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After getting used to trading in Binomo, you need to find yourself a trading strategy that can really make a profit. In today’s article, I will show you how to trade in Binomo extremely easily but highly effectively which is very suitable for newcomers. Let’s go through the article to get what you can apply to Binomo.
Tutorial video on how to trade in Binomo in the most simple way
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How to trade in Binomo in the most simple way for newbies
The trading strategy basis
The tutorial on how to trade in Binomo that I introduce today is based on the most powerful indicator in trading. It is the Support/Resistance indicator. This is considered an indicator that brings the highest probability of accuracy in transactions. Support and resistance levels are used by many veteran traders to make a profit. Let’s find out more carefully about this indicator.
The support level in trading
The Support level in the price chart is the line at which the falling price touches, and tends to rebound. Thus, when the price touches the support, we may consider opening an UP option.
The resistance level in trading
In contrast to the Support, we have the Resistance level. It is the zone at which the increasing price touches and tends to fall back. From here, when the price hits the resistance, we can consider opening a DOWN option.
How to set up the indicator in Binomo
To set up the Support and Resistance indicators for this trading strategy in Binomo, you should do as follows. After the price creating a peak, draw a horizontal line using that peak. We have the resistance line of the price. Same for the support, pick the trough of the price and draw a horizontal line.
In order to draw Support and Resistance in Binomo, you need to do the following.
• Choose the “Indicators” menu.
• Select “Tools”.
Then, scroll down
• Select “Horizontal”.
A window appears. Here you can choose the color as well as the style of lines to draw.
• Click “Apply”
You then put these lines one after another into the peaks and troughs just created by the price.
Finally, click on “STOP DRAWING” to finish your drawing.
How to trade in Binomo with Support and Resistance
After drawing your own Support/Resistance lines on the price chart, there are two other things that you need to focus on observing. They are adjusting your investments and setting the time to open options once the signals appear.
The entry signal appears once the price touches these lines and the candle closes in these respective zones.
• The price rises and touches the resistance line + a candle is created at this line = open a DOWN option.
• The price decreases and touches the support line + a candle is created at this line = open an UP option.
For the expiration time, you can set by combining 2 or 3 candles periods. For example, With 1-minute candles, your expiration time will be 2 or 3 minutes. Regarding 5-minute candles, the expiration time will be 10 or 15 minutes.
Statistics show that this is a trading strategy with a very high win rate. The entry signals are easy to observe by beginners. Practice with this strategy today on the demo account so you can master it. Be patient even with the most simple trading strategy. Then you will make great progress after these first steps. Sincerely goodbye and see you again in the next articles.