Within most binary options platforms, traders now have the opportunity to create their own customized trade setups. The ability differs from making selections using pre-designed trades, which are typically selected by brokers based upon the most popular options within the platform. There will be limits even when using a customization tool. However, traders will be provided with many different options apart from the setups which are already being shown.
Brokers typically offer a large variety of underlying assets, but some may only be available for selection when trades are setup by the trader. There may also be additional options for expiry times and investment amounts. Each selection will provide an associated payout rate, which will automatically increase or decrease along with the level of risk. As a result, traders are allowed to create their own options according to their personal risk appetite and willingness to accept different levels of financial risk.
There will be some limits in place when creating customized binary options trades. These will include the ability to only use the provided instruments, assets, and expiry times. There will also be minimum and maximum investment amount requirements which must be adhered to. At times, optional trade features such as early close, expiry extension, and trade replication will only be accessible within a specific area of the platform. Should you plan to use any of these extras, take the time to learn where these features are located.
Not all traders use signals, but many do. Often, a customized trade will need to be created in order for all of the parameters to match the information provided via a signal or trade alert. Signals suppliers do not determine which options are supplied by a broker. Therefore, traders will need to consider trading with a broker which offers plenty of flexibility when it comes to setting up specific trades. Signals may or may not pair well with pre-designed trades, so be sure to choose a broker carefully should you plan to profit from these alerts.
Another benefit to custom trade creation would be the ability to create specific setups in accordance with various binary options strategies. Many strategies are quite specific in their instructions, requiring the selection of a specific instrument, underlying asset, and expiry time. The timing of market entry may also be very specific, requiring the ability to enter into a trade at a time that is not listed within the list of pre-designed trades. Here, customization can mean the difference between a profit and a loss.
Trade customization could easily be viewed as an option that is best left to experienced traders. Even so, the reality is that anyone who has mastered the basics should easily be able to create their own setups. Most brokers now have well-designed platforms which make it incredibly easy to use each of the provided features. Additionally, most provide very specific instructions for how to use the platform correctly. A higher level of control comes with the ability to design specific binary options trades, so do not be afraid to utilize a creation tool as often as you wish.