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Trading GBPJPY Binary Option

Every once in a while Binary Option traders make a mistake. This time the trade taken hasn’t been done in several months. We usually look at the euro and the pound dollar, but this time we saw a nice set up on the up pound yen. The price came up to the pivot point at just the right time to take a put option. Once the trade was entered the concern set in pretty quick.

After the trade was entered at 9:15 this morning we realized shortly after that the expiration time was at 9:45 AM. We then realized that a 15 min. expiration trade turned into a 30 minute expiration trade. The good news about this mistake was that in the 15 minutes from the point of entry the close of the trade would have given us a 12 to 15 pip winner. The better news is when the trade completely ended at 9:45, the trade was in our favor by a significant amount, giving this put option a win.

Mistakes that traders make happen all the time. This one was no excuse, but when you have a lot of things going on you really need to pay attention to certain things, like expiration times and price levels. Fortunately we were able to escape this trade with a solid winner based on our original trading idea around the pivot.

The video below will explain what happened in detail and allow you to assess the situation and see if it has ever happened to you before. If you have any questions or comments please leave them below.

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