Stability in the foreign exchange market is a crash for any trader. The more a currency pair fluctuates, the higher the chance to make money on it. It is for this reason, when answering the question which
Choosing a broker
This is the very first step that a beginner trader needs to take. The analytics mechanism and the trading principle are the same on almost all financial platforms. But, the conditions for working directly with a broker may differ significantly. Experts recommend paying attention to the following aspects of future cooperation:
- How long the broker of interest has been on the market.
- It is necessary to competently approach the analysis of positive and negative reviews.
- How popular is the broker among beginners and professionals.
- Minimum deposit and withdrawal of earned funds.
- Conditions for withdrawing money from a currency account in metatrader.
Important: you need to make sure that the mechanics of the work have a sufficient number of tools for analyzing and executing transactions with binary options. Video tutorials will be a plus, but not the most important factor in choosing this particular broker.
Choosing your own strategy
As mentioned above, it is much easier to work with a currency pair that is in constant motion than with a stable currency. Analytics in a potentially profitable binary option should be based on as much information as possible. But, the most important will be the following data:
- received from news sites about important political and economic changes in the country;
- analytics based on the program for working with options;
- own tools developed by the trader;
- hints received from the metatrader program.
Don't underestimate all the information coming in. Experienced traders know for sure that even the best preliminary analytics in the world can fail if they ignore important data coming to the monitor. The market can move in any direction, and this is usually preceded by certain changes.
Important: the easiest way is to trade binary options with stably changing data in any direction. With a very high percentage of probability, it is possible to predict the movement of a currency pair in a certain direction. But, only in a relatively long time period, from several weeks to months.