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The Worst And The Best Times To Trade Binary Options
Many binary brokers like to advertise the fact that you can trade binary options round the clock. You can trade 24/7 on our platform, they will often claim.
But of course just because such a possibility exists no one should ever be tempted to try it.
If you’re a scrupulous trader and you try to follow and trade the markets using technical and/or fundamental analysis, you will eventually come to an inevitable conclusion that markets shouldn’t be traded round the clock.
You will realize that there are certain times when it is easier to trade binary options or Forex, just as there are certain times when trading activity should be suspended.
The worst time to trade binary options
Let us first focus on times when we shouldn’t continue to trade. In binary options it’s more important to know when not to trade because losses exceed your winnings with most options.
So when is the worst time to trade binary options (or Forex or any other market for that matter)?
The worst time to trade binary options is right after a winning trade.
The main reason for this is because when we win we get a temporary high feeling from the winning trade, a ‘rush’ that obscures our cognitive senses and we tend to believe in upcoming good trading opportunities a lot easier. This is scientifically proven and there are numerous studies on this subject.
When we win, the brain releases a hormone called dopamine which basically makes us feel very good. The problem is that the as soon as that ‘dopamine high’ starts to diminish, the brain seeks opportunities to get another boost of dopamine.
We are then much more likely to see good trading opportunities in the charts or price action and trade on them quickly.
Chasing winnings is binary options can drain your account very quickly. The best solution to control this type of behavior is to follow your trading plan and remain in control.
Tip! Often the best method is to simply walk away from your computer and cool off for a couple of minutes.
The worst time to trade binary options is right after a losing trade.
Similarly, but for different reasons, one of the worst times to trade binary options is after you’ve just lost a trade. The reason for this is that in such a situation we feel a powerful urge to make up for the losses.
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This pressure to recover our losses can also cloud our judgment when it’s most needed. As a result most traders rush into another trade.
If this isn’t bad enough many binary option traders make the big mistake of trading a higher amount in the next trade to cover the initial loss. Needless to say, this type of habit often leads to even bigger losses.
Tip! Again, one of the most effective methods to deal with losses is to keep calm, walk away from your trading station and have a glass of water and take a few deep breaths. Some traders like to do push ups or other quick physical activity to drain their body from the built up tension.
Trading when markets are inactive or sideways.
Trading binary options when markets are not very active may also be quite risky. The main reason for this is that the price action of underlying assets is less predictable without the presence of big influences and clear trends.
This largely depends on your strategy and your chosen options but generally if you’re trading lower time frames it is advised not to trade when market activity is low and trends can not be clearly defined.
Sideways market is often characterized by small candles moving within a narrow sideways channel. They reflect indecision among investors and often also show the absence of market movers.
Tip! The most active market exchange is during the London/New York overlap sessions.
Trading during news announcements and economic releases.
Certain news and the publication of economic data, such as Unemployment rates or Interest rates can cause prices of relevant assets to shift quite suddenly.
Many binary option traders have lost because they traded during such influential announcements.
Unless you’re a dedicated news trader and your strategy is based on the impact of news, it’s best to close your trades before any major news releases. To find out the times of of the most influential releases take a look at our economic calendar page.
Tip! Many traders like to trade after a big release when a new trend has been established and it is confirmed by the price action and trend lines.
The Best Time To Trade Binary Options
Now that we have looked at the worst times to trade binary options let’s examine when it is the best time to risk your hard-earned money on trades.
Best time to trade is during trending markets.
As it was mentioned earlier that one should not trade binary options during a sideways market, it makes sense the opposite would be true.
In fact, one of the best times to trade short term binary options is during a trending market. This means that trend can be clearly defined, it may be going up or down in a nice channel.
Of course, how you trade the price action within a trending channel is up to an individual trader and his or her own trading strategy.
Tip! However, it should be mentioned that generally speaking trading with the trend is a lot easier than trading trend reversals.
Markets are trending when market makers are trading, this usually falls during the busiest market sessions, the London and New York. It is no coincidence that many professional binary option traders trade live during the London/New York overlap sessions.
However this also depends on the trading strategy, the traded assets and your physical location. If you’re in Asia you might prefer to trade during the Asian sessions.
If you are not familiar with technical analysis or don;t have the time to look at the charts and analyse them, you can subscribe to a professional signalling service that will help you find better trading opportunities much easier.
Best time to trade is when you’re alert, calm, and well rested.
If you intend to trade binary options you should never do it when you’re desperate for money, feeling down, or if you’re frustrated, tense, and tired.
In order to beat your broker’s odds and win at binary options you need to be well rested.
Tiredness will make you miss many good opportunities and you will be unable to think clearly.
Trading is not a game. It is all about calculating probability and you can not do that when your mind is not fully alert. Your mind is the best trading tool you will ever have at your disposal so it needs to be cared for very well.
Likewise, one should only be trading binary options with a calm mind.
The right psychology is very important in trading.
A stressed mentality will result in mistakes and and tangible losses. This in turn will produce even more stress and may lead to even more trading errors.
