Binary Options No Deposit Bonuses 2024 List

Tools for Binary Options Trading. The difference between a binary options trader and a gambler is simple. The educated binary options trader does his analysis before he goes into the market. The gambler moves based on a hunch or bases his bet on luck. There is no room for chance in trading; a trader must acquire the necessary tools to succeed.

Tools for Binary Options Trading

Here are the tools every binary options trader must-have.

Charts

Charts are the bedrock of technical analysis; There is no way a trader can make it in the binary options market without having charts to perform technical analysis. Charts tell us a whole lot about what a financial asset is doing. The key to succeeding in the binary options market is making accurate predictions, and charts can go a long way in helping us make predictions.

Tools for Binary Options Trading

Charts are great predictors of market movement. Using a chart pattern, you can tell if the price of an asset is headed up or down (which can be used to trade a High/Low trade or Up/Down trade). You can also tell if an asset will move sideways in a consolidation, which can then be used to play the Boundary (In/Out) trade.

Without charts, forget about making money in binary options. It will not happen.

Tools for Binary Options Trading

A Reliable Broker

Using a reliable and regulated broker is critical to making a profit and perhaps the most important “tool” in your toolbox. So what use are other tools if your broker operates a rigged platform or you can’t withdraw your funds? Below are the most trusted brokers on the market today.

Signals

Signals are trades analyzed by real people or automatically generated tools or strategies. Indicators are tools that help you analyze data yourself. Signals can be helpful for binary options for beginner customers!

Tools for Binary Options Trading

Technical Indicators

When you combine technical indicators with charts, you have increased the probability of winning trades and consistently do that.

The chart below shows how I use a strategy based on the MACD technical indicator and the moving average trend indicator to determining an asset’s price action. Once more, this can be used to trade all manner of possibilities. This particular strategy correctly showed that the price action of the AUDUSD would break out in an upward direction following the cross of the moving averages and the MACD crossover from negative to positive. I could place the following trades in the market using this strategy:

1)     A “High” option in a High/Low trade

2)     A “Touch” option using a price barrier between 1.0200 and 1.0300.

3)     A “No Touch” option using a strike price below the stop loss of 0.9700.

4)     An “Out” trade sets a range between the stop loss and the resistance level of 1.0170.

If you get the analysis right, you will score winners on all the option types, and instead of an 85% payout, you will quadruple your earnings!

A word of caution: If you get this wrong, your losses will also quadruple.

However, with charts and technical indicators, you will win and not lose.

Knowledge of Technical Analysis

Knowing how to combine charts and technical indicators to predict price action is known as technical analysis. It is not enough to have these tools. You need to understand how to use them.

Tools for Binary Options Trading