Why to Start Trade Binary Options Today

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    Best Binary Options Broker!
    Perfect For Beginners!
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  • Binomo
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    Good Choice For Experienced Traders!

5 Reasons To Trade The Daily Charts in Binary Options

Most traders don’t know this but trading the daily charts is superior to trading shorter time frames. Most successful Forex traders will surely testify to this.

Trading binary options using the Daily charts is beneficial to a trader in a number of ways. In this article we will present a few reasons why trading the Daily charts is so advantageous in binary options.

Your broker wants you to trade short time frames

Think back about your binary broker advertising. Do they focus on the weekly or monthly results?

The fact is that most brokers advertise quick wins in 60 seconds or 15 minutes to an hour.

If you look at any binary platform it is usually set at default to trade very, very short term. The reason is simple, the platforms are designed to give your broker an edge.

Trading short time frames will make you trade more often and the more you trade the more you might potentially lose. That is how your broker makes money, off your losses.

Trading daily charts will slow you down. Finally

There are many binary options websites and specialist traders that recommend trading systems built on 5 min or 15 min charts. The charts on these short time frames change quite often but usually not by a whole lot.

On a 5 minute chart each five minutes is represented by a single candle, if you’re looking at candle charts.

In order to trade them well one needs to be looking at the charts consistently not to miss good trading opportunities. That is why most day trades who trade very short time frames throughout the course of the day are a bit strung out and often consume a good amount of coffee to get going. They can get quite hyper during the experience too, which in most cases goes against them.

Changing your habit and looking at the daily chart will slow you down enough to have time to question your decision and follow your trading plan.

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  • Binarium
    Binarium

    Best Binary Options Broker!
    Perfect For Beginners!
    Free Trading Education!
    Free Demo Account!
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  • Binomo
    Binomo

    Good Choice For Experienced Traders!

So if you don’t want to look at the charts for a few hours per day, switching to the daily charts will liberate you to a much greater extent than you think.

Do yourself a favor and slow down.

Despite what others may suggest, successful trading is not about speed. (Unless you’re a hedge fund with a high frequency trading platform and AI.)

Trade less frequently. Less is good

Overtrading is one of the major causes of failure, both in Forex and in Binary Options trading. The more you trade the more you expose yourself to the risks within the market.

Sure, there are some binary traders who trade the 1min or 5min or 15 minute charts but that requires more concentration, market participation and a lot of self-control, which usually take years to master.

For most binary options beginner traders the easiest and the best way to approach the markets is to swing trade by looking at the daily charts.

When you start trading the daily charts your trade frequency will lower immediately because you will need to wait longer for good trading setup.

As each candle represents a day’s trading session, by the time you spot an opportunity in an asset, it may take a couple of days or weeks.

Fortunately, given access to so many assets available on binary options platforms you really don’t need to worry about the lack of trading opportunities on the daily charts. They will be there as long as the markets are operational.

It’s unfortunate that many traders fall into an addiction to trading.

They are so focused on beating the markets and winning, that each time they win, they get a big rush (based on rising natural dopamine levels) and then feel the need to win again.

This psychological experience will cause traders to take more risks in their approach. They begin to trade emotionally, and as soon as they do, they begin to lose.

Trading less often and using longer expiry times of couple of days will also tone down your trading and help you to keep it under control.

Have plenty of time to anticipate and prepare

Short time frames don’t give you much time to prepare. As mentioned above, the charts change so often and so quickly that all your technical analysis drawn on the chart will usually need to be replaced the following day.

With daily charts your technical analysis can stay drawn for about a month and it will still be applicable to what is happening in the markets.

All your trend lines and support and resistance and Fibonacci levels should be drawn on a Daily chart. A daily signal will trump a signal from a 4-Hour chart, and a 4-Hour signal will usually trump 1-Hour.

Drawing Support and Resistance levels on 15 minute charts would be useless as the duration is to short to be of any major significance as a whole.

Trading is a constant battle between the Bulls (buyers) and the Bears (sellers) and daily charts represent best who wins the battle for each trading day. That is why most price support and resistance levels are drawn on the Daily charts.

Many beginner traders who get stuck in 5 or 15 min charts over-analyze them.

