With the festive season approaching we thought that you might be having some extra time in your hands, so, since you are into the binary options trading game why not devote some of this extra time for some do-it-yourself binary option strategy generation? We have reiterated many times that, no matter how many ready-made solutions, packages, suggestions and tips you might find out there, nothing will suit you better than a strategy to follow that is custom-made for your individual preferences, needs, requirements, skills and character. And who better to make this strategy than yourself? Well, the simple answer is none. So, if you are prepared to put into this venture the time and effort required and can get your hands on the necessary “utensils” and “ingredients”, then this is completely doable and might just prove the best recipe for success.
To continue with the cooking analogy, put your apron on and gather round all your ingredients and utensils in order to be able to device your very own binary options trading strategy. The first you will need are the tools and indicators that will enable you to determine the momentum at any given point in the market, the strength of a particular asset trend, when an asset is experiencing overbought or oversold conditions etc. Since your strategy will definitely entail an accurate reading of how the market is behaving, then you will definitely need to use charting packages and other kinds of technical indicators. However, getting hold of such “tools” is no good on its own. It is also imperative that you know how to correctly use and read such indicators. Moreover, you need to know the strengths and weaknesses of each such tool in order to be able to better exploit it and stay away from potential traps or loopholes. The up side to all of this is that both a huge variety of such tools and the necessary training to go with it are readily available on the internet, in sites such as binaryoptionswire.com and other similar sources.
Having actual trading experience is also of paramount importance if you want to devise your own binary options trading strategy. In case you feel that you do not have adequate experience in the world of trading, or if you need to try something out in completely safe conditions, then you always have the option of setting up a free demo account and practicing with demo money, which means that your funds will not be in any danger.
Other people’s views and input could also come in handy, so, if you have some specific question or query regarding the process of devising your very own binary options trading strategy, then do not hesitate to enlist the help of your friends and acquaintances, who might have the willingness and knowledge to help you out, or, alternatively, resort to an online forum and post your topic. On your own binary options trading forum here at binaryoptionswire.com or on other similar forums, you are bound to find a helping hand.
However, even with all the tools, training, experience and outside help at your fingertips, the basic ingredient for managing to build a successful personal binary options trading strategy, is exactly the factor that will render it personal. You need to know exactly your “measurements” in order to make the suit (aka the strategy) fit you perfectly. In this case, the measurements signify your own personal character trades that shape what kind of trader you are and usually determine your trading preferences. Are you the patient type that goes for longer trade durations of are you fascinated by and prefer the rush of 60 seconds trading? Depending on what the answers are to this and similar questions, you will have to set the tools at your disposal accordingly by, for example, adjusting the time frame for your charts to mirror and better serve the duration of your trades.
Moreover, which exactly tools to use will also depend on whether you choose to trade with the trend or against it. This is also an important decision to take before-hand, and although you might be more prone to decide to follow the trend, always bear in mind that trends, sooner or later, are bound to turn.
With the multitude of assets that have become available for binary options traders lately, across all asset types, it is only natural that traders might be tempted to try and trade on a lot of them, even all! This however is not a very wise decision. On the contrary, and as part of your trading strategy, you will fare much better if you choose the assets you know best, those that you more comfortable with and whose particular movements you are more familiar with and concentrate on just on these assets. Study and learn as much as you can on these assets. This is definitely the quickest and safest path to success.
Similarly important to choosing the right asset or assets is selecting the right expiry time for each trade, according to the prevailing market conditions at the time of placing the trade. Since binary options trading provides you with significant flexibility in choosing the right expiry time, then learning to manipulate this variable effectively, will lead to more successful trades.
Before wishing you the best of luck and sending you to start creating your very own strategy, a quick reminder that even if all goes well and your strategy works, it is probably better to first try it out through a demo account, as this neutralizes any risk and also allows you to make the modifications that might be deemed necessary.
Happy holidays and happy strategy generating! And remember, nobody can do it for you better than yourself!
George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.