With the rising dominance of mobile devices, the world is witnessing an influx of new software releases. In the realm of binary options trading, a noteworthy development is the ability to trade directly on your mobile device. As a matter of fact, with mobile trading, binary options trading is now efficient and flexible.
Achieving this convenience is relatively simple. All you need is a smartphone running on operating systems like iOS or Android, along with a binary options broker that provides a mobile platform. When selecting a mobile platform, it’s crucial to ensure that it is not only free but also equipped with the necessary features to enable you to perform all the functions available on your computer. This consideration is important because the financial market can be volatile, and in situations where you want to sell or buy but your computer is unavailable, your phone becomes a valuable tool.
Fortunately, many of these platforms offer the option to create an account directly from your mobile device. This means that you can comfortably download a binary options trading platform of your choice, even while on the go, and create a new account.
Most platforms also provide demo accounts, allowing you to familiarize yourself with the interface and available tools before funding your account. Furthermore, these platforms operate 24/7, including customer support.
Also, if you have traded using your computer and later wish to access your account via your mobile device, you can simply log in, and all your changes and updates will be saved and easily accessible from your phone.
With this, it becomes easy to employ some of the mobile trading strategies for binary options trading. They include:
Follow Trends
The key to successful binary options trading is to follow trends. Asset prices move in line with trends, so trade in the direction of the current trend. Analyze your chart and trend lines. If the line is flat, consider trading a different asset. If the line is rising, there’s a good chance the price will continue to increase.
Follow the News
Stay updated with news related to your chosen asset. News events can greatly impact asset prices and help you predict market movements. Keep an eye on online news, TV, radio, and newspapers. Pay particular attention to tech companies and upcoming announcements. Purchase options before significant product releases to capitalize on potential profits.
The Straddle Strategy
The straddle strategy is used in conjunction with the news strategy. Before important announcements, execute straddle trades. Expect the asset’s value to increase temporarily after the announcement, followed by a subsequent decrease.
Buy an option predicting the price drop and then call a different option anticipating the price to rise again. This strategy takes advantage of trend swings for profitable trades, regardless of the option’s price changes.
The Pinocchio Strategy
The Pinocchio strategy involves betting against the prevailing trend. If an asset is experiencing an upward trend, place an option predicting a price fall. Conversely, if the asset is in a downward trend, choose an option expecting the price to rise. Analyze candlestick charts and look for light or dark candles indicating bearish or bullish market conditions. Place call options when the wick points downward and put options when it points upward.
Candlestick Formation Patterns Strategy
If you have the ability to interpret asset charts, this strategy is worth trying out. Candlesticks provide valuable insights into how an asset’s price changes over time. The lower part of the candle represents the lowest price the asset reached, while the upper part represents its highest historical price. The chart also reveals the opening and closing prices of the asset.
By examining the historical data of an asset, you will likely notice patterns emerging. At certain times, the asset will experience upward or downward movements. Using this information, traders can make informed decisions by placing call options (predicting price increase) or put options (predicting price decrease) based on the observed historical trends of the asset.
Fundamental Analysis
Fundamental analysis is a strategy used by many day traders. It involves gathering data about an asset to make more accurate predictions and profit from it.
If you’re unfamiliar with a particular asset, start with small trades in volatile markets to test profitable strategies. If your strategy proves successful, you can increase your investment for bigger gains.
The Hedging Strategy
As a beginner, you can try the hedging strategy to manage risk. This strategy involves placing both a call and a put option on the same asset simultaneously. This way, no matter which direction the price moves, you can still make money. However, it’s important to accurately calculate the risks and costs associated with the options to avoid actual losses when the trades expire.
Please note that trading involves risks, and it’s advisable to conduct thorough research and seek professional advice before engaging in binary options trading.
