60 Seconds Options? Do Not Get Confused with Spot Forex Trading!
The forex minute is just another name for 60 seconds binary options. These are highly risky binary options with just 60 seconds until expiry. Sometimes because they are called forex options they are confused with spot forex trading. Google and other search engines have an especially hard time distinguishing between the two.
What Am I Doing Wrong?
I have a friend, lets call him Ted, who really wanted to get into this new thing he had heard about called “minute forex” or forex minute trading. His buddy at work told him about quick returns, limited losses and big payouts. He was interested. Ted began his research on the forex minute with the best of intentions but was soon frustrated. He could not seem to find what he was looking for. The very first thing he found was a site called ForexMinute, this was not what he wanted. After digging deeper he found some forex strategies for trading short term positions, some as short as one minute. This wasn’t exactly like what he had heard either about but it was a little closer, a little. Ol’ Ted, slightly confused by what he found, soon began trading. He opened his forex account, focused on one minute strategies, traded some positions and soon learned that something wasn’t quite right.
Needless to say Ol’ Ted soon found himself loosing his ass. Option scalping (which is what he discovered by accident) and ultra short term trading are highly risky forex strategies. Forex and binary are not the same. What really got him were the draw downs in his account. Spot forex has unlimited losing potential compared to the fixed losses of binary options. This was definitely not what he had heard about. Ted had been attracted to predetermined profit and losses along with the security that no loss would be greater than the original trade. That was not what he discovered trading forex minute positions. This is when he came to me.
Are you Sure you’re looking for the Right Term?
It did not take me long to figure out where he had gone wrong. He meant 60 second binary options, not forex minute. Forex minute does not exist, it is not a type of forex position. Ted had used vocabulary words, that while describing the same thing, did not provide the same search returns. If he had searched for 60 second binary options, or simply 60 second trading, he would have found information more along the lines of what he was looking for. By using the words “forex” and “minute” in his search Google provided the top returns for forex minute. Thankfully Ted had me to set him straight, and thankfully you all have BOTS to help set you straight. When you are searching for binary options you must use the right terms, just because you can trade one minute forex binary options doesn’t mean that a search for one minute forex options will provide you the same information.
What are 60 second binary options. These are an ultra short term binary option with only 1 minute until expiry. As a trading vehicle they are the most risky of all the binary options because of how short the trading time is. Most brokers will offer some form of trading like this and may call it speed options, turbo options, short term options or simply 60 second binary. Regardless of the name it is the same thing. Binary however is not the same as forex so if you’re looking for the forex minute you better do so at a binary options broker.