So the best time to trade binary options is when your mind is calm and your body well rested. It’s when you are positive about your trading and you are clearly focused on accomplishing your goals.
Tip! Many traders take on Yoga and/or meditation practices that help to calm and control the mind and body. Before each trading session some may also find helpful listening to inspirational and motivational speeches or music to get into the right mindset.
Few final words
We hope this article helped to shed some light on the worst and the best times to trade binary options. Please note that times when to trade and when to avoid trading should be clearly outlined in your trading strategy and trading plan.
Please leave your comments below and share your advice and experience.
** Upon scheduled review of 24Winner we discovered that the brand has been closed. If you’re interested in trading with similar services, please read our review of TopOption, a binary options brokerage operated by Safecap Investments, the same operator as the former 24Winner.
24Winner, formerly known as Winner Option, is owned by Safecap Ltd a CySEC regulated and licensed binary options broker. Winner is a large casino and sports betting company that recently decided to start offering their players a binary options platform. In October 2020 they changed their name to 24Winner.
They are located in Nicosia, Cyprus and are registered with financial regulatory agencies in many countries including; FCA in the United Kingdom, AMF in France and CONSOB in Italy, Spain, Netherlands, Germany, Sweden, Denmark, Hungary, Slovakia, Czech Republic. They are also authorized under MiFID. Up to $200,000 in Trader Protection Insurance is provided.
The site offers traders the choice of numerous financial products and services in addition to user-friendly tools and information to help them get started. 24winner aspires to make trading options simple for experienced traders as well as beginners and caters to all tastes and preferences.
24Winner offers a choice of five different trading accounts. The Bronze account requires a minimum deposit of $500 and a 100% bonus is awarded for each deposit. The Silver account, which is the one recommended by the broker for beginners, starts with a deposit of $2500 and entitles the trader to a bonus of 100%. A deposit of $5000 will open the Gold account which entitles the trader to a bonus of 125% and the same bonus is awarded to those opening a Platinum account with a deposit of $10,000.
The TOP Platinum account is the broker’s premier account. Anyone with $50,000 or more can open this account and receive a bonus of 150% plus additional perks and tools.
Traders with any of these accounts receive 24/5 support, a selection of video tutorials and withdrawal distribution possibilities of between 48 to 24 hours.
I was surprised to see when updating this review that a demo account is still not offered. 24Winner seems to be one of the few binary option brokers that does not provide this opportunity. However, I must note that when researching this broker, it was implied elsewhere that although no mention of a demo account is made on the site, traders can make a personal request from the broker to opt for this option.
24winner offers a broad selection of close to 200 tradable assets, including currencies, commodities, stocks and indices and lists each one clearly according to the asset, its trading hours, expiry formula and symbol.
When it comes to market indicators, 24winner has collected the top market indicators and lists then on an economic calendar so traders can stay up-to-date and in-the-know about the major factors that are influencing global markets.
The calendar shows exactly when the market indicator reports are to be published, explaining their significance, rating the importance of each report, and showing their real and predicted impact on affected currencies. There is also a listing for expiry rates for each asset.
One of the key features of the 24Winner educational resource center is their daily market activity report which provides traders with crucial information that can be of tremendous benefit to them. By accessing these reports on a daily basis, traders can track and often accurately predict in which direction a given asset is going.
All the daily market reports are archived, so they can be continually reviewed and used for tracking trends. Our archives go back to day one of 24winners’ operations. Topics include the day’s major economic events, market commentary on a global scale, as well as the activity of noteworthy currencies, indices, commodities, and stocks.
24Winner also provides each trader with a free e-book which covers topics such as the essential concepts and terms in binary option trading, the psychology of trading, tips for successful trading, how to use trading tools and more.
The video library offers a variety of introductory discussions, instruction on the basics of trading binary options as well as more advanced courses.
Webinars are mentioned as another feature offered at the education center. However, when doing this review, I found that the last webinar listed were quite old and there were no current ones mentioned.
24Winner offers generous deposit bonuses of up to 150% of the initial funding. There were no other bonuses or promotions offered.
Funding to accounts at 24Winner can be made using credit cards, bank transfers and a host of online payment programs such as Skrill, WebMoney and Neteller.
Withdrawals are made using the same methods. Withdrawals can take up to 7 days to process. There are no fees for withdrawals.
24Winner representatives can be reached by live Chat, emails and telephones to nine different toll free numbers and 14 other locations. A fax number goes through to their Cyprus office.
Despite it being relatively new to binary option trading, 24Winner has managed to turn itself into a broker to be reckoned with. With its simplified trading platform and safe trading environment, traders feel confident in dealing with them. The choices of underlying assets also help to make trading a pleasurable experience.
24Winner moved from being a gambling site to functioning as a binary options broker several years ago and has come a long way since then. One of their best features offered by the broker is the list of different trading accounts which can be opened with as little as $500. The exclusive TOP Platinum account can accommodate $50,000 and more. The accompanying bonuses for each deposit are also quite generous ranging from 100% and up to 150%.
