This part gives you some hints and tips about keeping your wits about you to make the most of your binary betting – and making tax-free gains!
Binary Betting Tips and Strategies
Do your homework – Look at what’s happening on the markets to get a feel for which bets are most likely to succeed. You can find all the information you need in the newspapers or on news websites.
Look ahead – Check the forward-looking financial calendars to see which major scheduled news
announcements could affect your bets. You can find these calendars in most broadsheets and on the Internet from most investing sites.
Use the charts – The charts on the binary trading sites can help you to identify trends. Use this information to help you decide how a market is likely to move and what sort of bet might succeed.
Refine your binary trades – Adjust the parameters of your bets to reflect what you think is going to happen. Remember, the better the odds offered, the more you’ll have to pay, so make sure you’re happy with the stake you choose.
Try low-risk, low return binary bets – Lower-return binaries offer a good chance of success, so you’ll come out on top most of the time.
Dabble in high-risk, high return – If you’re experienced and can comfortably afford to, you may prefer to make bets with a lower expected chance of success but the high returns mean you don’t need to win too often to make a good overall profit.
Monitor your open binary trading positions – You can sell back most of your binary trades (except intraday bets) to take profits or limit a loss. By monitoring these bets closely you can take advantage of any opportunities that come along.
Remember that your winnings are tax-free – Under current UK legislation all betting profits are tax free. However, laws can change and the rules in your country of residence may differ to those of the UK. Seek further tax advice if you need to.
Gamble sensibly – Don’t bet more than you can afford to lose! Whatever happens with binary betting you can never lose more than the cost of your bet, but never gamble with money you can’t afford to lose.
Enjoy your binary betting – Binary betting can be fun and highly profitable, but if you feel it’s becoming a problem for you, you should stop immediately and ask for help.