They add too many indicators to their charts making their trading experience more complicated than it needs to be.

Most of the popular technical indicators work on all time frames but they were originally designed for the Daily or Weekly charts.

For immediate better results in binary options, stay away from the market noise which is considered to be quite substantial on any time frame between 1 min to 15 min. It’s impossible on short time frames to detect any viable trend that is happening.

To present this within context, when you’re looking at a 15 minute chart, everything that you see on your screen will most likely be a single candle on a Daily chart.

Here is an image that shows EURUSD M15 chart. Notice the distance between the highest support and resistance levels, marked in red.

And here is the same pair, EURUSD with the same marked levels, but shown on a Daily chart. Notice how much smaller is that distance between these two levels drawn on the 15 minute chart.

Daily charts show overall trends much better than shorter time frames can and that is why most institutional funds also look at Daily charts to plan their big positions.

It’s easier to trade with the trend and follow the market movers.

Few final words about using the daily charts

Not having a stop loss to worry about in binary options is actually more beneficial when you trade the daily charts. When you set your trade expiry to 3 or 5 days and the trade goes against you there will be a longer time for the price action to reverse and go into positive allowing you to close the trade earlier if you wish to do so.

Price fluctuations are common in the markets and a lot can happen in three days. Your trade might go in and out during its duration. This would mostly be caused by influential news announcement or economic release, lately even Trump’s tweet.

Most binary brokers today offer the option of early close with a lower win percentage, but which is still a win and it should be considered. It’s much better to win 5 or 10% than lose a 100% and as long as you don’t lose in binary options, you’re winning.

Some will always prefer 1min trades

Not all people are the same or after the same thing. There are those that will be only interested in chasing the 1min trades and trade very short time frames.

They will most likely burn out eventually, but the thrill of short expiry times and very quick 80% gains, will give them the rush they crave.

Trading such short time frames is not generally recommended.

7 Binary Options

Binary Today Trader is the latest binary options trading software claims to be designed for both novice and experienced to maximize their profits trading binary options without investing too much time and effort. Created by John Kane, Binary Today Trader promises its users a success rate of 70%, which is pretty impressive. Read ahead if you are interested in learning more about this system.

Basic information:

Cost: Free
Software: Signal Service
Max Returns: Up to 70%
Minimum Deposit: $149,99
Countries: All nations

– Educational Tools
– Fully automated
– Success rate of 70-80%
– Good variety of trading assets

– Does not offer a welcome bonus

7BO Verdict:

Reliable Service

Is Binary Today Trader a Scam?

It is quite easy to trade with Binary Today. The website seems legit and we did not find any information that aroused our suspicions. They are not regulated at this time, but we are getting positive feedback from other traders who have used this system.

How Much Does Binary Today Trader Cost?

The initial cost for Binary Today Trader system is $149.99 USD. You must pay the full amount upfront before you can sign with a broker. It is only after you have completed this process that you can begin trading.

How Does Binary Today Trader Work?

Binary Today Trader generates trading signals and sends you email alerts, MT3 alerts or push notifications if it finds a trade that fits your parameters, which you have to set beforehand. This software program will maximize your choice of profiting from trading while at the same time minimizing your losses. 70-80% seems to be the average winning ration which is similar to the rest of the binary options automated systems out there.

Binary Today Trader does not offer a welcome bonus. They do offer a variety of underlying assets including forex, commodities, indices, etc. You have the ability to stop the system from placing a trade if you do not wish to pursue it. You will need to put in a bit of your own effort into this system in order to make a profit. Automated trading systems can be very helpful, but they alone do not guarantee any winnings without a little effort on your behalf.

Binary Today Trader Results?

The system boasts of an extremely high rate of accuracy. However, they do not give us access at to which binary broker these trades have been executed, so we are a bit unsure if the Win/Lose ratio on this site is at all accurate. Binary Today Trader claims to update their results on a daily basis,

How to Get Started?

It’s really simple to get started with Binary Today Trader. Simply follow these steps:

Step 1: Enter your email address to purchase the software and register for an account so you can sign with a broker so you can begin trading

Step 2: Wait until the system generates signals and watch as it makes profitable trades on your behalf.

Step 3: Once you have earned a profit, you can withdraw your money and spend it how you see fit.

