Build Your Own Binary Options?
Comparing to when binary options trading first came on the scene, the practice has become more complex and involved these days. At the moment, traders have more options when it comes to binary option strategy for stocks, currencies, indices, commodities and more.
There is a method that enables you to actually build your own binary options trade. This method, despite being relatively new, has become quite popular in the markets. In this article, we will discuss building your own option: how it works, what it does and which popular trading platforms can help you with that.
All About Building Your Own Options
Most trading platforms offer traders assets to choose from, expiration dates and rates, together with two choices: Call and Put. Although there may be a lot of variety, traders are still limited to whatever given to them in the user interface.
Some traders find this too limiting and want more mobility when trading binary options. As a result, more and more traders are building their own options and making their own binary option strategy.
Essentially, the user interface gives you some choices to pick your own asset of choice (forex options, commodity options or others). After selecting the asset, you need to pick one trading method like High/Low, One Touch, Range or others.
Next, you have to choose the expiry date, the payout and the amount of investment. Normally, before you make your bid, the broker will price it and give you the cost of your trade. The rest of the trade will proceed as normal.
Why Build Your Own?
Deciding to trade binary options via their own design means that traders want greater control over what they are trading. Usually, binary options are limited by nature. The term “literally”, after all, means having only 2 options. However, there are many categories available and various ways to place a trade. Choosing a platform that enables you to trade binary options through customizable processes means that you are able to make your own binary options strategy at will.
Where to Go and What to Do
It is getting more and more popular to build one’s own options, but not all brokers offer this. Traders need to find a trading platform that enables this kind of binary options trading. StockPair.com provides a trading platform that let you build your own options. It also provides a template that gives you a great deal of control over anything you do. As for TradeRush, traders are offered the “Option Builder” feature that allows them to customize their assets, payout rates and expiry times. It also gives traders an extremely intuitive user interface to help traders decide the level of risk they want to expose themselves to in their option trading.
Check your favorite binary option platform to see if it offers customizable binary options trading. Although this is not always available, more and more brokers are starting to offer this feature soon.
In order begin a career in customizable binary options trading; you must have a good knowledge about the basics of the business as well as various types of trading. However, unlike other options, customizable binary options trading gives you some flexibility and freedom in this day and age.