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Changing on the Fly

Sometimes when you see a particular trade, other things develop which make you change your mind and do something of the Opposite. During this trade of the day, the markets were in pretty much a steady downtrend. Although we were looking for solid put options throughout the morning nothing really developed in our favor. It wasn’t until late in the morning when we decided to take a call option only to change our mind and take a put option a few minutes later.

In trading you take your best opportunity and make the most of it. In this case, the call option we were seeking was at a good price point, but the price had already moved up in the direction we were seeking. Now that the price had moved up into an area of resistance we decided to take a put option which then led us to our trade of the day. This turned out to be at two PIP winner in our favor and was based off resistance in the past couple of hours. Sometimes you have to use the short term trading channel for your entries when the longer-term channels aren’t hitting the price points you want.

This wasn’t considered a trade you would put a lot of money in, but definitely had the comfort factor of becoming a winning trade based on the price action we had seen recently. In the end, we were able to stick with the trend of the day which was in the downside which actually turned out to work in our favor.

It’s not always easy to change your mind when you take a trade because you’re so adamant about how the price will move based on your research. A good trader will find the spots to make these changes and adjustments so they can have more winning trades and not so much what their thought process was. If your adamant about a particular trade you are letting too much emotion get in your way. Keeping it simple is critical when trading binary options.

We will continue our trades going forward all week so if you have any comments please post them below.

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