I’m New to Trading Binary Options…Where do I Start?

I'm New to Trading Binary Options Where do I start?I’m new to trading binary options – “Where do I start?” is the question that we receive the most.  The best place to start is with the Nadex Demo platform and education, education, education.  Gail does several Nadex webinars each month plus has a live trading room on Tuesdays.

Gail has written several books on trading binary options.  These are excellent resources for traders looking to enter the binary options or spreads.  In her books, she reveals the typical path that new traders will need to follow if they want to achieve success as a trader, including why they should use the Nadex Demo platform, how to handle the psychological issues that will cause most traders to give up, why a trading plan is instrumental for new traders, how to prepare for drawdowns using money management and how to determine risk to reward, plus much more.

Additionally, Gail suggest that new traders begin with forex because it is available 23 hours a day, beginning Sunday evening at 6pm New York time.  Since the forex market is open for longer periods of time, there are more learning opportunities for the new binary options trader.

Binary Options Trading Platform

In addition to the Nadex trading platform, there are two other trading platforms that Gail recommends for trading binary options:

  • NinjaTrader 8 – IQFeed.net which is only $30 per month for forex only
  • Multicharts – IQFeed.net is also available for Multicharts for only $30 a month for forex only

The difference between only using the Nadex trading platform and choosing to have a secondary platform like NinjaTrader or Multicharts is that Nadex has a limit of six trading charts open at one time.  With NinjaTrader and Multicharts, the trader can have multiple charts and either the Market Analyzer or Scanner windows open simultaneously so they can monitor multiple symbols and time periods for setups.

Free Educational Webinars for Trading Binary Options

Gail also hosts a free live trading room where she shows how the TradersHelpDesk indicators work on futures and forex.  You must register to attend.

Additionally, Gail Mercer is typically the hostess for the Wednesday Nadex Educational webinars (typically they begin at 11am New York time.  Gail presents on different topics including:

  • Designing a Trading Plan
  • Entering and exiting trades
  • Divergence
  • How to read price bars
  • Support and Resistance
  • Trend identification
  • Using the Nadex Demo Platform

Nadex also provides an archive of  Gail’s previous webinars.  If you register for a webinar and cannot attend they will send you the recording so you can view it at your convenience, as well.

Also realize that very few new traders will realize instant success.  Instead, trading is really like any other career — patience and hard work is required because there are many concepts that you will need to learn and, quite frankly, it takes time.  Utilizing the free Nadex demo platform allows you to learn the platform, make mistakes, formulate your trading plan, and continue to test and tweak your performance until you are ready to go live.  Plus, your historical performance in the demo platform can help identify your win loss ratio and determine which binary strategy is best for you (ITM versus ATM versus OTM).

 

 

 

Free Training Webinars for Traders

Gail Mercer hosts free training webinars for traders throughout the month in the TradersHelpDesk live trading room and in the Nadex educational webinars.  In the TradersHelpDesk live trading webinars for traders, she uses the proprietary TradersHelpDesk indicators to trade futures, commodities, forex, stocks and binary options.

Free Training Webinars for TradersTradersHelpDesk Free Training Webinars for Traders

Gail Mercer, founder and CEO of TradersHelpDesk, is a technical analyst who focuses on:

  • Price Action – Using price reversal bars to turn lagging indicators into leading indicators
  • Support & Resistance – Using both Floor Trader Pivots in combination with Average True Range to identify where price is likely to go
  • Volume Analysis – Using volume analysis to identify if buyers or sellers are in control of price
  • Divergence – Using divergence to confirm if price will continue or reverse direction

Using her proprietary trading indicators for TradeStation, NinjaTrader, and Multicharts, during these free training webinars for traders she focuses on the following markets:

  • Futures – Focus is on the Emini Dow Jones, Emini Nasdaq, and Emini S&P 500
  • Commodities – Focus is on the Emini Gold and Crude contracts
  • Forex – Focus is primarily on the majors, EURUSD, GBPUSD, AUDUSD, USDJPY, and USDCAD.
  • Stocks – Gail looks at various stocks like Duke Energy, Amazon, Boeing and is adding others for the upcoming year.
  • Binary Options – Gail shows you how to trade futures, commodities, and forex using a combination of binary options and spreads, when warranted.

The free training webinars for traders are currently held randomly throughout the month.  You will need to sign-up for the TradersHelpDesk newsletter (sign-up below) to receive the schedules and links for the webinars.



Nadex Educational Webinars

Gail is also a presenter in the free Nadex Educational Webinars.  She presents on numerous topics for trading Nadex Binary Options and Spreads.  To view the Nadex Educational Webinars, simply click here.

Disclaimer:

  • Futures, options, and swaps trading involve risk, which may result in financial loss, and are not suitable for everyone.  Any trading decisions that you may make are solely your responsibility.  The information presented on this website and in the training webinar is for informational purposes only.  Don’t trade with money you can’t afford to lose. The materials presented on this website and in the training room are neither a solicitation nor an offer to Buy/Sell futures, binary options, or forex.  No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. Past performance of indicators or methodology are not necessarily indicative of future results.

