"Great Googely Moogely" ... Frank Zappa
Excellent point Kolyo,
I have a very good stragety for me 60 second trades. My win rate hovers around 70 plus% which works for me. However knowing when to use it is critical. I normally test the market with a few very small trades like $10 or $20 a shot. If the market is running normally I will win and then go with a few $50 or maybe an extra $100 trade. But here is where discipline comes in if I make at least $200 net for the day I shut it down simple as that even if the market is producing well. Why do I do this because sooner or later the market will bite you. If I make clear 200 a day for a week I made $1k for that week and I am very happy. That's a great income for me right now I'm new at trading Binary options. I have traded Forex before but honestly much prefer binary options. It might take me a good 30 mins or more of watching the market move before I pace my first 60 second trade. entry is extremely important and knowing when to enter will give you a win.
All I need now to make me happy is a decent broker that takes US traders.
ery Informative! I like to share what binary option exactly is. "In finance, a binary option is a type of option in which the payoff can take only two possible outcomes, either some fixed monetary amount (or a precise predefined quantity or units of some asset) or nothing at all (in contrast to ordinary financial options that typically have a continuous spectrum of payoff).
This very important thread sems neglegected for long time and no meaningful discussion here since early summmer. I would like to refresh it with a question // what do you think on the significance of psychology in trading binary options. Is it the master element of succesful trading or it has only a secondary importance after risk management and good trading strategy. Some people said that for them it is the single most important thing when it comes to success, because without a sounding psychological state of mind in resonance with the market they can not trade well. However I think with porper risk management, good edge i.e strategy you can almost automate the process of trading and leaving no place for psychologicaly driven mistakes. What do you think on it!
Lots of great info here, thanks. SO many threads and forums. Would take a lifetime to get through it all.