Must-Have Instruments for Successful Binary Trading

Binary trading instruments

Binary trading principle is to make correct prediction whether the price of an asset will go up or down. Any clearheaded trader understands that it is impossible to achieve success based on the economical intuition alone.

It is very recommendable for a trader to have a wide assortment of various means helping him to hit the target and be in the money.

Binary trading instruments are one of the key success factors. Binary trading opens a great prospect; however, positive results are only possible with competent access to trading and applying the right instruments.

Many prosperous traders have a bag of extensive instrumental sets, which helps them to minimize their risks and avoid losses.

Instruments can be a perfect support in creating a working strategy. Binary options trading instruments are diverse and universal, therefore it doesn’t matter which broker the trader is dealing with, and in which corner of the world he resides. 

Standard Set of a Trader:

  • Economic Calendar
  • Newsfeed
  • Charts
  • Fibonacci levels
  • Graphs
  • Methods of technical analysis
  • Indicators
  • Advisors and signals
  • Calculator

Economic calendar provides awareness of the key financial events of the world, makes forecasting easier, and features not just information, but expert assessment as well. Indicators show not only entry and exit spots, but also inform of the trend development based on the previous data. They are often used together with the charts.

A calculator is necessary to count profits or losses; it also provides information on the current quotations.

Fibonacci levels serve as indicators helping to analyze the market action.

Charts are the essence of the technical analysis, which is impossible without them. Charts can tell almost everything about an asset, and are a great help in making a forecast. Once the chart goes together with a technical indicator, probability of profit increases, and trading operations become consistent.

If the trader understands how to bring together indicators and charts for most accurate forecasting, this means he understands technical analysis well. At the same time, possession of all the above mentioned instruments is not a guarantee of successful trading, because possessing them is not enough; it is necessary to know how to use them correctly.

How to use the instruments correctly?

Binary options instruments should be used wisely, that is, in accordance with a particular system. It is not necessary to use all the instruments at the same time; it is better to confine to just three or four of them, provided that they are complementary.

Strategy development should also be cross-cutting. It is essential that the trader is not afraid of novelty or of dealing with a new instrument or service. Instruments for binary trading are plentiful, and the trader has to make his choice, paying attention to their efficiency and convenience.

Brokers' special offers

Every company interested in attracting new loyal clients understands that proper instruments are critically important. Thus, some companies offer instruments of their own; they help the traders earn the profit for themselves and hence are beneficial for the broker.

It is possible to choose a company by checking the list of brokers featuring practically all the varieties with their particular conditions. For example, Cedar Finance and TradeRush work with investors who can deposit no less than $200 on their account; some other brokers do not set the minimal required sum for opening an account.

Reviews and information about the most popular brokers, including 24option, can help a newcomer make the final choice.

Using the Wrong Order Type

Trading with real money should be viewed as a serious business. As such, you should take the time to ensure that you thoroughly understand the most basic...

Instrument Understanding

Being over-the-counter products, there are a great many differences in the specifications of contracts available as CFDs. If you are trading these products...

Pros and Cons of Investing in Bitcoin

Cryptocurrencies have been in the spotlight in 2017, and their uptrend is still not over. Last year in April, Bitcoin- the main representative of cryptocurrencies...


Start paying attention to position size

When it comes to risk management, everything counts. And defining the right size for your position plays a key role in the equation. Intuitively...

Trading journal: should you keep one?

There are so many Forex blogs out there. Sometimes I think too many actually. But some of them are pretty useful (like ours, of course) and a common...

Poor trade management

While traders frequently commit an inordinate amount of time to selecting, planning and executing new positions, they often make the mistake of exiting..


How to 'trade the news' in forex?

I am sure you've heard of it. The term 'trade the news' refers to those guys who would rather read newspapers all day instead of sitting...

Understanding the US dollar index (USDX)

If you are trading Forex for a month or so, you;ve probably came across with the term ;US Dollar Index; or ;USDX;. We all know what a dollar is

4 steps to make your own trading system

There are a few basic ingredients that should always be present in a successful forex trading strategy. We can emphasize on the importance...

  


Share: