The 7 Biggest Binary Options Mistakes You Can Easily Avoid – South Africa

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The 7 Biggest Binary Options Mistakes You Can Easily Avoid

Trading binary options is getting more and more exciting for many interested people in South Africa. Ever since 2008 when binary industry initially appeared, traders across the world, including South Africa learnt how binary options industry enables them to achieve high profits thanks to numerous advantages.

Binary options trading is especially attractive to new traders who don’t have any previous trading knowledge and therefore we want to provide them with accurate information on how to have a successful binary trading journey.

This guide about the 7 biggest binary options mistakes you can easily avoid will provide exactly that. Our main goal is to educate inexperienced traders in order to avoid trading mistakes and start trading binary options with a success.

Trading with Scam Brokers

According to our point of view, trading binary options with scam brokers comes as the biggest mistakes which could be easily avoided by South African traders. Nowadays, there is an increasing number of brokers who offer their trading platforms to traders in South Africa. Also, we need to mention how there are different elements by which it is possible to detect binary scam brokers.

For example, unclear terms and conditions should be among the first things traders need to check when they evaluate particular trading platform. If a broker doesn’t provide any important information or doesn’t have any policies available on the platform, this should be seen as a “red flag”.

Also, it is recommended to read broker reviews first to get better insight and check how customer support works. This is important for all traders who want to have access to support agents in case their assistance is necessary.

Missed Opportunity to Practice on Demo

Many regulated and trustworthy binary brokers offer demo account as part of the trading platform with ultimate goal to provide South African traders an opportunity to test the platform and practice how to perform trades in binary options.

Brokers, such as Opteck, 24option, Banc de Binary and many more have prepared demo accounts for registered traders. On demo, trading binary options becomes completely risk free since traders use virtual and not real money. This means brokers themselves funds demo account which may be valid for certain or unlimited period of time.

Demo account in binary options trading is particular important to new traders who just began their binary trading journey and want to gain as much knowledge as possible and this is the true value of demo account.

Once traders try out different trading features and strategies and feel more comfortable when trading, they can switch from practicing on demo and invest in binary options on real trading account.

Don’t Forget Education

Although trading binary options isn’t difficult, it does not mean how traders in South Africa can rely on luck and not to educate themselves to have better understanding of how to trade on binary options market.

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  • Binarium

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    Free Demo Account!
    Perfect for Beginners!

  • Binomo

    2 place in the ranking!

Many trustworthy brokers, such as Banc de Binary or Opteck offer their registered traders an amazing education materials, which are very useful and can be used in the trading process.

These edu materials include a selection of tutorials, webinars, FAQs, ebook and many guide and strategy articles regarding how to deposit or withdraw and what is the best way to benefit from binary options trading.

Education isn’t used only by traders novice but also pro traders who want to expand their knowledge in order to have more profitable trading journey. Therefore, those traders who understand importance of binary options education are more likely to become successful and will be able to learn more tricks of binary trading process.

Having Unrealistic Goals

Unrealistic trading goals are something often seen in online investment and it also belongs in category of biggest binary options mistakes traders novice can make in the very beginning. When traders in South Africa decide to trade with different assets in binary industry, their initial goal is to earn huge amounts of money right away, without any plan or strategy.

Having big plans is a good thing in binary options trading, however unrealistic goals are something to be avoided because it can lead to a money loss. Most brokers offer traders very high returns, even more than 90%, but it doesn’t mean how traders don’t need to evaluate financial market or try out different trading instruments for better trading results.

Lack of Trading Plan

When investing in binary options, trading plan should be an important segment of successful binary trading process. Lack of trading plan is one of the mistakes most traders beginners are faced when planning to invest in binary options.

Traders in South Africa who plan to rely purely on luck factor will most likely fail in the trading process, because binary trading isn’t gambling and set of tools and strategies should be a constantly part of each trading process with goal to reduce risk. Successful binary traders spent a specific period of time if evaluating market situation in order to detect when to invest in a specific assets and how will the market react on it.

Traders who don’t feel like spending too much time on trading process itself, can choose automated option and invest in binary options with an auto trading software, such as Binary Options Robot. With this binary robot, traders can adjust settings and let Binary Options Robot to trade on their behalf.

Overtrading in Binary Options

When planning to start trading binary options, most traders make a wrong decision and end up with overtrading effect. The whole idea is to trade, but trade smart and not impulsive. This binary options mistake is mostly used by inexperienced traders who choose to invest in stocks, commodities, currencies and indices, all at once.

