk content)