Considering opening an account for binary options since its a relatively cheap investment compared to opening a mini account.
Thought I could use my technicals on my demo as signals for a binary options account.
Anyone else mess with these?
I have! It’s a bit different from trading spot fx. Most brokers offer a demo account for binary options. You should try it out first to get a feel for it. It would be a good idea to read up on it first before trading. Hope this helps: School of Pipsology Binary Options 101
I tried binary options, it felt a lot like gambling , I would suggest long term than short!
i read about binary options before… seems like the next big thing. look at this post from forex ninja: Binary Options: The Next Big Industry?
Before you invest money in Binary-options it´s important to demo-trade first (Marketsworld is the only Broker I know where you get a demo-account without depositing money first, but their payouts are sometimes low and they offer very few assets, but a great place to get started: For real trading I suggest you go to another Broker, but use only a regulated one !!)
Visiting “BinaryOptionsDaily” is also a good idea, a forum for Binary and Forex-Traders, very similar to babypips, it´s non-commercial, real traders and very helpful people with many forum-threads and a lot of education.
You should definitely not view trading Binaries as gambling !
Don’t fund the account. First try demo trading. Even if it’s a small investment no need to lose money for nothing.
Hi, I trade binaries, but would offer the following advice in addition to what you have been told:
- Find a good broker who will give you individual advice. That is not easy unless you are prepared to invest at least $10,000
- It is no use trading forex on binaries, you are better off doing it the conventional way as you can manage your risks better. far better to trade indices and commodities
- The short time frames offered are only good for trading recommendations on certain days (hence the need to have a knowledgeable broker).
- If you do want to open an account and get some recommendations try signalsbinary.com. If you invest $200 with one of their recommended brokers, they send you 2 emails daily with upto 10 recomendations. That way you can invest extremely modest amounts and practice with a live account.
Try Nadex. They are regulated. You can open a demo account for free and can open a live account for $100. Only drawback is I wasn’t a fan of their trading platform as I thought it was a tad confusing, but that could be user error on my part as I’m fairly new to trading. Shortly after opening up the demo account, I received a call from one of their customer service reps who wanted to check in and see how I was enjoying my experience. I hope this information is helpful.
Hello youngwallstreet. First of all welcome to the very exciting worlds of binary options, but it’s not without the risk. I’m trading binary options for about 3 years now and I’m very happy with it. Of course at the beginning there were some losing, but you can be more ready to reduce risk than i was. There is very nice website where experts picked the best trusted binary brokers after trying them out, you can check them yourself : best binary brokers
Additionally I would advice to try binary options signals providers for better trading performance: Binary signals
You can read about binary options in general and learn trading techniques and strategies there as well.
Good luck and tell us later how was your impression from the website and what binary options broker you chose. If you are a US Citizen, you should check if the binary broker is US customers friendly as well
If you live in the U.S. Nadex is certainly a good option, for all other citizens IG-Markets has a very similar approach.
I have tried it on demo too, and I felt the same way.
Although I thought you could use spot forex trading skills to increase your odds. You could look at the 5 minute charts using your MT4 platform and trade binary options when price approaches significant support and resistance levels. Thoughts?
That´s exactly the way to do it, Huck. Successful Spot-Forex-Traders will also have an advantage in Binary-Options, because technical and fundamental analysis is equally important. I´m trading both and I came trough Binaries to forex.
Demo-trade first until you´ve doubled your account at least 3 times and learn everything in “School” before you proceed to Live-account. Don´t follow any affiliate -links, do your own search for a regulated and trustworthy Broker, the choice of your Broker may be the difference between success and failure.
Don´t view it as gambling, there´s no way you can win with that mindset !!
sorry , not now but i wish i will try it .
I agree with Huck ^ that will be my approach.
As far as brokers are concerned there are no brokers regulated by the cftc in the u.s. beside NADEX. And they are actually an exchange. They don’t offer the same payouts and commissions as other brokers, which is advantageous to the trader because instead of charging 20-30% off each trade, they only charge $1 per entry and $1 per exit, with a max entry of $100.
It is actually illegal for a u.s citizen to invest in any broker soliciting binary options from an offshore account.
If anyone has any other questions, feel free to ask, thanks!
With respect to NADEX, does anyone have an opinion as to whether their demo trading closely approximates live trading?
Thanks for any input!
the above quoted broker’s demo trading is an exact replica of its live trading. try it! and sorry for the delayed response!