 

Gail Mercer – Published Articles in Stocks & Commodities

Gail Mercer has published many articles in Stocks & Commodities magazine and was interviewed by the Jayanthi Gopalakrishnan and Bruce Faber on May 4, 2011.  Below is a list of her Stocks & Commodities articles, which can be purchased online.  Stocks & Commodities is the premier magazine in the field of technical analysis.

Stocks & Commodities Published Articles by Gail MercerStocks & Commodities Magazine - Gail Mercer Published Articles

  • Interview – Gail Mercer, a 15-year veteran of the trading industry who is the founder and CEO of TradersHelpDesk, has dedicated her career to helping traders achieve success. Committed to helping traders grow from amateur analysts to master traders, her unique methodology is rooted in her philosophy that success depends not on a trader’s indicators but the ability to remain focused and responsive to price. Self-responsibility, another cornerstone of her work, provides the mirror for what a trader needs to learn about him- or herself in relationship to the markets. Working with both the inner and outer aspects of trading, Mercer provides an integrated and holistic blueprint for prospering in the markets.  She was interviewed by the Stocks & Commodities on May 4, 2011.
  • Looking at Other Markets – Most new traders gravitate to the S&P mini because of its average price range. But here’s a look at daily price movement in the currency futures vs. that of the S&P 500. Which one has larger price movements?  Many new traders begin their trading experience on the mini indexes, with a primary focus on the mini Standard & Poor’s 500, as either a scalping trader or an intraday trader. Their daily profit target is normally between three to five points (at $50 per point). Sounds reasonable, right? Wrong! For an experienced scalping trader, this could be done, but not very likely for a new trader. To understand why, we need to look at the daily movement of the mini S&P. For October 2009, the mini S&P moved 19.27 points per day on average. Therefore, if the objective is to capture five points a day, a new trader is trying to capture 26% of the daily movement, which is quite hard for someone new to trading. Now, let’s take this a step further and look at the individual daily movement.
  • Empowering Traders to Trade Commodities – With more and more products being added to the marketplace, how do you decide what to trade? Here’s a look at what you should consider before trading the commodities. New traders are often overwhelmed at the number of different instruments they could trade. Should they trade stocks, indexes, exchange traded funds (Etfs), spot forex, or currencies? What are the market hours? What are the tick values? What is the slippage for any given instrument? What is a good profit target for the market they choose? What stop should they use? So many questions to ask and so many new things to learn!
  • Empowering Traders to Trade the Russell 2000 – New traders are drawn to the emini Standard & Poor’s 500 like bees to honey. Go into any live trading room and chances are that the moderators are teaching traders to trade the emini S&P 500 because it has more liquidity than any other market. In Figure 1 the average annual volume is compared between the following emini indexes: emini S&P 500, Dow Jones Industrial Average (Djia), Nasdaq 100, S&P MidCap 400, and the Russell 2000. It would be a logical assumption that the emini S&P 500 moves more than any other market. After all, volume fuels the markets, and the emini S&P 500 has more volume than any of the other indexes. However, let us look closer to see if the emini S&P 500 leads in tick movement or dollar movement.
  • Volume and Divergence – Here’s how you can use a divergence between price and volume for trading forex futures or exchange traded funds.
    The first time I looked at volume on my charts, I thought there had to be something significant in those bars, but I just could not put my finger on what it was. So to find out, I read books, went to seminars, attended online webinars, and studied all the cutting-edge techniques: the low-volume bars, the high-volume bars, the ultra high-volume bars, the signs of weakness, and the signs of strength. Yet on the live edge of the market, the concepts eluded me. Instead of trading, I found myself frozen with fear of pulling the trigger because I did not know if there were hidden buyers or sellers behind the bar.
  • Binary Options – Scam or Trading Methodology – They’re gaining attention among traders, but how do you trade them? Here’s one way to get started.
    Though binary options have been around since 2007, over the course of the last few years, they have seen a huge growth in popularity. For those who are new to them, binary options are simply short-term option contracts with a limited risk and limited reward amount.
  • Choosing A Binary Options Provider – While some traders instantly think “scam alert!” when they hear the words binary options, the truth is that binary options can provide excellent and profitable trading alternatives for volatile and nonvolatile markets. The key is choosing a good binary option provider. I’ll begin by look-ing at what binary options are and then offer a few guidelines on how to choose the best binary option provider.
  • Why do Traders Love Binary Options – The answer is simple—you can avoid most pitfalls that cause failure in trading.  The reason traders love binary options is simple. Most pitfalls that cause a trader to fail can be avoided with binary options. This gives the trader a greater chance of success. Most traders fail for one or more of the following reasons.
  • Trading the Non-Farm Employment Report – Trading the nonfarm employment report can be dangerous and result in a margin call if you are on the wrong side of the market. Here’s a better way to take advantage of high volatility using binary options.