Binary Options Place team
The 60 seconds “Turbo” Binary Options trades are fast, risky, exciting and fun. You have to think quickly and act quickly - there are benefits as well as drawbacks to trading this short timeframe.
You could theoretically make more money in one minute than others make the entire day, however losing is just as quick. Therefore you need to ask yourself if you like the fast pace and excitement of turbo options, or prefer to do more analysis and spend more time searching for trades and executing them.
Not all brokers offer this type of trading. Fortunately enough, there are a few regulated brokers who do offer them. Among the brokers we already tested and verified as honest, you can find: GT Option as well as Banc de Binary.
This is how 60 seconds trades look like in GT Option's platform
Advantages of trading 60 second options
One of the most difficult things about trading is having to monitor your trade for long hours or days. While prices go up and down, you see your profits and losses growing or declining, without knowing what the end result would be. This can be nerve-wreaking. 60 second options relieve you of the stress of having to watch a trade for long hours, and that is a big advantage.
Another problem of longer timeframe trades is that the longer a trader watches their trade open, they tend to second guess themselves. They end up making stupid decisions which they would not have made while testing their strategy.
Sometimes, merely seeing a trade get into profit or loss can cause a trader to panic and exit the trade before expiry time, at a loss or at a significantly lower profit than expected. Many times, the trade would have exited at a nice profit, had the trader just left it alone.
Another obvious advantage is that you can do a lot more trading when expiry times are so fast, so if you have a winning strategy, you have a lot more profit opportunities and hence bigger profit potential.
Challenges Trading 60 seconds options
Trading more quickly can open up more trading opportunities, but it can also lead to quicker losses. That’s the reason that 60 seconds binary options trades are considered double-edged swords. You can win quickly, but you can also lose just as quickly. If you’re investing a lot of money on a tiny price movement, just think how little it takes to also lose your investment.
That’s why we always advice investing only a small amount per trade. If you are successful, your profits will grow very nicely even with small amounts, while keeping a small risk.
Quick trades are more suitable to people who like adrenalin rushes and fast action. If you like to thoroughly analyze before entering a trade, and think through every move you make, 60 second options are not for you.
For beginners it might be better to start on a longer timeframe such as 30 minutes, an hour or 1 day. If you make a mistake while trading a longer timeframe, you have hours or days to figure it out and fix it. If you’re trading the 60 seconds expiry, you could get carried away and burn through your money quickly, having a series of trades turn against you.
Tips For Trading 60 seconds Binary Options
Before using charts of the shorter timeframes such as 1 minute or 5 minutes, look at the daily chart to determine if the trend is up, down or sideways. If you trade in the direction of the trend you’ve found on the daily chart, you increase your chances of having a successful trade. Once you know the general trend, you can switch to the shorter timeframes and look for entry points.
Another important tip is to know when to stop trading. Because you can make a lot of trades in a short amount of time, there is a risk of getting carried away. After you’ve had a few winning or losing trades in a row, it is best to stop trading for the day, to avoid letting fear, greed or ego take control of your trading. Always trade when you’re calm and feeling well.