Advantages of binary options are that you do not have to deal with stop loss and exit points.
You simply choose if the currency will increasy or decrease. You also can choose binary option lasting couple of minutes or couple of hours. And you can make 80% profit on every option.
So here is what you need to do to have a profitable binary options strategy:
1. Risk and money management
Do not risk more than 2% of your account on a single binary option. I would recommend 1%.
This way you will be stress free and can survive losing streaks while waiting for your winning streaks.
2. Follow the trend
It is always easier to trade with trend.
3. Price action
When deciding about currency increase or decrease, watch price action. Learn some price action setups like doji candles, morning star, evening star etc. and when those appear buy your binary option according to them. Those are good signals for direction change.
4. Hold your emotions.
It doesn´t matter if you win or lose. Both will happen. To be profitable, you need to have slightly more winning trades than losing ones. You only need 56% or more winning trades to be profitable. So keep your calm and you will survive bad streaks.
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