Pro traders don’t do that and so should act traders novice. Explanation for that is actually very simple, it becomes difficult to check market situation of many assets in the same time simultaneously. That is why we advice our readers to trade wisely and avoid overtrading in binary options.

Investing More than You Can Afford

Last but not least mentioned in our 7 biggest binary options mistakes to avoid is not to invest more than one can afford. A lot of traders waste thousands of dollars without having any strategy plan and most importantly, in most cases they can’t even afford it.

It is recommended to begin investing with 50% first until traders get better insight of how trading process works and what assets work the best for a particular trader.

Each broker offers trading accounts with different trading characteristics so that South Africans can choose what suits them the most. So if traders can’t afford minimum deposit of couple of thousands, then it is the best to choose the most suitable option and later on, they can boost it to a advanced account type.

Binary Options Guides

Binary Trading South Africa is a place for South African traders to find relevant guide articles which can assist them to have better trading knowledge of binary options.

We continuously strive to bring our readers in South Africa guide about topics that interest them the most in order to gain more experience and become pro traders with better trading results.

Below in our Binary Guide section, you can find selection of articles on various trading topics.

Deposit Methods with Best Regulated Brokers in South Africa

What is Social Trading?

How to Avoid Scam in Binary Options?

Most Profitable Auto Trading Robots in South Africa

Best Tips on How to Master Binary Options

Binary Auto Trading Robots

Binary Options Introduction – South Africa

In recent years, binary options trading became a popular system which interest individuals in South Africa to invest in binary options.

Trading with binary options is a quite simple process and easy to understand. No complex procedures and technicalities are involved in this trading system.

Like other parts of the world, binary options trading is highly popular among the traders in South Africa. Traders can choose whether they want to invest in currencies, commodities, stocks and indices.

Trading binary options is actually trading with fixed payout and time of expiry. There are only two options; asset price can rise or can fall. The idea behind binary options trading is to figure out will asset price be below or above target price.

To able to make a right prediction for predetermined time, a certain trading skills are required.

Although, trading binary options isn’t difficult as people might think, it still needs a certain effort involved and understanding of how binary trading works. Guide Section

Under Guide tab, traders can learn many useful tips and tricks with only goal to become more experienced and have better option for profitable trading journey. South African traders can find out more about how to choose the right binary broker and detect scam in binary industry.

Also, traders can learn what is binary auto trading, as well as social trading and why are these investment types so popular among traders in South Africa.

We find Guide section to be very useful because of its many advantages.

Traders can get guidelines from our articles which can later be used to profit from binary brokers. This is especially important for new and inexperienced traders who are thinking about joining binary trading platform.

Services such as demo account and different trade options are significant for trading process. On demo account, traders have an amazing opportunity to test the platform and try out different tools and strategies to see which one work the best. This is risk free since South Africans deposit virtual and not real money.

In case you are not sure about which broker to choose and want to know more about trading features, we recommend to read our Guides and get valuable information.

I’m a nationally ranked Scrabble player, and these are the 7 biggest mistakes I see inexperienced players make

Scrabble is an easy game to learn, but an extremely difficult game to master.

Take it from me — I’ve been playing in Scrabble tournaments since I was 16 years old, and I’ve competed in the past two North American Scrabble Championships. My official ranking puts me among the top players in New York City.

If you’re looking to improve your skills, a good place to start is working on your strategy. I see inexperienced players make the same basic mistakes all the time, so if you can eliminate them from your game, you’ll stand a great chance at your next game night.

Here are the 7 biggest mistakes inexperienced Scrabble players make, and what you should do instead.

1. They play the first word they see

One huge mistake inexperienced Scrabble players make is playing too quickly.

You should never settle for playing the first word you see, no matter how many points it scores. Instead, take a moment to scramble your tiles to see what other words you can make. Look to see if you can form any common prefixes or suffixes with your letters, which can be used to make longer and higher-scoring words.

And importantly, always survey the board to see if there are any hotspots you can use to your advantage. It might take a little extra time and brainpower, but it could lead to much higher scores than if you play impulsively.

2. They think the best play is the one that scores the most points

There’s a big difference between a good play and a high-scoring play.

In many cases, a play may score a ton of points, but has hidden drawbacks — for example, it could leave you with nothing but consonants or nothing but vowels, which will hamper your ability to score on your next turn.

