How do I pick direction on any binary trade?
Greetings Trader122 and welcome to the community. That’s a pretty tough question to answer since there is more than one way to analyze the markets. And I’m assuming you’re talking about binary options…if so, it’s actually a bit tougher with binary trades because you often have to be pretty good at picking a timeframe in which you think the market will or will not hit your target. Entire books have been written on trying to answer that type of question, so I don’t think you’ll get a simple answer. How much do you know about forex analysis now? have you been through the School of Pipsology?
Well that’s the question all discussions there are buzzed around. You can participate bearish or bullish side and have profit as well as loss, but the point is to bring down second type of trades to its lowest notch…Use technical or fundamental analysis, money management and everything that can help you to manage the trade…
I agree with Pipcrawler. Analyzing a binary option in the EURUSD and analyzing the EURUSD will be essentially the same from a technical perspective and ultimately it comes down to your strategy (in case you do not have one I recommend working on one, but it is not something you can do in a few hours/days or even weeks until you get something decent out of it).
It is very important that you fine tune your strategy to a certain time frame and not jump around from one to another.
I am new to forex and all binary option trading. I did complete pipsology. I have spread traded wall st. 30 with some success.
I am following the £:PLN pretty closely, and have made a few trades on the £:$ when either currency seems overly high.
I personally think it is very difficult to pick a direction. I like to follow the exchange pattern so that I get a feeling for the norm and then can react when there is any significant change. Currently the PLN has been around 5.5-5.11 but has recently really weakened against the £ in a big way - now 5.36 and looks like it is climbing higher.
I tend to view the binary option over a 10 year period to get an idea of the highs/lows in this timeframe.
Based on your trading strategy you should pick the way and enter your trade. When it comes to binary trading it is very important on what time frame you will make your analysis and what expiration time you will choose.
Any newbie looking for binary option trading direction should start with learning how to trade. Opening demo account with top brokers can be a good idea to check them and in the meanwhile you will also learn many strategies. Be patient and last but not least, try to start with small amounts as it will take you earn better in future.