How to Design Binary Option Trading Plan by Using Price Action Strategy
If you’re reading this guide, you already understand the importance of trading binary option by using price action.
Unfortunately, making profitable trades can be challenging. Believe it or not there are tried and true techniques from making profitable trades and once youve mastered those trading techniques, you’ll find that your trading efforts will reap measurable profits.
This epic guide will walk you through the process of using price action in binary option trading rather than using binary trading signal .
Finally, we’ll discuss how you can govern your invest, which is a framework for style and substance that will protect your trading investment in harmony.
Let’s start.
Let me ask you;
I s it possible to make more money in binary option by using price action rather than indicators?
From my own experience, yes you can make solid trades in price action, but trading binary option is like a jigsaw, you need to piece all information together so as to fit your trading plan.
Price action will help you find good trades but you’ll also need to know a candle stick technique which is very famous for predicting the market turning point.
Before we discuss the fundamentally techniques of price action ,
lets discuss a bit about what you need to know about price action .
You need to manage your trade, for you to maximize your trades, you’ll need to read price action until the market structure changes either way.
You should learn to trade in correct market conditions, as we all know binary option is a volatile market and so it’s not always to trade perfectly. When the market is good you should go ahead and trade but if the market is dwindling, make a pause.
For you to ride on the positive trends, you need to target the right trend based on the price action.
When market moves in a negative direction, you need to read the correct correction. For you to have a good value of your entry price, you need to evaluate when the market is going upward or downwards. The main objective of reading the market is to understand how the market behaves.
You need to read where the levels are. A binary option trade goes from one level to another but not in a straightline and this iswhat confuses the traders to make profits. If you know how to read the levels of the market you’ll have a huge advantage.
Trade with the trend also as to maximize your profits when the trend is positive. Its fun when you trade with a trend as it will make you feel you’re trading with a pro trader filling your account with money. Make sure you trade on the trend but not on the Tops and Bottoms.
Keep your trading simple and learn the market fully. If you know what you’re looking, trading will be simple as a pie. Don’t over complicate your trading activities, just master your trading strategy and practice it religiously.
I hope you’re not tired of the long story but I hope you’ve grasp one or two things, thanks for staying with me.
Without further delay, let’s rock the best strategy that you can use to make money with price action trading under binary option trading .
Inside Bar Setup:
Inside bar is a powerful trend continuation signal that can be used as a turning point indicator. Continuation signal is the first way of learning how to trade by using the inside bar.
Sometimes the inside bar shows a brief consolidation and then breaks out in a dominant trend direction.
What I like about inside bar is that they work best on daily and weekly charts and they allow very small risk and very large rewards.
If you want to reap the benefits of price action trading or setup, I’d advise that you combine it with a very strong trending market.
One other sweet spot in price action trading is the Fakey strategy. If there’s an important level in the market, it rejects it.
Most of the times when the market goes in one direction and then reverse the professional will push back the price in the opposite direction.
Fakey strategy normally set of some pretty big moves both in forex and binary option. When the price moves back up past the high of the inside bar, the fakey entry will be triggered in case of a bearish moves or fakey.
Pin Bar Setup:
The pin bar setup is a basic strategy of price action and it’s one of the simple process that I normally use when option trading. It has the highest accuracy in trending market and especially when the market is in a choppy zone.
It normally occurs at important levels of support and resistance levels. If the pin bars are set up correctly, they can be taken counter trend as well. It normally indicates a strong rejection on the daily chart time frame.
When you impalement the above 3 price action strategy . you’ll be on your way making money with binary option of in forex trading. Price action trading can be used also in forex not in binary alone.
If you don’t want to use binary option signals or any other indicators, I’d advise that you take full advantage of price action strategy.
Last but not the least lets discuss how you can make money off binary option in a nutshell.
If you want to make money with binary option . you’ll have to be open minded and throw away all the ideas of being scammed and what it takes to be profitable binary option trader. The reason why most traders fail to make solid income via forex or binary option is the negative mindset they have. Don’t have a negative mindset when interacting with market otherwise you’ll fail miserably.
Follow the below process for you to be profitable in trading binary option:
The most effective and efficient way of being profitable is by getting education from a pro trader who will guide you in step by step. By having a mentor on your side will be added advantage in succeeding in trading binary option. The quickest route in succeeding is by binary option education.
Make sure you master one effective strategy that will generate profitable trades. Do not over complicate yourself with so many strategies that reduce your level of profits.
Make sure you master own emotions before you terrorize your trading plan. Emotions play an important role in trading. When you lose or win make sure you control your emotions.
Trade only with money you can lose (Am serious) Therere a lot of risk involve in binary and forex and I’d not wish you burn your hard earn money just like that. If you’ve money that you can afford to lose, I’d advise that you use it.
Wow that was interesting.
If you need more help in price action, shoot me an and I’ll help you, otherwise if you have any question, kindly leave your comments below.