Alternatively, your high-scoring play could open up an even more high-scoring spot on the board for your opponent to use, like if you play a word right next to a triple-word score. What’s the point of scoring 35 points if it allows your opponent to easily score 40?

When you’re deciding multiple words to play, consider not only how much they score, but how they affect both your ability to score on future turns and your opponent’s ability to score right back. Defense is just as important as offense in Scrabble, and the best move isn’t always the highest-scoring one. It’s simply the one that gives you the best chance of winning.

3. They waste the two best tiles in the game

The two best tiles in Scrabble are the S and the blank.

The S is valuable because you can tack it on to the end of most nouns and verbs. That can turn your six-letter word into a seven-letter word, earning you a 50-point “bingo” bonus. The S also allows you to hook your high-scoring word onto an existing word on the board, like in the example above.

The blank, meanwhile, can be used as any letter you want.

There are only four S’s and two blanks in the game, and because they are so rare, they should only be reserved for especially high-scoring plays. One rule of thumb holds that you shouldn’t use your S unless it scores at least eight more points than your next highest-scoring play, and you shouldn’t use the blank unless it scores at least 25 points more than your next highest-scoring play.

4. They hold on to the Q way too long

The Q is the most dreaded tile in Scrabble — it appears in relatively few words, usually needs to be paired with a U to be effective, and it drastically reduces your odds of making a high-scoring play.

That’s why one of the biggest mistakes inexperienced players make is holding on to the Q for more than one turn.

There are a couple reasons why players do this. First, because the Q is worth a game-high 10 points, they might assume that it will guarantee them a high-scoring play sometime down the road. They also might assume that a Q needs to be paired with a U, although that isn’t the case.

In reality, there is a small handful of words that contain a Q with no U, many of which are loanwords from other languages. The easiest to remember are QI (the vital life force in traditional Chinese culture) and QAT (a shrub that is cultivated for use as a drug).

When you find yourself with the Q, in many cases it’s best to cut your losses and play one of those words, even if it scores poorly. Ridding yourself of the Q reopens the door to high-scoring moves in the future.

5. They never exchange their letters

Scrabble players are allowed to use their turn to exchange some (or all) of their tiles for new ones.

Exchanging is a strategy many casual players are afraid to try because it doesn’t score any points. But expert players know that in many situations, exchanging is the right thing to do.

One scenario where you’d be wise to exchange is a situation every Scrabble player has faced: a rack full of vowels. Imagine you’re holding the letters AEFIIOO. You could play IF or FOE or OAF for minimal points — or you could exchange all seven of your letters and get a fresh start next turn.

Scrabble players are always thinking ahead. They don’t just consider how many points they can score on this turn, but how each move they make will affect their ability to score on future turns. If you exchange your tiles and score zero points on one turn, but then score 25 points on the next turn with your replacement tiles, you’re in better shape than having scored 10 points and 10 points.

It’s not something you should necessarily do every game, but exchanging is often the difficult decision that needs to be made.

6. They don’t bluff

Bluffing is one of the most exciting aspects of poker, and the same goes for Scrabble.

But amazingly, many casual players aren’t even aware of this aspect of the game.

According to the rules, if your opponent plays a word that you don’t think is legitimate, you can challenge the word before the next player makes their move. Players then look up the words in question in an agreed-upon dictionary — if the play is valid, the challenger loses their turn, and if it’s not, the tiles come off the board and the challenger goes again.

Because the onus is on your opponent to challenge a word, players are free to play words even if they’re not 100% sure of their validity. Occasionally, tournament players will even strategically play a word they know is phony if there are no appealing alternatives.

It might sound unethical, but to Scrabble players, bluffing is simply part of the game.

7. They ‘fish’ for specific letters

If you’ve played Scrabble before, you know the excruciating feeling of being just one letter short of an amazing word.

Maybe you’ve looked at a rack like CELNORU and thought, “If only that O were an A, I’d have NUCLEAR!”

As tempting as it may sound, it’s almost never the right strategy to simply play your O and hope you draw an A out of the bag. Scrabble players call that “fishing,” and it usually doesn’t work out.

For one thing, the odds are against you — even the most plentiful letter in the bag, the E, makes up just 12 of the 100 tiles in Scrabble, and no consonant appears more than six times.

But more importantly, you’re unlikely to score enough points to justify fishing. Playing one letter at a time usually means you’re scoring very few points. Even if you magically draw the A for NUCLEAR and score 70 points, it may not be enough to make up for all the low-scoring plays you made on the previous turns.

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