A quick buck is always nice, especially if you don’t have the patience to wait for a profit to come from any of your investments. When short-term gains are on your mind, it is worth looking towards the forex (foreign exchange) markets. Trading one currency against the other, there are many different avenues for would-be traders to explore, but how does it work?
Day trading, which is the art of opening and closing trading activity within a single day, is pretty simple to understand once you are in the groove. However, to make the most of day trading, it is vital that you choose the best trading platform. The binary options day trading app from ETX Capital is one worth looking at.
Profit in 60 Seconds?
This platform allows traders to do their work on each trade instantly. Also, it gives them the capability of opening and closing within 60 seconds. For those traders who want to capitalize on instant currency market reactions to major news stories, this can be seen as a godsend, giving it a leg-up over other platforms.
When using this platform, there are a few key pieces of information that traders need to know:
? “Binary options” means that, when trading, you either receive a fixed amount of money or nothing at all. You will receive money if your trade goes according to plan, but end up out of pocket if it doesn’t
? The app can be accessed via desktops, tablets and smartphones, for trading on the move
? This form of day trading is not leveraged. It means that there are no complicated sums where the amount you win from each trade is not multiplied
For the more risk-averse trader, binary options day trading is a happy medium. It can be done in short bursts, ideal for those who lead busy lifestyles. This type of forex trading also removes a lot of the maths that can sometimes get in the way of making an informed decision on whether to buy or sell against one half of a currency pair.
The convenience that comes with being able to trade via an accessible smartphone app will appeal to novice traders. Dipping your toes into trading is pretty easy with this app to hand, but to make day trading work, research is essential. Make sure to study the currency markets before trading and turn to live news updates before picking the right moment to trade.