Your binary trading platform choice plays a critical part of your ultimate success as a binary options trader.
While they may look the same, each binary trading platform is definitely not the same. Speed is essential in any trading activity, especially when the difference between winning huge and losing big is a mere fraction of a penny apart.
That’s why it’s important to get comfortable with the defining characteristics of your binary trading platform of choice as quickly as possible.
Binary Trading Platform Charting Capabilities
Each platform provides some sort of charting functionality so you can easily see graphically where you are placing your trades.
Some charts on the various platforms are better than others. Make sure you pick a binary trading platform that has real time graphs that can easily be seen next to the trade entry area.
While this seems like a no-brainer, do not overlook this seemingly minor point.
Remember how we said speed is everything, well the difference between using a binary trading platform chart and using an independent chart outside of the platform can cause you to miss a potential trade by seconds, time that could be critical in determining a winning trade and losing trade.
I learned the hard way. When I first started trading binary options I used independent charting sources to determine my entry points. After losing a few trades by 0.0002 cents (seriously!) I decided I couldn’t risk the time that it took to look back and forth and miss a solid trading opportunity.
Binary Trading Platform Order Entry
Another seemingly minor point here but do not underestimate the importance of selecting a platform that is easy to switch between purchasing a put or call.
I also learned this one the hard way (see a pattern here!) A lot of times you will find yourself switching back and forth between puts and calls, especially when a stock pattern is at a critical juncture that could yield a quick breakout or strong reversal.
Make sure your binary trading platform of choice switches easily and quickly between puts and calls because if there is a significant lag you may find yourself purchasing a binary call when you meant to purchase a binary put.
There is nothing worse than reading the charts correctly, placing a trade based on your reading, then realizing you selected the wrong put or call by accident.
Remember this is binary options trading, there are no re-dos, no mulligan’s, you have to live with your decisions even if they were made in error.
So take some time to get comfortable with the order entry functionality of your favorite binary trading platform, it could mean the difference between an exhilarating win and a crushing defeat.