CherryTrade is a great binary option broker. To make the most of this broker, however, there are a few things you need to know. Learn more with our CherryTrade tips:
The top CherryTrade tips
These are the top tips to become a successful trader with CherryTrade:
1. Prefer ladder options over high / low options
CherryTrade offers a very unique, innovative binary option type: Ladder options. Ladder options work much like regular high / low options, requiring you to predict whether the market will close over or under a certain price level once your option expires. In contrast to high / low options, however, ladder options do not use the current market price, they allow you to choose from five different prices.
This simple difference turns ladder options in the much more potent binary option type. The current market price is a somewhat arbitrary price level that has little significance in technical analysis. If a stock, which is stuck between a support level $99 at and a resistance level at $100 is currently trading at $99.40, should you invest in a high or a low option? There is no way to tell for sure. Any trade would be guess work with a high chance of a losing trade.
Ladder options allow you to make a better prediction. By allowing you to choose from different price levels, you can now predict that the market will not rise above $100 and not fall below $99. If you think the market will break either price level this time, you can also predict that the market will close above $100 or below $99 – a much more versatile way of trading binary options.
2. New traders should start by using iFollow options
A a new trader, you need to learn the basics, while not losing money due to your inexperience. CherryTrade offers the perfect binary option type for that: iFollow options. iFollow options allow you to copy the trades of a professional trader and profit from his knowledge.
This option type is perfect for new traders – it allows you to make money without any involvement on your part. At the same time, you can study what CherryTrade’s professional trader do and why. You can learn from their investment decision and become a good trader yourself. After a while, you can decide whether you want to keep copying another traders trades or start investing on your own.