60 second options are one of the most unique features of binary options trading, and they carry a lot of potential for making money in binary options trading South Africa. These move fast, have low costs of entry, and when assets are moving in a predictable fashion, you can create large profits in just a short amount of time. If you want to take advantage of these, you need to have a firm grasp on what they are, and how to take advantage of the benefits that they offer. And you need to do this all without falling prey to the common mistakes that many short term traders make.
The Basics of 60 Second Trading
What are 60 second binary options? They are pretty simple at first glance. You look at an asset—usually a currency pair from the Forex market—and predict whether it will go up or down in price over the next 60 seconds. This by itself is a simple task, right?
It is until you start thinking about how short of a timeframe 60 seconds really is. One minute of time does not give you an accurate look at how an asset moves. In fact, when dealing with currencies, there is a strong chance that you are going to come across a good deal of anomalies in price movement. Over the course of a day or even a few hours, these tend to get smoothed over. But in just 60 seconds it is really easy to have your outcome influenced by factors that wouldn’t make a dent on a daily chart.
And when you start making several of these trades per day, things get even more complicated. Because of variance, it is possible that you make your trades based upon good data, and still end up on the losing side of things. Strong money management skills and a recognition of risk factors are both needed in order to protect your capital from this. These are universal skills, and not just concepts limited to traders in South Africa. But because binary options trading is so new here, and because of the fact that many brokers are encouraging residents to create accounts, these details are often ignored. If you want to be a successful trader, you can’t just skip the basic concepts that will lead to success.
Which leads us to our next point…
Hints to Get Ahead
A lot of traders in South Africa are looking for hints to get ahead in their binary trading. That’s a good thing! You should be looking for tips and tricks to improve your trading. This is a sign that you have the desire and the drive to be profitable here. But trading isn’t something that comes naturally to the vast majority of people simply because it can be so tough to watch your money levels go up and down and remain emotionally uninvolved.
We recommend starting out by reaching out to other traders, especially those that focus on 30 to 120 second binary options. There are plenty of online forums with traders from all over the world sharing what works for them and what doesn’t. With social media, you can even get in touch with traders and keep trading groups going forward with perpetual discussions. There are plenty of binary options South Africa Facebook groups going, and you are bound to find a few that fit in with your needs as a trader and your personality.
There are other methods for becoming a better ultra short term trader. You can sign up for a signals service. These can send alerts to your phone so you can even take out 60 second trades when you’re on the go with your brokers. There are also trading robots that will execute trades for you automatically based upon the level of risk that you indicate. These are compatible with many brokers in South Africa, including the IQOption robot.
Also, it is helpful to keep furthering your own education. All of the brokers we recommend have strong education sections on their websites. These include blogs and news articles, classes, and webinars. All of these are intended to help improve your skills as a trader. If you want to focus on 60 second trades, make sure that you are heavily using the special sections dedicated to ultra short term trades.
Looking to Create an Account?
If you want to trade these ultra short term options, but don’t yet have a trading account, we recommend 24Option, Banc de Binary, and IQOption to traders based out of South Africa. These brokers all have high levels of regard, they are well regulated, and they accept payments from clients here, including several e-wallets. These include Skrill and Neteller South Africa. You might want to check out our other pages on creating an account and how to fund it for more information on this topic.
A Final Thought on 60 Second Options
Trading binary options in South Africa, or anywhere else, can be very risky at times. When you trade 60 second options, that risk can often be multiplied simply because it is easy to execute so many trades in such a short amount of time. If you treat your binary options trading in this manner, you are likely to lose money over the long run. Just like with regular expiries, these carry risk with them, and because the brokers listed above tend to have smaller rates of return on these types of trades than they do normal expiries, it is even more difficult to make a profit. There is a lot of potential to make money here, we just urge you to move forward with these with a degree of caution.
In order to get an edge on 60 second options, ask your broker’s customer service department about using a demo account. This is one of the perks that most brokers offer to South African traders, regardless of account size. While this won’t make money for you directly, practicing with a binary options demo account will help you get the real time practice needed to master the tough concepts that short term traders need to know.