21 Tips on How to Start Binomo Investment in Nigeria

Binomo investment: Contrary to popular belief, the stock market is not just for rich people. Investing is one of the best ways for anyone to create wealth and become financially independent. A strategy of investing small amounts continuously can eventually result in what is referred to as the snowball effect, in which small amounts gain in size and momentum and ultimately lead to exponential growth. To accomplish this feat, you must implement a proper strategy and stay patient, disciplined, and diligent. These instructions will help you get started in making small but smart investments.

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1. About Binomo Investment

Basically, Binomo investment is one of the largest and popular international brokers for binary options. They are an online trading platform with customers in over 133 countries of the world. In the year 2014, they established Binomo investment to create a world-class trading platform. It is the priority of this organization to offer quality services and support to their clients. This includes a professional-level tutorial, analytical services, and client support.

Binomo provides their clients with the opportunity to invest in falling or rising markets with effective binary options. The aim of this is to help you grab the highest period in a short period. They have a diversity of over 200 assets for you to invest in.

As of present, Binomo investment boasts of over 887,440 daily traders and well over 30,000,000 successful trades per week. In fact, these statistics show they are one of the most sought-after organizations with Binary options.

2. How does Binomo Investment work?

Binomo investment leverages what we call a proprietary trading platform for all their traders. The platform uses SSL protocol to ensure that all the data on its platform is encrypted and secure. Therefore, you do not need to worry about your funds. This is because it always safe during any trading conditions.

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In fact, without having to share certain sensitive information on the platform such as your credit card number, bank info, and other personal data, you can still deposit or withdraw your funds. This feature makes the platform secure.

Furthermore, the BInomo trading platform has more than 20 different graphical tools. This helps you to analyze your trading history and charts. Also, Binomo provides you with economic calendar integration and independent tabs.

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Binomo investment

3. How do I invest in Binomo Investment Platform?

Investing in the Binomo platform is very straightforward. In fact, it is a seamless process. You can follow these guidelines to invest in the Binomo platform.

  • Visit their official website on binomo.com
  • Click on the “Sign Up” Button
  • Fill in the registration form and click on the “open account for free” button
  • Immediately you complete this, they will redirect you to the initial binary options trading account page for verification
  • Once on the verification page, you will need to provide additional personal information about yourself.
  • After these processes, you can start trading. But note, if you choose a demo platform when signing up, you can use this to familiarize yourself before trading in real-time.
  • When ready to start trading in real-time, you will need to deposit some funds before you can start trading.
  • To deposit, go to the “Cashier” section on the investment platform
  • Enter the amount you wish to deposit, and click pay.
  • Immediately, they will redirect you to a payment gateway. Enter your details and in no time, your funds will be credited to your wallet.

4. Ensure investing is right for you.

Investing in the stock market involves risk, and this includes the risk of permanently losing money. Before investing, always ensure you have your basic financial needs taken care of in the event of a job loss or catastrophic event.

Make sure you have 3 to 6 months of your income readily available in a savings account.

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5. This ensures that if you quickly need money, you will not need to rely on selling your stocks.

Even relatively “safe” stocks can fluctuate dramatically over time, and there is always a probability your stock could be below what you bought it for when you need cash.

6. Choose the appropriate type of account.

Depending on your investment needs, there are several different types of accounts you may want to consider opening. Each of these accounts represents a vehicle in which to hold your investments.

  • A taxable account refers to an account in which all investment income earned within the account is taxed in the year it was received. Therefore, if you received any interest or dividend payments, or if you sell the stock for a profit, you will need to pay the appropriate taxes. As well, money is available without penalty in these accounts, as opposed to investments in tax deferred accounts.
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7. Implement dollar cost averaging.

While this may sound complex, dollar cost averaging simply refers to the fact that — by investing the same amount each month — your average purchase price will reflect the average share price over time. Dollar cost averaging reduces risk due to the fact that by investing small sums on regular intervals, you reduce your odds of accidentally investing before a large downturn. It is a main reason why you should set up a regular schedule of monthly investing. In addition, it can also work to reduce costs, since when shares drop, your same monthly investment will purchase more of the lower cost shares.

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8. Explore compounding interest.

Compounding is an essential concept in investing, and refers to a stock (or any asset) generating earnings based on its reinvested earnings.

  • This is best explained through an example. Assume you invest $1000 in a stock in one year, and that stock pays a dividend of 5% each year. At the end of year one, you will have $1050. In year two, the stock will pay the same 5%, but now the 5% will be based on the $1050 you have. As a result, you will receive $52.50 in dividends, as opposed to $50 in the first year.

9. Avoid concentration in a few stocks.

The concept of not having all your eggs in one basket is key in investing. To start, your focus should be on getting broad diversification, or having your money spread out over many different stocks.

  • Just buying a single stock exposes you to to the risk of that stock losing significant value. If you buy many stocks over many different industries, this risk can be reduced.
  • For example, if the price of oil falls and your oil stock drops by 20%, it is possible that your retail stock will increase in value due to customers having more spending money as a result of lower gas prices. Your information technology stock may stay flat. The end result is your portfolio sees less downside

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10. Explore investment options.

There are many different types of investment options. However, since this article focuses on the stock market, there are three primary ways to gain stock market exposure.

  • Consider an ETF index fund. An exchange-traded index fund is a passive portfolio of stocks and/or bonds that aim to accomplish a set of objectives. Often, this objective is to track some broader index (like the S&P 500 or the NASDAQ). If you buy an ETF that tracks the S&P 500 for example, you are literally purchasing stock in 500 companies, which provides enormous diversification. One of the benefits of ETFs are their low fees. Management of these funds is minimal, so the client doesn’t pay much for their service.
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11. Consider an actively managed mutual fund.

