Are You Ready to Trade 60 Second Options?
Could you get rich in the next 60 seconds? Or are you more likely to go broke in under a minute? With 60-second options, the outcome can easily go either way, which is one of the reasons that these fast-paced options are so appealing to traders. It is exciting to consider the possibilities and to feel all that excitement packed into such a short time frame. Are you ready to trade 60-second options? Here is a quick checklist of questions to ask yourself before you jump in. This will ensure you get the most out of your money (and hopefully make even more).
Do you have enough money to trade, and a good money management plan?
Whether you are trading 60-second options with the hopes of trading for a living or simply for fun, it pays to make sense of your bankroll. A money management plan helps you to spend your bankroll wisely. You wouldn’t want to wager all your money on one or two trades and have all the fun be over in a matter of minutes, would you? It is best to wager small percentages only, and to keep your percentages consistent. While you can start out with as little as $100, it is a good idea to have more than that in your account so that you can wager a smaller percentage but still have a shot at making real money with your trades. After all, if you are trading 5% of $100, you are making under $5 per trade. If you were trading 5% of $500, at least you would have a chance to make more than $20 on your trades, while still using smart money management rules.
Have you traded longer expiry contracts before?
While this is not necessarily a must, it is something that you should strongly consider before you decide to start trading 60-second contracts. If you are serious about trading, I advise it even more strongly. The reason is that it is tough to learn to trade profitably altogether, and it is even more challenging to try to do it when you have only 60 seconds to make key trading decisions. Start out with slower contracts so that you can figure out what you are doing on a more reasonable schedule. If you panic for a few seconds during an hour-long trade, it does not necessarily mean you are going to lose all your money. You will have time to slow down, think, and do the right thing. If you panic for a few seconds during a 60-second trade, you may very well panic your whole trade away.
Have you backtested and demo tested your trades?
Before going live with real money, it’s very important to take some time to do some test trades. If you are trading for pleasure only, this is not as critical, since you are prepared to lose money in the market. But if you are trading for serious profit, as a business, you need to treat this as a business. You wouldn’t sell a product you hadn’t tested first, would you? Likewise, it is unwise to go live with a trading method you haven’t tested. Do some test trades on historical data to see if your trading method is performing as expected, and to ensure you will have plenty of opportunities to win with 60-second contracts. You can do dozens of these test trades within an hour and get accurate results indicating what your past performance might have been.
You can then press on to demo testing and try using your method to win 60-second trades on paper. “But if I win 60-second trades in demo mode, I won’t get any real money. Isn’t that a waste of my time?” That is often the response that beginners give to this suggestion. Look at it this way. What you should be asking yourself is this: “If I lose 60-second trades in demo mode, won’t I be grateful that I didn’t lose any real money?”
And you will probably lose your first few trades. That is almost a given. And if not, that is great—it should bolster your confidence, and it means that you are ready to trade sooner rather than later. That is something to be grateful for. When you first demo test, you will likely encounter a number of obstacles you will need to overcome. You may find the platform confusing, or you might skip important steps in your rush to execute trades quickly. After some practice, you will get better and you will learn how to think fast without rushing. That means fewer mistakes, which ultimately means more money. That’s what paper trading can do for you. It can boost your profits, both in the short term and (especially) in the long term.
60-second trading in binary options is incredibly exciting, but pausing for a moment before you plunge in to assure yourself that you are on the right track can pay off in a huge way. This is true even if you are just trading for fun. You will have a lot more fun if you know what you are doing and conserve your bankroll so you can play longer. For traders who are investing in binary options as a business, it is essential to test, plan, and manage money for success.
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