Know the meaning of a binary option
Recognize it’s an “all-or-nothing” deal
Realize that market makers determine the bid and ask prices
Understand you don’t own the underlying asset
Recognize the risk and reward in relation to other options trading
Learn about exercising options
Take measures to avoid dealing with fraudulent operations
Know the exercise options and fees of each exchange
Analyze markets through fundamental analysis
Utilize technical analysis
Examine market sentiment
Sniff out fear
Trade on volatility
Consider the ask size when trading
Take advantage of the knock-off effect
Hedge existing positions