A actively managed mutual fund is a pool of money from a group of investors that is used to purchase a group of stocks or bonds, according to some strategy or objective. One of the benefits of mutual funds is professional management. These funds are overseen by professional investors who invest your money in a diversified way and will respond to changes in the market (as noted above). This is the key difference between mutual funds and ETF’s — mutual funds have managers actively picking stocks according to a strategy, whereas ETF’s simply track an index. One of the downsides is that they tend to be more expensive than owning an ETF, because you pay an extra cost for the more active management service.

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12. Consider investing in individual stocks.

If you have the time, knowledge, and interest to research stocks, they can provide significant return. Be advised that unlike mutual funds or ETF’s which are highly diversified, your individual portfolio will likely be less diversified and therefore higher risk. To reduce this risk, refrain from investing more than 20% of your portfolio in one stock. This provides some of the diversification benefit that mutual funds or ETF’s provide.

13. Find a broker or mutual fund company that meets your needs.

Utilize a brokerage or mutual fund firm that will make investments on your behalf. You will want to focus on both cost and value of the services the broker will provide you. 

  • For example, there are types of accounts that allow you to deposit money and make purchases with very low commissions. This may be perfect for someone who already knows how they want to invest their money.

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14. Open an account.

You fill out a form containing personal information that will be used in placing your orders and paying your taxes. In addition, you will transfer the money into the account you will use to make your first investments.

14. Be patient.

The number-one obstacle that prevents investors from seeing the huge effects of compounding mentioned earlier is lack of patience. Indeed, it is difficult to watch a small balance grow slowly and, in some instances, lose money in the short term. 

  • Try to remind yourself that you are playing a long game. The lack of immediate, large profits should not be taken as a sign of failure. For example, if you a purchase a stock, you can expect to see it fluctuate between profit and loss. Often, a stock will fall before it rises. Remember that you are buying a piece of a concrete business, and in the same way you would not be discouraged if the value of a gas station you owned declined over the course of a week or a month, you should not be discouraged if the value of your stock fluctuates. Focus on the companies earnings over time to gauge its success or failure, and the stock will follow.
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15. Keep up the pace.

Concentrate on the pace of your contributions. Stick to the amount and frequency you decided upon earlier, and let your investment build up slowly.

  • You should relish low prices! Dollar-cost-averaging into the market is a tried and true strategy for generating wealth over the long run.  Furthermore, the less expensive the stock prices are today, the more upside you can expect tomorrow.

Binomo investment

16. Stay informed and look ahead.

In this day and age, with technology that can provide you with the information you seek in an instant, it is tough to look several years to the future while monitoring your investment balances. Those that do, however, will slowly build their snowball until it builds up speed and helps them achieve their financial goals.

17. Stay the course.

The second biggest obstacle to achieving compounding is the temptation to change your strategy by chasing fast returns from investments with recent big gains or selling investments with recent losses. That’s actually the opposite of what most really successful investors do. 

18. In other words, don’t chase returns.

Investments that are experiencing very high returns can just as quickly turn around and go down. “Chasing returns” can often be a disaster.  Stick to your original strategy, assuming it was well thought out to begin with.

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19. Stay put and don’t repeatedly enter and exit the market.

History shows that being out of the market on the four or five biggest up-days in each calendar year can be the difference between making and losing money. You won’t recognize those days until they’ve already passed.

20. Avoid timing the market.

For example, you may be tempted to sell when you feel the market may decline, or avoid investing because you feel the economy is in a recession. Research has proven the most effective approach is to simply invest at a steady pace and use the dollar cost averaging strategy discussed above.

Studies have found that people who simply dollar cost average and stay invested do far better then people who try to time the market, invest a lump sum every year on new years, or who avoid stocks.

The reason for this is that it takes a decade or so to learn the many pitfalls in investing in stocks, like the emotion that goes with a bull market, exaggerated information, sales groups that are paid to sell and tend to bend the information to look to rosy and just plain fraud.

Many brokers will not tell you that 99.9999% of all companies go bankrupt over time, so mutual funds and dollar cost averaging avoids all the bad companies that are removed without you have to do any homework or lose any money.

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21. Ask for help in the beginning.

Seek the counsel of a professional or a financially experienced friend or relative. Don’t be too proud to admit you don’t know everything already. Lots of people would love to help you avoid early mistakes.

Keep track of your investments for tax and budget purposes. Having clear, easily accessible records will make things much easier for you later on.

Avoid the temptation of high-risk, fast-return investments, especially in the early stages of your investing activities when you could lose everything in one bad move.

If you employer has a 401k program where they match what you invest, it would be crazy not to take advantage of it. It is an immediate 100% return on your money. Banks would never give you $100 for every $100 invested.

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It is important to know whether or not we are in an inflationary decade. Inflationary decades favor hard assets like Real Estate and Gold but Dis-inflationary decades favor Stocks. Inflationary decades are marked by prices (like gasoline) rising, a weak dollar and gold rising. During Inflationary decades, Real Estate outperforms the stock market. Dis-inflationary decades are marked by lowering of interest rates, a strong dollar and a strong Stock Market. During dis-inflationary decades, the stock market outperforms Real Estate and Gold.

  • Be prepared to wait a while before you see a significant return on your investments. Small, low-risk investments take a while to pay off.

  • Even the safest investment comes with risk. Don’t invest more than you can afford to lose

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