Tools for trading with binary options

5 Essential tools for trading with binary options

Trading with Binary Options does not differ much from Trading with Cfds, the needs are exactly the same, the knowledge is the same, and the indispensable tools for Trading with Binary Options are also the same.

The tools that I will propose next, would be valid for any operation, be Binary Options of 60 seconds, 15 minutes or several hours, all you have to do is adapt the time periods to your needs.

They are also interchangeable for any financial derivative, either with Binary Options or Cfds, but it seems that those operating with Binary Options are made from another paste, and as they are a more "novel" product (no longer so much, but have a higher growth than The Cfds), some that arrive at this world of the Trading, forget of the most basic thing to operate.

Another option, and never better, is that you hire one of the many Binary Options robots, lie down, and when you get up, check if you have actually won money or not.

But if your own is to carry out your own operations and control your money in an iron way, these are my recommended tools:

1. First of the Essential Tools for Trading: Economic Calendar

No one misses the importance of the information for the Trading. Opening a position, in any pair of currencies, without having checked, that economic events of the day can affect you, it is almost like playing the dice, tossing a coin into the air, or exposed without any need to bulky losses.

There are many calendars available.

Know that today will speak Draghi, Yellen, that there are meeting of the Fed, the European Central Bank, are going to give the data of the "non-agricultural" US unemployment, etc., put us to advantage over those who do not look at the calendars , And do not have any preparation.

Actually Trading is a very lonely act, and no one will care that you lose money, but do you care? Well, do not ever begin your trading session, without first having consciously reviewed what economic day events can make your favorite trading pairs move.

2. Graphics platform

Many of the trading platforms of Binary Brokers are a real disaster. They are so basic that they leave much to be desired.

But that is no excuse for us, since we have to have at our disposal the necessary resources to compensate for what our Broker does not provide us.

In the market there are several professional Trading platforms. The best ones, usually have an economic cost, but we play to advantage, one of the most popular Trading platforms in the world can be obtained for free, I'm talking about Metatrader 4.

Mt4 opens a world of possibilities: customize graphics, do professional technical studies, install custom indicators, even launch your own Eas ... some Binary Brokers allow you to link this platform with yours, but it is not a simple operation, you should consult your Broker If you have this function available.

Trading with a professional trading platform will not make you money, that is an issue that escapes the technical tools you can use, but to see where the trend comes from, play with multiple time periods at a time, Durability and long-term resistance, etc., will give us the opportunity to find advantages, which we know to take advantage of, will make us winners over time.

3. Have a winning strategy

All of the above would be of no importance, and would end up in the background, if we do not have a well-defined Trading strategy.

A Trading Strategy is one of the indispensable trading tools, or "the following".

The great advantage of having a strategy, about trading without any strategy at all, is that we will be able to avoid a great deal of the psychological aspect of Trading.

Most Traders lose money because they are not clear what they have to do.

They do not know if they should buy or sell before certain scenarios, are led by recommendations, or by pseudo strategies.

A true trading system, we have to show clearly and without a place to mistake, when we have an opportunity to do something in the market.

Then the market will do what it wants, but we are following a strategy "that we ourselves", we have verified that works over time.

You have noticed how I have remarked, the need for the strategy we use, we have tested it before and it is our own.

If we copy one of the thousands of strategies that circulate in the network, but we have not verified their effectiveness by ourselves, we will be making another mistake.

4. Management of the entire operation

The management of the operation covers everything. It is the set of tasks that we must carry out before we begin to operate.

We must control our PC, access our router, our mobile phone and fixed, in case it is necessary to make a call to our Broker, the margin of our account, the room we are in ... light, cold, heat ...

In addition to checking that everything works properly, that all the mechanical part works properly, that we have sufficient funds in our Trading account, that the Broker is operational, there is a very important part that we must control: ourselves.

It is about whether we are in the mood, whether we are sick, if we have a family problem, etc.

I do not think I have to warn you how dangerous it will be for your account, get you to operate if you are not in perfect physical shape.

When we are sick we reduce our attention span, and if we are day-traders operating with 60-second Binary Options, we need a very high reaction capacity. This ability is diminished, if we have a fever, a toothache hurts, or we are medicating.

Humor is also important. If we are bad-tempered, because we have quarreled with someone, or we have a tense family situation, the market will play bad games, we will take more risks than we should, and we will not have the necessary attention.

5. The Broker

I left the Broker for the end. Brokers are the only indispensable tools to Operate with Binaries.

Individuals do not have direct access to the market, and therefore we need an intermediary that gives us that access.

In the case of the Binary, Brokers are the counterpart to our operations. This means that when they win, we lose, and when they lose, we win.

This somewhat atypical situation, causes many suspicions arise in the Trading with Binary.

Choosing a good Binary Broker, is not necessarily a titanic task, but if you need to weigh the different offers of the brokers and decide which is best suited to our needs.

My suggestions are: Choose a regulated broker, read the contract that the Broker gives you before making your first deposit, check the conditions of the Bonds well, and finally check if the variety of assets and opportunities of Trading, what are you looking for.

And you, what tools do you consider indispensable? I would be delighted to hear your proposals.

If you liked this article, share it with your followers and friends. With a simple gesture you will help me as much as they! Do not forget that you can subscribe to my tickets, and that you will have a welcome gift in doing so.