Making the Best of ForexFactory.com for Binary Options Trading
As trading activity continues to move from the trading floors and into online discussion communities, it is becoming increasingly important to be aware of the market chatter that floods the internet. As the more traditional news media is quickly finding out, the most current “news” is actually known and visible on the web much more quickly than it is on traditional outlets. So for traders looking to capitalize on fresh market opportunities as they arise, news and social media resources on the internet are the way to go. This is a trend that is not likely to end any time soon.
What’s ForexFactory? Why Do People use ForexFactory?
One of the newest entrants into this online arena is ForexFactory, which has a broad user base and caters to the latest developments in the Foreign Exchange markets (Forex). The rising prominence of Forex trading is undeniable, and ForexFactory offers forum discussions that allow traders to interact and discuss the latest news, trading strategies, pair recommendations, technical analysis indicators, and market education. At this stage, we are seeing many sites that seek to offer these types of outlets for traders. But before making the decision to “bookmark” any of these pages (and, more importantly, to visit them on a daily basis) it is important know which sites actually offer the essential information you will need to make successful trades on a consistent basis.
How can a Binary Options Trader Benefit from ForexFactory?
Traders that will benefit most from a site like ForexFactory are the ones that have a need to interact with other members of the Forex community, with immediacy and accuracy. This applies to an even larger extent to new traders. Trading on your own with little or no outside help or discussion is a recipe for disaster, so the ability to interact with like-minded members of the community can be immensely valuable — not only in terms of increased knowledge but in protecting your account balance as well. This applies to more experienced traders as well, because if we have any hope to understand the underlying bias and sentiment that is present in the market, we need to talk openly with other traders.
But for newer traders, the benefits can be substantial. Any reputable site that offers an intellectual discussion about the pros and cons of tested technical analysis strategies should be regarded highly. Any new trader that enters into positions with real money should have the ability to learn from the experts and discuss potential trading strategies with their peers before risking any capital.
Why CommuniTraders is the answer for binary options traders who enjoy ForexFactory?
But the main question here is: Which trading groups most closely match my personal investment goals? Forex trading has risen exponentially in terms of prominence, and this will mean that websites like ForexFactory are particularly applicable to a larger number of traders. But what needs to be understood here is that Forex is nothing more than an asset class, and in that way is no different than stocks or commodities markets. This has almost nothing to do with the trading strategy being implemented. For this reason, a site like ForexFactory will only have a limited benefit for traders that focus on Binary Options.
What separates Binary Options from all other trading strategies is its focus on price direction and expiration date. These parameters are not something that sites like ForexFactory can generally handle, as spot forex trading is not focused on these areas with the same level of interest. For these reasons, Binary Options traders will need to find other sources. Sites like CommuniTraders offer all of the benefits of ForexFactory but streamline those benefits to meet the needs of investors with a focus on Options. The forum discussions at CommuniTraders allow Binary Options traders to discuss fundamental and technical strategies in real-time. This means that Options trades can be based on news releases, important economic data, and short term chart patterns as a cohesive unit.
Another benefit of the site is that in addition to short and long term market analysis, members also have access to specific trade ideas — complete with price entry levels and expiry times. These trades can be copied and the experts designing those trading positions can be asked about their specific reasoning behind those ideas. For new traders, these are some of the best lessons that can be learned and this knowledge can be applied to your own trading ideas later down the line. Furthermore, these expert trading ideas will allow you do actively play the market without the level of risk that typically accompanies new traders in the early phases of their careers.
Conclusion: Stay with the sites that most directly meet your needs
So, while a site like ForexFactory is great for traders that focus mostly on currency positions, those with more of an interest in Binary Options will still need to find a site that more directly meets their needs. To achieve this, CommuniTraders has a lot to offer. A wide library of instructional articles comes with an active discussion community that can be used as the basis for knowledge-building, trade positioning, and strategy testing.