Best Market Analysis Tool for Beginners?
Results 1 to 7 of 7
  1. #1
    Join Date
    Mar 2017
    Posts
    1

    Question 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!

  2. #2
    Join Date
    Oct 2016
    Location
    Devon, UK
    Posts
    274
    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.

  3. #3
    Join Date
    Aug 2015
    Location
    Singapore
    Posts
    100
    Quote Originally Posted by FieryFruitcake View Post
    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!
    Sorry for my poor English. May I know tool means? Indicator?

  4. #4
    Join Date
    Jul 2013
    Posts
    2,516
    Quote Originally Posted by FieryFruitcake View Post
    am looking at various binary options trading applications
    Quote Originally Posted by FieryFruitcake View Post
    would like to get a strong idea of where to start before I take the plunge!

    Welcome to the forum.

    Please excuse my mentioning fairly forthrightly, in the circumstances, that binary options are about the worst place anyone can possibly start: in addition 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, as well. It's a way of really stacking the deck against yourself.

    The links here will help you: binaryoptions

  5. #5
    Join Date
    Aug 2015
    Location
    Singapore
    Posts
    100
    O.olll (Heng) luckily ... Never try...

  6. #6
    Join Date
    Jul 2013
    Posts
    2,516
    Quote Originally Posted by Alanlim3 View Post
    Sorry for my poor English. May I know tool means? Indicator?

    "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.

  7. #7
    Join Date
    Aug 2015
    Location
    Singapore
    Posts
    100
    Quote Originally Posted by lexys View Post
    "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

Forum Sponsors

Similar Threads

  1. which are the best forex books for beginners
    By juantabares in forum Newbie Island
    Replies: 11
    Last Post: 07-11-2014, 03:31 PM
  2. best trading software for beginners?
    By shooly76 in forum Newbie Island
    Replies: 6
    Last Post: 02-17-2014, 12:46 PM
  3. Best Technical Analysis Tools for a Newbie
    By covkid73 in forum Newbie Island
    Replies: 18
    Last Post: 10-09-2011, 06:03 PM
  4. Replies: 5
    Last Post: 11-07-2009, 11:20 PM
  5. Best forex trading software for beginners?
    By denverbroncos in forum Newbie Island
    Replies: 10
    Last Post: 11-21-2007, 07:21 AM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
"You must pay the price if you wish to secure the blessings."
Andrew Jackson