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Binary Options have been around for a while now but recently (since 2008) have been a hit among the new traders. They were originally introduced as Digital Options and basically, binary means 2 values and in the case of finance mean up and down. This guide is dedicated to teaching the
logistics of Trading Binary Options, the in’s and out’s along with few popular Binary Options Trading Strategies. Since Binary Options are derivatives (rely on underlying assets), the topics outlined here may sound similar to other informational guides. Especially the case with Forex / Stock since that is the market that we focus our attention on because we find it easier to use Forex as the underlying asset for Binary Options Trading compared to other markets. Thus, this guide will give you the ability to trade Forex / Stock Binary Options.
CHOICE OF THE UNDERLYING ASSET
One of the benefits of binary options is that it offers a wide range of assets. Assets are the resources whose prices are quoted in any established market, and whose prices vary consistently. Binary options allow one to trade using different assets, which include commodities, stocks, indices, or currencies. It is essential to choose those assets with which one is familiar with, so that one can assess their behaviour in a proper manner.
Many traders also analyze news updates when considering the assets to select. The categories of assets can be simplified further, just as currencies, which are a general term, can be seperated as different currency pairs such as the yen to dollar or euro to dollar. One needs to consider current news about distinct assets while choosing them.
WIDE SELECTION OF OPTIONS FOR BINARY TRADING
In binary options trading, one needs to estimate the position of the asset’s price in comparison to the strike price, by the expiry time. If a trader calculates that the value of the asset will increase above the strike price, then the “Call option” is chosen. The “Put option” is preferred if a trader considers that the value of the asset will fall below the strike price.
This is one of the popular options in binary trading. Digital options also provide many trading options, which are preferred by investors. The concept of a one touch option is quite interesting. Rather than saying if the value will be more or less than the strike price, this trading option requires that the value must “touch” the strike price within the end of the expiry time. Due to the challenging and exciting nature of this trade, the payout is also considerable.
SIGNIFICANCE OF BROKERS IN BINARY OPTIONS
It is essential to choose the right binary options broker platform that suits one’s investment requirement. The broker platform should be assessed on criteria such as the technology available, user-friendliness, and range of assets they offer. It is a good idea to select brokers who require low minimum deposits. Customer service and technical support are also important factors.
How to use indicators demonstrated in this guide?
In the coming sections, we are going to demonstrate in detail about 3 popular binary option trading strategies using popular indicators – Bollinger Bands, Momentum and Stochastic. Incase you are new to trading or need a robust trading platform (charting software), we strongly recommend you to use eToro.
MetaTrader 4 is a trading platform developed by MetaQuotes Software for online trading in the Forex, CFD and futures markets. MT4, as it is commonly called, provides tools and resources that allow traders to analyze price, place and manage trades, and employ automated trading. This section will explain the basics of the popular Moving Average Convergence Divergence (MACD), and how to use this technical indicator within the MT4 trading platform.