How to create your own binary options
Of course, you cannot take it literally and start building your own smartphone from scratch with no prior training in the electronic field.
Well, you get the picture: you need tools, training, experience and sometime a friend or two to build something so, would it be possible for traders to build their own Binary Options strategy? And if the answer is Yes, then how do you start? Step 1 — The Trading Tools First of all, if you want to create your own strategy, you need to have tools which are represented in our field of work by technical indicators, charting packages and almost anything that can help you read market behavior better.
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It is no coincidence that we have so many available on our site; we know you need it, so we put together an extensive collection of tools for you to use. You will find all sorts of indicators which will help you measure momentum, trend strength, overbought and oversold conditions so all you have to do is look for the ones you need.
Each how to create your own binary options tool has strengths which you must learn to exploit and weaknesses which you must learn to avoid.
Take the time and train yourself in with the help of our Binary Options Trading School. Getting a Demo account from a Binary Options broker can be a how to create your own binary options task and usually they want you to deposit before they will grant you access to that kind of account.
Create Your Own Binary Options Strategy
All that can be avoided by using CommuniTraders platform. Just log into our Trading Forum and the platform will become available. You will find us on the Forum and all your questions about trading will be answered in the shortest time. Get the Show On — Build your Strategy!
Ok, now you have the tools, the training and the experience and you want to build your custom strategy, one to call your own, be proud of, and of course, to profit from. Are you a short term trader or are you more of a medium to long term investor type? Can you wait for a whole month for your option to expire or is the maximum you can wait is a day?
Or maybe you like the fast and thrilling nature of the 60 seconds trading.
Create Your Own Binary Options Strategy
If you are a patient trader, go for 4 hour or daily charts which are easier to trade for some. Price action, chart patterns and candlestick formations are usually more reliable on the higher time frames.
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Tip 2 — Know the Type of Trader you are. How to create your own binary options is very important to know this because there are two main types of traders: Trend followers and Counter traders.
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They adopt totally different strategies and you must decide where you stand. A Trend Follower will first determine the trend, then wait for a move against that trend and then trade when price return back in the direction of the initially identified trend.
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To put it simply, a Trend Follower adopts the principle of trend — pullback — continuation. On the other hand, a Counter Trader will wait to see signs of weakness in a trend and then trade against that trend.
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So, do you like the safety of trading with the trend or are you better at identifying signs of price exhaustion and reversals? You need to answer that question excellent indicators for binary options you will need to use different indicators if you are a Trend Follower than if you are a Counter trader.
We have a wide selection of Strategies so you can use one of those as a starting point.
What we know for sure is that it will do so eventually. Assets move differently, some are trending more than others and some are ranging and noisy. So once you have decided if you are a Trend Follower or a Counter Trader, choose an appropriate asset and learn the way it moves. The fewer assets you attempt to trade, the more familiar you will become with the particularities of their movement.
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Think of yourself as a sniper who knows his environment, takes advantage of it and executes flawlessly, firing just a few well aimed shots. Tip 4 — Adapt your Expiry Time This is a very delicate and important aspect of Binary Options trading and it must be treated as such. A well chosen expiry time can turn a losing trade into a winning one and vice versa. I cannot tell you the right expiry time; instead, you will have to adapt it according to market conditions.
Choose a shorter expiry time if the market is galloping and a longer one if you are trading a slow market… or simply test and see which one works best. So the right thing to do would be to test it and the easiest way to do it is by using our CommuniTraders platform.