Great news from 24option: in addition to the binary options trading, now they also offer the traditional Forex trading.
The main difference is that you will still have long and short positions, but time won’t be a variable anymore, therefore you’ll trade without a deadline. You’ll be able to set the Stop Losses and the Take Profits to better satisfy your needs.
Let’s take a look at the 24option Forex section.
The OB60 video shows how to open a Short position and close it (with profit); and how to open a Long position closing it only once you reach the predetermined profit or the Stop Loss.
Past performance is not a reliable indicator for future results
First, register on 24option. When the account manager contacts you, ask him/her to activate the Forex section in addiction to a demo account.
Once your account has been activated, log in and click here (OB60 image)
When you are in the Forex section, you’ll see this screen:
As you can see, there are three main areas: underlying assets pane to the left, operational pane in the middle and chart pane to the right. Once you have studied the market and you have chosen whether you want to have a Short or Long position, you have to set the import to invest.
Let’s say you invest 100 euros. Unlike the binary options, this amount is purely indicative because it defines your maximum loss (Stop Loss for both Short and Long positions) and you can decrease or increase this value whenever you prefer.
As you can see in the first video, we invested 100 €. Automatically the PIP value became 3.57 €. This means that for each PIP in our direction (Short) we earn 3.57 €. If we increase the investment by 100€ (100+100=200€), for each PIP in our direction we’ll earn 7.15€. The investment value, besides defining our biggest loss, is proportional to the value of the (earned or lost) PIPs.
The video shows how to modify the Stop Loss, the Take Profit and how to close the investment when you prefer.
Regarding our first investment, we decided to close it before the Take Profit, quickly earning 11 PIPs . (3.57×11=39.27€)
The second investment shown in the video, has a Long position. In order to reduce the length of the video, you can see from the image, we didn’t show the closing result of 27 PIPs.
In this image, along with the two investments (with profit) shown in the video, you can see two more recent ones with profit. Please note that trading Binary Options and Forex/CFDs carries high level of risk and might not be suitable for all investors and you can lose all your invested capital
By trading with Forex you have many options for you to trade. One aspect that add to the traders succes is studing the markets carefully. You must be patient and interested. You need to avoid those who promise you an easy, effortless income with binary or traditional trading.
Binary Options and Forex/CFD trading involves substantial risk and may result in the loss of your invested/greater that your invested capital, respectively.