Special Features

  • 70 to 80% average winning ratio
  • Average winning ration of 70-80%
  • Generates live trading signals
  • Offers technical and historical analysis
  • Ability for 60 seconds trading

A lot of people have already signed with Binary Today Trader and have begun trading with the system. It does appear to offer a good amount of educational resources for new traders such as eBooks, webinars and training videos. All of your questions and concerns are addressed by the experts on their customer support team, who are have been very responsive to our previous inquiries thus far.

Final Conclusion

Binary Today Trader does offer quite a lot of features and educational resources and is helpful for those who are new to binary options trading. There is an upfront cost of $179.00 to access the software, but traders can easily earn this money back once they start to profit from trading. If you are looking for a reliable automated trading system with good educational tools, then Binary Today is a good place to start.

Why trading Forex instead of binary options?

Forex trading is very popular for numerous reasons. In this article, we will outline the advantages of Forex trading. Since we all know how things work in Forex we will not be naive to hide the dark side of the business. Today, you will decide whether this type of trading is or isn’t your cup of tea. Not everyone will fall in love with Forex, some people may prefer for example binary options.

Why Forex

Many reasons are identical with those valid for binary options trading. Let’s refresh them. I personally, like the freedom of choice. You can do your trades for 24 hours a day 5 days a week. If you have a traditional full-time job there is no problem to open a trade early in the morning and close it later in the evening or at night. The freedom of choice also includes the trading place. All you need is a PC and access to the Internet. That’s all. The trading platform is free. If you are not on-line non-stop, you can control your trades by phone (trading apps supported by Android and iOS are now a commonplace). I personally use my phone to control or close a trade, but also for having just an overview of what’s going on.

Forex as such is the world’s most liquid market (with plenty of buyers and sellers), especially in terms of major currency pairs, typically EUR/USD. The liquidity in this market is enormous, which means that your order is almost instantly accepted, processed and settled. A smooth trading process day and night is a great benefit of Forex trading (naturally, volatility fluctuates, which you will notice after a period of trading. At night, especially around midnight the activity is lower. Yet, there are strategies covering this period enabling a quick processing of all orders).

Forex trading only requires few dollars to begin. There are no financial limits as to the deposit or profit. If you open a good trade and the exchange rate moves in the right direction, your profit will be, by principle, unlimited. However, remember that this also applies to losses. Therefore, be cautious not to wipe out all your trading account in a single trade. This is the major difference against binary options trading. You are the one who controls the risks. Fortunately, there are tools such as “take profit” and “stop loss” that can help you set the limits for closing a trade in case of profit or loss.

Key advantages of forex

  • Freedom of choice in terms of time, place and invested cash
  • Forex is an extremely liquid market. Your order is always processed (in particular when trading EUR/USD)
  • To manage your risks you can use several tools (take profit and stop loss) that help you close your deal at the right time

The dark side of forex

There is basically one disadvantage in forex trading. I have already mentioned it. It is the absence of a loss limit. Unless you set your stop loss or manage to close a trade at the right time, you can lose all money on your trading account. It might even be worse. Psychology is powerful. Many people tend to believe that the trend must reverse until they lose all their money on the trading account. This works in the opposite direction, too. Afraid of what the market can do, a trader with a trading strategy tends to close a trade prematurely instead of waiting for reaching the planned profit.

Lessons to learn: You must be disciplined. Another must is a business plan specifying the conditions for opening a trade, your stop loss and take profit, conditions for prematurely closing a trade in case of loss or profit. Binary options trading requires discipline, too. Nevertheless, when trading binary options, things are not so critical because you know your maximum profit and loss even before opening a trade.

Key disadvantages of forex trading:

  • Possibility of losing all money on your trading account in a single trade (unless you enter stop loss or close a trade by hand)
  • Rigid discipline is a must-have
  • Psychological pressure on the trader in case of a long open losing trade

Author

More about the author Step

I’ve wanted to build a business of some kind and earn money since I was in middle school. I wasn’t very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker!
    Perfect For Beginners!
    Free Trading Education!
    Free Demo Account!
    Sign-up Bonus:

  • Binomo
    Binomo

    Good Choice For Experienced Traders!

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