trade2bpro
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You can join this webinar to learn how to trade BO wisely and some BO effective strategy 
http://optiontrade.com/en/beginners-webinar.html
http://optiontrade.com/en/beginners-webinar.html
The biggest issue with binary options is the timing.. aka choosing the right expiry time. You could be right on the direction, but if you're off on the timing, its a loss.
You could work on a longer term (say daily charts) trading strategy and then establishing the bias, look towards a smaller timescale for short term expiries.
Also, with 60, 90 second options, you could make use of news events to your advantage.
You could work on a longer term (say daily charts) trading strategy and then establishing the bias, look towards a smaller timescale for short term expiries.
Also, with 60, 90 second options, you could make use of news events to your advantage.
WklyOptions
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Hi, Ming,
Welcome to T2W. Your honesty to your trading results' sub-par performance is a very strong asset/skill-set that you can build from - to become a critical, highly focused, thinking, professional trader. :clap:
"...what strategy is the best..."?
Ming - although I am aware of the intent of your question above, I believe it is not the appropriate question that you should be asking. The "best" strategy for you can only come from a carefully analyzed, thinking approach based on your own unique set of circumstances:
1. What time of day & how much time per day can you trade?
2. What is your bias? Prefer to maximize profits? Minimize risk?
3. What is your level of ability to read price action/charts/multiple time frames?
4. What is the theme of your trading "edge"? Trend pullbacks? Trend reversals? etc
There are many factors that must be systematically organized and carefully placed with full thought process and focus. Van Tharp, Robert Deel, David Stendahl, Jack Schwaeger, all have excellent books relating to the detailed and systematic development of a trading plan to best fit "you". How you deal with uncertainty, fear of loss, fear of looking stupid, fear of failing in front of others, etc., these are the most common "gremlins" for a trader to address.
Ming - first off, it may be best if you can provide a general idea(s) of what trading EDGE you are seeking to exploit. Come up with a trading plan - it can be based on anything that perks your interest like trades off news/events, trading gaps, high momentum trading, fading double/triple tops, etc. Trading ideas are many. So pick one - then develop a trading plan no matter how simple.
Then begin to test your trading plan - see what your EDGE may be based on backtesting. Then grow from there with paper trades and low $ live trades. Use the science of cybernetics - adjust your trading plan/actions on the basis of the results you get from every 20-30 closed trades. Repeat...adjust...get better!
If you are set on trading binary options - make certain you trade with binary options firms that are regulated. Even if only thru British or CySec regulatory domains.
I trade in the US - so I am very comfortable trading the NADEX binary options and spreads. Plenty of assets and expiry schedules for my trading styles.
I do agree - that trading binary options can be very difficult. However, I feel it is one of the easiest for new traders to also become profitable very quickly within 50-100 closed trades.
And - I am NOT endorsing that so-called "martingale" or "5-digit" binary trading scam plans out there on YouTube.
I am talking about binary options as having a very favorable "results-profile" for the retail individual professional trader:
5. Limited $ risk per trade - no margin calls but can still provide leverage.
6. Frequent expiry schedules, numerous assets to trade - sufficient for daily income.
7. Relatively easy to scale up when the professional trader's results support it.
8. Ease of execution on trading platforms.
9. Very low initial $$$ funding levels - good to start low $ risk per bet.
10. Regulated binary firms usually have good response time for $ withdrawals.
One quick point, Ming - please - DO NOT ACCEPT BONUS on deposits if starting out. Repeat = DO NOT ACCEPT BONUS deposits!
There is a way for you to accept BONUS deposits WITHOUT being obligated to tie up your initial trading capital:
11. Let's say open $250 binary option account at one firm.
12. WAIT - until have $250 or more CLOSED profits. For example, $250 closed profits.
13. Then take $250 closed profits - deposit that into a new binary option account.
14. Then can accept BONUS deposit on (13) above. Note that the funds from (13) will most likely be tied up for at least 25x or 30x turnover of $250 + BONUS.
However, this way - your initial $250 on (11) above - well, this remains available for withdrawal.
In summary - DO NOT ACCEPT BONUS deposits - unless that account is funded by $ closed profits. Understand?
Although I have been trading weekly options, since NADEX became available, the bulk of my time has been on trading daily the NADEX products. There is a HUGE advantage over weekly options:
(# NADEX products) * (# of expiries) * (longer FX trading hrs) = vastly larger opportunity factor for NADEX >>>> weekly options trading.
15. If profitable - make it a habit to sweep your binary options account - make withdrawals routinely. I sweep accounts every 2 wks. New traders may want to sweep monthly. However once the profit $ size grows - make it a habit to sweep every 2 wks. Train your binary options brokerage firm to meet your standards. The act of sweeping profits = helps to condition, reinforce your winning standards and high level of trading plan execution. :smart:
In closing, binary options trading is a challenge if you have not yet learned to match the binary expiry periodicity with the proper chart time frames. As you are developing your trading bias and EDGE - remember - trading binary options should be "easy". You MUST LEARN to MATCH the correct binary expiry with the correct chart time frame(s). That's it - very simple. Even a 1-tick or 1-pip "in the money" expiry will be profitable.
Also, binary options can be a good trading asset class as long as you stay within the "regulated" overseas brokers.
I will post many binary trading examples over at the Home Trader thread in the near future. Please feel free to post your questions and observations. Good luck and hope to see you make good progress steadily.
Best regards,
WklyOptions
