Why more Kenyans should get involved in the trading of Binary Options ~ mb trading forex demo account
Binary Options is traded by predicting whether the asset you have chosen will close low or high within a specified period of time. Let us say the asset you are trading is forex USDJPY on the 30 minute chart. If you think that the market will close up and hit on HIGH, you will make money if the pair closes above your point of prediction. That is the case even if it closes high only by a fraction of a pip. Likewise, you will lose money if the asset closes lower than the point where you entered the contract. Trading Binary Options is just that simple
Whatever you have been trading on the forex Meta trader 4 platform is what you should keep up with when you decide to try out Binary Options. This is because the fundamentals and technicals of trading on the Meta trader 4 are what you require for success with Binary Options. If you have mastered how to trade the XAGUSD on the 4 hour chart, stick to the 4 hour timeframe when trading XAGUSD on the Binary Options chart.
You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars.
You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars.
Binary Options is not traded on the Meta trader 4, but you still need to have knowledge on how to analyze candlesticks if you are to have better analysis as to whether the asset you are trading will close high or low. If your Binary Options broker deals also in forex trading, try and use their charts in your analysis. Remember that if you lack the candlestick analysis skills you will end up gambling with the markets. In Binary Options, just like in forex trading, it is always great when there is a reason behind every trade you take. That way even if the trade does not work it becomes easier to refine further the strategy or determine the reasons why it failed to work.
You should also not ignore the economic calendar when trading binary options. Fundamental analysis is crucial especially if you are trading Binary Options on the lower timeframes. Note that you can trade Binary Options from as low as the 1 minute timeframe.
Binary Options brokers are also regulated and that means that your investment is always safe. You need a broker who maintains a client account so that in case he goes under you will still be able to regain your investment.
Trading Binary Options is the best way to hedge your forex positions. If you have a funded forex account you should think of opening a Binary Options account. If you are short on a particular asset on your forex trading account, you can go long on the same asset or one that is closely related to it on your Binary Options account. With that you can make money from both sides or the loss made in one can be countered by the profits made on the other account. Suffice to say that there is no way you will lose in both your forex trading account and Binary Optionsaccount at the same time if you are hedging the proper way. This is especially so if you are trading the higher timeframes like the daily and weekly charts for both your forex and Binary Options trading account. The trick is to risk the same dollar amount in your forex and Binary Options trade.
When trading Binary Options, you don’t have to stay in until the contract expires. You can opt out of the trade by simply clicking close. I normally do this when some important data which I have high reasons to believe will cause the trade to move against me is about to be released. It is important that you only opt out of the trade if you have legitimate reasons and not opt out due to emotion. You should also be in profits when you choose to opt out otherwise you should stay to the end as long as you are trading with your preferable risk exposure.
One other advantage in trading Binary Optionsis that you will not have to struggle with forex technicalities like calculating your position size. If you trade forex then you already know what position size is. It is what enables you to trade the same dollar amount per trade however great or small the risk or pips number is. With Binary Options just move to the amount section and change the default. If the default amount is 100 dollars, you can change it to a higher or lower level depending on what you are comfortable with losing. Normally with most Binary Options brokers there is no maximum amount set that you can risk. But there is of course a minimum which can range from 1 dollar to 100 dollars.
Unlike in the trading of forex, in Binary Optionsyou only lose what you set and nothing more. In forex trading you can lose more if you fail to use a stop loss. You can also lose more than your pre-determined risk incase of slippage, high swap rates and commissions or in instances of high market volatility when the stop loss fails to execute. There is no worry about that in Binary Options. A good example is the recent events regarding the CHF that caused major losses to both forex traders and forex brokers. Binary Options brokers and traders came out unscathed. This certainty of risk is one other thing that attracted me to the trading of Binary Options.
I now ask you to go ahead and get a live Binary Options account. If you already have a forex trading account you will find Binary Options as the best place to hedge your forex positions. Try and limit your losses or double your profits. This game is about being smart.
You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars. .The beauty with Binary Options is that you can start trading today. There are no complexities, just know the HIGH or LOW buttons and change the default trade amount to your preferred amount or the minimum provided by the forex broker.
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