Tips for Trading 60 Second Binary Options
The binary options industry encompasses one of the fastest growing forms of financial speculation available – and for good reason.
Binary options trading is incredibly simple, fast, adaptive to any market, and is a great way to generate income. One of the most popular forms of binary options trading are 60 second options. Let’s quickly go over the basics of 60 second options, and dive into sound trading tips that may help improve your chances of success.
Why 60 Second Binary Options Trading?
60 second binary option trading requires traders to speculate on whether price will rise or fall at the end of 1 minute. This allows traders to quickly know their profit or loss amounts without all the waiting. A major benefit to trading 60 second binary options is that it can be easy to take advantage of fast moving assets that regularly experience high volatility, such as the EUR/USD or the GBP/USD during London’s market open.
Through 60 second binary options, it’s easy to accumulate winning trades fast, where traders can then either make a withdraw or allocate the profits to place additional trades. Also, because a trade takes only one minute to complete, it’s easy for traders to learn from their mistakes when they lose trades. Losing trades can help traders refine their trading strategy and improve their skills.
Because losing trades are bound to occur, it’s important to keep in mind the following tips when trading 60 second binary options goes wrong.
- Know economic trends: Understand upcoming policy changes, announcements, and reports to have a better understanding of market psychology and how they can potentially impact a specific asset in a way that allows you to take advantage.
- Read the news: What are some important events taking place around the world, and how will they impact an asset’s value? Stocks, currencies, commodities and the entire financial markets can change in an instant from a single event, stay on top of market fundamentals by knowing what’s going on in the world.
- Use trading signals – Trading signals aren’t for every trader, but they can be very effective and profitable for 60 second traders. Most binary option signal providers set 5 or 10 minute expiry times, and tend to be very accurate and profitable. Piggyback off their trade ideas, but set the expiry to 60 seconds, and if you’re confident about the trade, place another trade using the signal providers expiry time. Doing this can potentially double your profits in a matter of minutes.