Best Market Analysis Tool for Beginners?

Hi there,

I am still working my way through the school of pipsology, and am looking at various binary options trading applications (24option specifically) and am wondering; Which other tool can I use in order to see a ‘bigger picture’?

It seems that 24option doesn’t offer you the chance to view at various scales or interpret trends, plot fib tools etc., and without seeing the bigger picture it is reduced to being a gamble in my eyes.

What other tools can be used along with a binary options account in order to see an accurate ‘bigger picture’, with the ability to draw all over it with all the tools I see fit?

Thanks for the help, like I said I’m just finding my feet and would like to get a strong idea of where to start before I take the plunge! :slight_smile:

I agree - unless you can see the bigger picture or trade over 5 minute maximum holding periods, it will be very hard to make a profit from forex trading.

I suggest the issue is not finding the right tool to depict the bigger picture. The picture is so big it will very easily lead to information overload and paralysis of decision-making. Some tools will limit themselves to the wrong information. But good decision-making is the key, not the scale of information gathered.

I recommend coming at this form the decision end - what decisions do you need to make? what information would cause one of those decisions to be different? that’s the information you need - and not 1 bit of anything else. If it doesn’t help you it hurts you. If it doesn’t help making a decision, it just costs you time and effort to collect and process.

Sorry for my poor English. May I know tool means? Indicator?

Welcome to the forum.

Please excuse my mentioning fairly forthrightly, in the circumstances, that binary options are about the [I][U]worst[/U][/I] place anyone can possibly start: in [U]addition[/U] to all the normal problems of learning to trade, binary options impose a significantly large additional problem, namely that there’s a substantial built-in house edge to overcome,[I] as well[/I]. It’s a way of [I]really[/I] stacking the deck against yourself.

The links here will help you:[B] 301 Moved Permanently

O.olll (Heng) luckily … Never try…

“Tools” is generally meant as a bigger group than “indicators”, so it includes indicators, but also maybe software, data-feeds, possibly other stuff that might give a perceived advantage.

Cool. Ok got it