Before we start we need to make a little background info. If you want to learn how to trade binary options you need two things – time chart and tick chart. In time chart each candle simply represents time and the time you are on. For example you can set the candles to 5/10/15 minutes 1/3/5 hours and so on. When you set this, each bar will represent the mentioned time period.
A tick chart is order flow. Each candle will represent a certain number of trades. One good chart that you can use is 133 chart which means each bar represents 133 trades. Of course you will have to use some tools. For starters you will need a broker who provides the above mentioned types of charts. One good platform to start with is Think or Swim, because it provides everything you need in order to start trading binary options.
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There are two parts in each platform – top and bottom. Of course in most of the times you will be able to set up your own platform and customize it in the way that you want. This will make it good for work. Most people use two parts on the screen while on the upper part is the time chart, at the lower bar you can find the tick chart.
Each candle you will see in the upper bar will represent the time you have adjusted and the down part – trades.
You need to understand that the tick chart has nothing to do with the time. Each candle can last from 5 minutes up to hour and half or however long it takes for 133 trades to show up. Basically this is how those 2 charts work. Nothing complicated – you just need time to practice.
Here we would like to pay attention to the force that brings profits – strategy. Many people will tell you various strategies but actually the one that is successful is the strategy that you will be able to make after you gain some experience. However, here is one good strategy that you might want to try.
Trade trend 60 seconds binary options. This will make same color candles every minute. While these trends are being formed, don’t forget to look for the 133 tick charts to form candles the same color as the 1 minute trend.
Keep in mind that there is a difference between strategy and system in binary options. The systems don’t require any human intervention – they just calculate and execute. Here, in this strategy, you will have to be comfortable with binary options and interfere whenever you have to in order to increase your profit.