Build Your Own Binary Options?
Binary options trading has become more complex and involved these days than it was when the practice first came on the scene. Now, option traders have more options, so to speak, when it comes to binary option strategy for currencies, commodities, stocks, indices, and more.
One of the methods that has evolved is one that allows you to essentially build your own binary options trade. This relatively-new method has caught on and has become quite popular in the markets. This article will talk about building your own option – how it works, what it does, and what popular trading platforms allow you to do just that.
All About Building Your Own Options
On most trading platforms, you are given assets to choose from, expiration dates, and rates, along with two choices: Call or Put. There may be a lot of variety, or may not be. Either way, you are essentially limited to what is given to you in the user interface.
Some option traders think this is too limiting, and prefer more mobility when they trade binary options. Therefore, building your own options became popular, and for good reason – you essentially make your own binary option strategy.
Basically, you are given certain choices in the user interface that allow you to pick your asset of choice (be it forex options, commodity options, or others). Once you select the asset, you then choose the trading method, such as Range, One Touch, High/Low, or others.
You then choose the payout, the expiry date, and the amount of investment. The broker will often price your bid before you make it, giving you the cost of your trade. The rest of the trade proceeds as usual.
Why Build Your Own?
When option traders elect to trade binary options via their own design, they are looking for greater control over what exactly they are trading. Binary options often are limited by nature. After all, the term literally means only having two options. But, there are a lot of categories out there, and a lot of different ways to place a trade. Selecting a binary options platform that allows you to trade binary options through customizable processes means you can create your own binary options strategy on your own terms.
Where to Go and What to Do
Building your own options is becoming more and more popular, but not everyone offers that opportunity. You have to find a trading platform that allows this type of binary options trading. BetOnMarkets.com offers a trading platform that allows you to build your own options through a template that gives you an incredible amount of control over what you do. TraderXP offers its “Option Builder” feature which allows the trader to customize the asset, payout rate and expiry with a very intuitive user interface so traders can decide how much risk they want to expose themselves to in their option trading.
Check your favorite binary option platforms for customizable binary options trading. It is not always available, but soon, more brokers may begin offering the feature.
Starting your career in customizable binary options trading means you have to have a pretty good grasp on the fundamentals of the business, including understanding the various types of trading. But it offers a degree of flexibility and freedom that other options lack in this day and age.