24Winner offers their traders the latest platform for Binary Option trading. They use the KeyStone platform, which was developed by a Safecap company. Their platform is available in seven languages including; Russian, Italian, French, Spanish, Arabic and German.
24Winner is one of the few binary brokers that uses its own proprietary trading engine and not a generic white label platform provided by SpotOption or Tradalogic.
The platform can be accessed for mobile trading.
24Winner offers the following options:
Classic Options, the simplest type of options to trade with. Traders decide if prices are going to rise (Call) or fall (Put); One Touch Options, where traders decide if prices will “touch” a predetermined level before expiry; Pro Option which is suitable for traders with slightly more trading experience. With this option, they can gain access to extra trading tools such as “Double Up” or asset history, “Early Closure” and “Roll Over”. Under the Pro Option mode, traders are also able to do pair trading where they face off one asset against another.
With Touch/No Touch Options, traders have to ensure that the asset price reach or exceed the predetermined price. And with the Speed Master option, traders can trade in options with an expiry time of 60 seconds. This is really fast paced and is recommended only for traders with an appetite for high risks.
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Binary24 Review – is binary24.com scam or good binary options broker?
Trading Accounts & Conditions
|Minimum deposit||Min./Max. bet size||Expiry Times||Payout %|
|$1||$0.01/ $1 000||5 sec. to 24 hours||Up to 90%|
Binary24 offers trading in binary options (all-or-nothing options, as they call it) – options for which the payout is determined before the order is placed. Traders simply have to make a prediction about whether the price of a given asset will move up or down within a predefined time period. As long as the option expires in the money, the trader receives a fixed amount of return.
Unlike most binary option brokers, Binary24 offers a single type of account on its in-house web-based platform. It covers many asset classes, ranging from currencies, stocks, indices, commodities to the hottest new asset, cryptocurrencies.
Good variety of trading instruments, including cryptocurrencies
There are wide range of financial instruments available for trade at Binary24. They are arranged in several categories in the broker’s platform: Forex, Crypto, Indices, Commodities, Precious metals and equities. As regards cryptocurrencies, Bianry24 offers trading in some of the most popular coins – Bitcoin, Ethereum, Ethereum Classic, Litecoin, and Dash.
Cryptocurrencies have gained massive popularity lately and that is why many forex and binary options brokers have added them to their offering. Below, you may find a list of forex brokers that offers trading in Bitcoin (in the form of CFDs).
Seemingly high payouts
The payout percentage at Binary24 varies, depending on the instrument traded, but reach 90% on major forex pairs. The broker’s website even brags about a payout of 98% on its website, but we didn’t see such in their platform.
No initial deposit required
Binary24 has not set any specific initial amount their clients should deposit in order to use the platform and trade. The minimum bet size is also very low, which allows for better risk management.
Another peculiarity of this broker which might seem attractive is the fact that you don’t have to prove your address or verify your identity. This is due to the fact that Binary24 only accepts deposits in cryptocurrencies.
This broker is owned and operated by Binary24 Ltd., a company registered in Belize. Belize is a popular offshore destination for forex and binary options brokers, as taxes and legal requirements are very lax. The problem for clients of such a companies is that there is no guarantee they will ever get to withdraw money from their accounts (regardless of the trading performance). Besides, the binary options industry is notorious for its gambling nature and the fact that most brokers are pure scammers.
However, now that ESMA has banned binary options altogether (as of July 2, 2020), there have remained no reliable regulators in this sector. Previously, most regulated binary options brokers were holding licenses from the Cyprus Securities and Exchange Commission (CySEC).
Only cryptocurrency accepted as deposit
As we mentioned earlier, Binary24 does not use many payment methods. The fact that it only accepts deposits in cryptocurrencies means that its clients have to possess some BTC, ETH, LTC or Dash in an online wallet.
No long-term options
Binary24 offers trading in options that are mostly short term, starting from just 5 seconds. Most traders will do better if they start out with longer term options which last a few hours or days, and then work their way up to 30/60 seconds.
Platform too simple
The software, which was developed by Dubai-based fintech BinoTech, is said to be the world’s first binary options system to offer traders access to historical data. However, this feature does not seem to be working.
Besides, we find the charting lacking any technical analysis tools. Here is a preview of Binary24’s web-based platform:
Click on the image to zoom in.
Mobile apps are also available.
The offer of Binary24 might seem catchy, but we would not recommend investing with this binary options broker. Trading on its platform seems easy and the website promises massive and quick returns, but the truth is most traders lose and many of those brokers are pure scams. As most binary options brokers, Binary24 also isn’t properly regulated, so its clients have no protection if something goes wrong.
To sum up the above:
|Good variety of trading instruments, including cryptos||Registered offshore|
|Seemingly high payouts||Only coins accepted as deposit|
|No initial deposit required||No long-term options|
|Anonymous trading||Platform too simple|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Best Binary Options Brokers 2020: