Hi everyone, I would like to know if technical analysis is advisable for trading binary options? I’m on the verge of getting Timon wellers course the engulfing candle series… would that reference help? And can you pin point me to a reference that could help? Thanks and look forward to your views
I wouldn’t advise anyone to trade binary options, its pure gambling with the odds stacked against you.
Binary is hardly predictable, it’s scam as usual
I’m a Technical person by trade
so let me answer your question like this
Whether it’s forex or computer or electronics or whatever
ANY FORM OF TECHNICAL ANALYSIS IS ONLY ADVISABLE IF YOU HAVE A POSITIVE OUTCOME.
Now, when it comes to trading,
The purpose of Technical Analysis is for the sake of RISK MANAGEMENT so that you can MAKE MONEY
the Nature of Binary Options is that it strips you of the safety measures that you traditionally have in forex
so you can do it if you like
but IT’S A COMPLETE WASTE OF TIME
No matter what results you come up with, it will not assist you in long term consistant gains
so… NO ADVISABLE in fact TRADING BINARY OPTIONS IS NOT ADVISED TO BEGIN WITH .
Okay cool, it looks like the masses are against binary options… but with binary options it’s about timing your trade, whilst with forex if you set a stop loss to close you could get stopped out… right? And if you don’t set a stop loss you could possibly lose everything
I found that out the hard way today
@topdogtrader
welll Not exactly
as is the case with forex
yes, BUT why is that a bad thing
if i take an entry (BUY ORDER) on a certain instrument at say… price = 1.0000
and my Take profit is at 1.0090
price then moves up to 1.0020
and i set my stop loss is at 1.0010
price then comes back to hit my S/L
WHY IS THAT BAD
I have not lost anything, if anything i’ve made profit
My point here is… Getting Stopped out is not always a bad thing.
it depends on your trading style.
well. POSSIBLY, but a plane could also POSSIBLY fall into the roof of your home right now as well… right ?
so instead of talking about what’s possible
why don’t we talk about what’s PROBABLE
so… if someone is familiar with their instrument and for a short period they don’t set a stop loss
it will not necessarily mean absolute Ruin
especially if their risk was managed
Now you take Binary options
its highly probable that on binary options you will lose close to everything if not everything
you have to achieve your goal on a TIME LIMIT
i don’t have to do that
i can wait a month until my goal is achieved if i need to
that puts me statistically ahead of binary options by a mile so to speak
during a trade in binary options if the price goes in your favour by a good deal
you don’t have the option to put a stop loss above the entry line
so… if it comes down 1 sec before the finish and you lose
then it pops up again
you still lose
I wouldn’t
binary options trading cripples you of the safety measures that keep you safe in trading.
it’s not that i hate binary
it’s that it’s not safe and basically it’s BS
i mean, it’s not bitcoin level BS, but it’s close hehe