Great thread which I hope will take off & become another solid addition to the forum & judging by the view count it looks like it’s well on it’s way!
You’re obviously trading these from a sound base & disciplined approach which hopefully will help to dispel a few negative views & shine more of a positive light on binaries.
I particularly like this addition to your analysis & hope you expand more on the finer details of the structure surrounding your decisions to trade a specific option & why, because this is where interested parties will benefit the most from your contributions.
Explaining why you decided to wait 5 or 10 minutes after a release or enter prior to a particular event (or technical set up for instance) & why you chose a 60 second, 5, 15 or 30 minute binary as a preference & what prompted you to package the deal together would also support & aid folks education & awareness of the why’s & wherefores surrounding your trade.
Perhaps after you’ve completed your trade & shown the result you could explain those finer points so interested thread viewers, particulary those raw beginners new to this style of trading, could better understand the process & appreciate the benefits of adding or incorporating binaries to their trading arsenal.
I agree with you completely, its refreshing to hear as when you have a bit more experience in the markets sometimes it is hard to remember what it is like for new [B]Binary Option Day Traders[/B] I will do my upmost to explain in more detail so that everyone from beginners to experienced traders can benefit from this thread and i’m sure everyone on here will like your contribution to the thread as well.
I always take 30 min.
Price came all the way back down, and dropped below my strike for a few seconds, but then jumped up 10 pips to expire otm in the last 5 seconds
I got in at 1.69588 and thought i was going to make a loss as well but pulled through at the last minute, the report was mixed so i think that may of caused the spike but these ones that are not of high importance are tricky.
It appears to me that a 45 min. or hour trade would have been a winner. Again, I missed the trade so it is easy for me to speculate after looking at the charts now.
What are the benefits of one time duration over the other in that particular example Denham?
and are there specific news events that favour certain time slots over others?
For instance, when would you consider using a 1 or 2 minute slot over a 15 or 30 minute?
Once the bet is active can it be bought back or terminated for a reduced payout prior to expiry or is it a locked transaction?
Good question. I only have a couple of weeks of experience trading the news. So far, I found that 30 min expiry times work well for me. It gives the market time to settle into the news induced trend, and usually expire well in the money. I am using marketsworld and they do not offer 60 sec options,nor do they allow a trade to close early. I have heard of other traders using 60 sec options with the news.
Personally, I am seriously considering switching over to Nadex, as they are regulated in the US where I reside. And I would be able to close trades early, and even set take profit levels, much like normal forex trading.
Looks like a lot of big news tomorrow regarding the GBP. It would be 3:30 CST (Texas time) Do I need to get my lazy butt up and trade that news or does anyone think it won’t be much impact?
Apologies I haven’t answered today as much as I would of liked, I have been in meetings all day, I will be back in force first thing tomorrow morning London GMT sit tight happy trading
Nothing in the market today that i have my eye on, profit has been good this week, sometimes its good to know when not to trade, Employment change in Canada but these reports are quite unpredictable due to the amount that are released at the same time they tend to be mixed making the charts move in all different directions.
Can I bump this question up to the front of the queue again please because I’d be interested in the answer too.
I’ve recently become interested in exploring the potential benefits of including binaries as an addition to my trading portfolio & will probably be asking a few of my own questions as the thread progresses.