How do you guys manage the timing of your entries?
I'm a newbie and have been following the forum for about 3 months now and find it to an extremely valuable resource. My dilemma: Several of the big brokers state they don't have spreads i.e Banc De Binary, TradeRush, 24Option etc. However I'm getting killed on my entry times. The time in MT4 is off from the brokers, sometimes up to 10-20 pips. When I place a call or put, the brokers quote seems to be, more often then not, higher then MT4.
It's frustrating to detect a great reversal, but due to entry point, I can't capitalize on the opportunity.
What's happening is I'm either getting in too late or I over compensate for the difference in pips and get in too early before I have all of my ducks in a row, trying to get a good entry price, then the reversal doesn't happen and moves against me.
Thanks in advance.
Hi, raymond09! At least some of the brokers are not playing fair with the entry price! I am trading with Anyoptions and don’t have such a problem but you really have to be aware of that and plan your trades in a manner which will allow you to win even if the price is a bit different from the mt4 feed.
This is one of the main problems with trading. Most of the brokers fill you at price away from the current spot price in a way that it is difficult to end in the money most of your short term trades. I trade mostly with StockPair and don’t have such problems, but I know from a friend of mine than many other brokers have such problems. The solutions could be in two directions – to trade only longer term, when the small price variations will not affect you much and the second one which I recommend you is to change your broker to one that will fit your needs.
If you are trading short term you will have break even problems. Trading very short term have to have very exact timing which is had to control, ie not to enter too early or too late. To trade long term or position trading timing is not an important issue as rongold mention.
There is no way to trade intraday binary options without perfect timing. If you want to master that kind of trading you has to start with hour charts, and when you master them to move to 30 minutes, than 15 minutes and finally to 5 minutes charts. Five minutes charts are the main place to search for entry points, only the execution must be on 1 minute, but the setup has to be found on 5 minutes, as the one minute chart have too much noise. The other important factor is that if you enter on such a low time frame you have to exit shortly as most of your signals will be short living i.e. if you have buy signal on the 5 minute chart your option expiration should be no more than 30 minutes as the signal will no longer be valid on the bigger time frames. There are a lot of tweaks that could be learnt only after long experiments and practicing, that’s why short term trading is only for the most dedicated traders.