Look at the Short Term
The long term goals you set for yourself can only be achieved by consistent forward progress over the short term. Many traders don’t rightly acknowledge that they need to have mastery over both if they want to be successful. It can be hard to see what yearlong trends have to do with 30 second binary options, but they are both necessary parts of making money consistently.
With that said, it makes sense that your specific trade strategy is a huge part of your success. If you don’t have the requisite skills to be a good trader, you won’t make money long term. You might get lucky once in a while with a few good trades, and you might even have a few good weeks in a row. This does not equal long term success, though. A great trader will have the ability to look at their assets of choice and make informed decisions. They won’t be right all the time, and they might even have losing months. But a great trader is always moving forward, learning, and looking for great opportunities.
There are countless strategies that you can use over the short term to gain a better understanding of how you should execute each and every trade. Binary options traders should rely most heavily on technical indicators and chart patterns as these are best for creating short term predictions on what will happen with price. Many other traders also find short term success when they trade the news. Basically, this allows you to get a general idea of what a specific asset is going to do when a major announcement or event occurs that pertains to it. Everyone has seen the media events that Apple has had in the past, and this used to spark a lot of positive action on the stock. The same happens for many other types of assets: commodities, currencies, and so on. They might not receive the same kind of airtime that Apple does, but with binary options, even small changes in price can translate into big profits if they are gauged correctly.
Using tools like Bollinger Bands, MACD, RSI, and other technical indicators is very helpful. The more you grow as a trader, the more you will see how these things apply to your assets. Being able to recognize patterns, especially when it comes to candlestick charts, can be a great tool too. Many successful 60 second options traders never need to know more than how to recognize a few key layouts on price charts, and they still reap big profits with consistency. Mostly, you should be able to find what works with regularity for your assets of choice. And don’t forget that the best and most profitable traders in the world are always learning and always searching for new strategies and techniques that may allow them to keep earning higher percentage rates into the future. This can be done with blogs, strategy articles, videos, forums, classes, and more.
But do keep in mind that the short term is not an accurate gauge for your long term goals. If you make $500 one day, that doesn’t mean that you will make $500 every day. You might make $800 the next. Or you might lose $1,000. This can easily happen, and it’s really easy to get bogged down in the day to day fluctuations. To be a top level trader, you need to remove yourself from the day to day, all while monitoring the short term to make sure that even if your account sees some swings in size that it is headed in the right direction overall.