One of the most difficult things about trading is having to babysit your trade for hours and sometimes even days, depends on the expiry time you selected when buying the option. With 60 second trades, you are freed from the stress of having to watch the market for long hours, watching your profits or losses go up and down.
Another problem of longer timeframe trades is that the more a trader watches their trade open, they have a tendency to second guess themselves. They end up making stupid decisions which they wouldn't normally have made while examining their strategy.
Occasionally, merely seeing a trade get into gain or loss can cause a trader to panic and close the trade before expiry time, at a loss or at a significantly lower profit than expected. Many times, the trade would have seen profit, had the trader kept it open.
Another obvious advantage of 60 seconds options is that one can do a lot more trading when expiry times are so fast. When you’ve got a winning strategy, you have a lot more profit opportunities.
Alongside the profit potential, 60 seconds can also mean one loses just as quickly. That’s why it should be practiced only by someone who has some experience of trading, and trading according to a strategy that has been tested and proven to work (for example on a demo account).
It is also tempting to trade high amounts per trade with 60 second options, however we recommend using low amounts per trade – this is the best way to grow your investment steadily.
Quick trades are more suitable to those who like adrenalin rushes and excitement. 60 second options aren't for you if you enjoy thoroughly analyzing before entering a trade, and think through every move you make.
If you are a beginner, consider starting with a longer timeframe such as half an hour or one day. You could get carried away, if you’re trading the 60 seconds expiry and find yourself burning through your money fast, having a chain of trades turn against you.
Before entering a 60 seconds trade, it is advisable to expand your view to a higher timeframe, and not limit yourself to looking only at the 1 minute or 5 minutes charts.
When you look at higher timeframes, you’re able to see the general trend, and trade only in the direction of the trend, which will boost your chances of winning the trade.
Another important tip would be to know when to quit trading. There's a danger of getting carried away because you may make a lot of trades in a brief period of time. Therefore, always trade turbo options when you’re calm and ready for the challenge.