3 Ways 60 Second Trading Can Benefit a Trader with a Full-Time Job
The idea of being able to quit your full time job may be a part of what is motivating you to learn how to trade binary options, but if you have thought about it realistically, you probably realize that such a momentous day is probably pretty far out of reach right now. In the meantime, you have a lot of responsibilities which you have to try and balance. That isn’t going to be easy. You may be tempted to try and de-prioritize your binary options trading, because trading can itself feel like a full-time job at times. But if you do that, you will never find yourself in the place where you have enough money and success trading to quit that other job. Try this before quitting your full-time job.
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One idea for balancing your time is to start making 60 Second binary options trades. These trades are just like High/Low trades which you may be making already, but they have 60-second expiry times. Your trades open and close within a single minute. Things move fast on this time frame. Opportunities arise and fall away rapidly. So you do have to be there to spot them and act on them immediately, or else you can miss them.
This may sound like the opposite of what you are looking for. You may be thinking, “But I already spend way too much time trading already. How can this possibly save me time instead of consuming more of it?” But there are several ways that 60-second trades can actually save you time and make life easier.
More opportunities to trade.
When you are making hour long trades (for an example), you may only find several really great trade setups in a single day. You may even find fewer than that. As a result, you have to spot those setups in order to become profitable and you have to trade them. If you miss one or two, you might miss half your trading opportunities for that week.
With 60-second trades, new opportunities are showing up every few minutes. Even on a single asset, you may find more good trade setups within a day than you would find across all the assets you typically trade within a week. Now just imagine how many trade setups you can find across all assets within a day—or even an hour. If you miss some good setups, it isn’t the end of the world; there will be others. This is very helpful because it means you do not have to structure your time around the setups. Instead, you can structure your time the way you need it, and that brings us to our next benefit.
Trade for a couple hours a day.
With setups showing up all the time, you don’t need to be watching the markets 24 hours a day, setting up trade alerts, and so on. You can just monitor the charts for a couple of hours each day when you have the time. Instead of worrying about the opportunities you might be missing while you are at the office and sneakily trying to place trades on your mobile device during work hours, you can concentrate on your day job, and then deal with trading when you get home.
After dinner (or during), just open your charts and watch the markets for an hour or two. Execute your trades during that time, and then take the rest of the night off. Doesn’t that sound easier to deal with than searching for trades you’re going to be in for an hour or longer, trading during work, or trading in the middle of the night? That is a real benefit for a trader who works and needs real rest and time off so as not to burn out of trading.
Get in and out of trades in the same minute.
Just as you don’t need to constantly monitor the markets looking for entries to good trades, you also don’t need to constantly monitor the trades you do enter into. Or rather, you do need to monitor them, but only for a minute. If you need to close out early, double up, rollover or take some other action, you can do it within 60 seconds. With longer expiry times, you are stuck constantly checking your trade to make sure it isn’t going against you or starting to form a larger trend. That way you don’t lose money (or lose potential profit) by neglecting to take action during a trade. 60-second trades don’t pose these kinds of hassles.
There are some drawbacks to 60-second trades. They can be too fast for many traders, who will not feel comfortable or capable of executing such quick decisions. But for some traders they will be ideal. Remember, the trading method you choose needs to fit into your schedule and your trading personality. It is also usually beneficial if you are relatively new to trading to start with a slower expiry time first and then work up toward 60-second options. So try learning how to trade with longer expiry times, say an hour, and then try 15 minute options, then 5 minute options, and then finally 1 minute options.
If you don’t already have a trading strategy, that is something else you will need to work on before you start trading 60-second options. It is also important that you test the strategies you develop on any given time frame before you go live. So if you have a strategy which is designed to work with different expiry times, even if you have traded it live with real money on 15-minute trades, it is still a really good idea to do a few demo test trades with virtual money on 1 minute trades (read more about demo trading here). Once you achieve some profitable trades in demo, you will feel more confident approaching 60-second trading in real life.
It’s tough to balance a full-time job (or even a part time job) with binary options trading, because binary options trading is itself a job. If you ever want to get to the point where you have just one job, and it’s trading, you will need to find a way to maintain that balance in the meantime. 60-second trading may offer you a way to schedule your time more effectively. You may also want to try other short term trades like 5-minute trades to see if you are more comfortable with those expiry times as well. Find what is ideal for you, and happy trading.
Use this video to Learn To Trade Binary Options
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