Welcome to the Podcast Episode 7.
What’s Working Now
So let’s start by getting into what’s working right now. What’s working right now for me is not the binary today booster strategy I talked about in my last podcast. I actually found that the binary today booster strategy was not giving me enough trades and I had many emails from readers telling me the exact same thing.
So I decided I would come up with a new strategy that would provide the same amount of accuracy but provide more trading opportunities. I don’t really have a name for this strategy like the binary today booster right but the strategy is simple. I use the trade assistant that is built into binary 5, obviously I’m using binary 5 to provide signals and I’m using a Forex indicator that comes free in meta-trader 4 called the momentum indicator. Now what I do when I receive a signal from binary 5 is check whether the trade is going up or down and then I look at the trade assistant which is built-in. On the trade assistant I want 3 out of 4 or 4 out of 4 agreeing with the signal. Then I look down at the momentum indicator which is also on the chart and when the momentum indicator agrees I place the trade.
This is a very simple way to analyze trades from binary 5 and filter out what is good and what is bad. Now some of you are going to say shouldn’t I trade every single trade that I get from a signal software? The short answer is no you shouldn’t. You should be looking for a strategy, something that works for you. There is no true holy Grail system that is going to provide you with 100% accurate trades, but what you can do is follow the methods that I’m using. I use a strong signal service like binary 5 or binary today trader and I combine this with a couple of simple indicators that let me know whether or not they agree with the trade. When they agree the with trade I know it’s a very high probability trade and I should certainly follow through. That is the main strategy that I’m using right now.
Analysis of the Binary Options Market
Now let me jump into the analysis I have the binary options market this month. As I see it right now, the market isn’t doing very well. I see new products coming out every single day promising millions and millions of dollars. They tell you that you’re going to make $950 an hour or $2000 a day. This is not true and we cannot believe these lies from affiliate marketers. These people are not binary options traders like you or myself who actually analyze the charts and do everything we can to find new ways to succeed. I’m always looking at new pairs, new time frames and new indicators that will enhance my winning strategies.
The binary options systems on the market right now that require no skill and are supposed to make you thousands of dollars simply do not work. Sadly, I know some of you have probably fallen for these schemes but never again! To conclude, products seem to be getting worse, brokers seem to be getting better.
We also have to take responsibility for ourselves in the binary options market. We have to approach the market the right way. If we approach the market thinking that there is a tool that’s going to solve all of our problems then we are adding to the issue. Until we change our habits we’re going to see automated systems that continue to fail because that’s what the market is asking for. So we have to look at ourselves, then we can get a better product market in general. I hope you understand.
Now what I really want you to do today and the rest of the day after listening to this podcast is making sure that you’re keeping track of your trades. What I mean is every time you do a trade whether it’s on a live account or demo account I want you to mark it down in an Excel spreadsheet or a Microsoft Word document. I prefer Excel because you can organize by software, date and time. You want to mark down whether you won or lost the trade that you can analyze what signal software gave you the trade, when you took it and how you can approach it differently next time if required.
In doing this over a period of 2 to 3 weeks you can start to see what pairs are working, what times of day you should avoid trading and you can build a better strategy. A lot of people think they’re going to jump in and take every single trade they get but that’s not how it works. You want to take your time on demo, you want to put the time in and you want to learn to work with the software. That’s what I do. I get a software like binary 5 which is my favorite right now or binary today trader which is my 2nd favorite and I get quality signals to analyze and trade.
I get the signal I do some simple analysis, look at a couple of indicators and I place the trade.
I hope this podcast helps you take a better approach to your trading. If you need any help email me or leave a comment below.