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
- 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).