Charting and technical analysis are crucially important parts of any kind of trading. This is just as true with binary options trading as it is for any other kind. And unfortunately, brokers themselves just can’t offer the kind of higher end charting software that the large retail investing firms can. It’s just not in the budget. Maybe in several more years as the binary options market continues to grow, but for now we have to live with what we’ve got. If you want to be a profitable trader you should be using the best binary options charts available to you for your trading and technical analysis.
There are a couple different opinions on which is really the “best,” but you won’t go wrong by using either of the top two contenders for the title: TD Ameritrade’s TOS platform, and MT4 for FOREX binary options trading. The ThinkOrSwim (TOS) software is perfectly capable for FOREX trading as well but if you are used to MT4 from your FOREX trading then you may prefer that. However, you’ll still need the TOS platform for the other asset classes.
These are both completely free options which offer streaming, real-time quotes. Not the delayed quotes available most places. The ThinkOrSwim software with free real-time quotes is available for all non-professional traders. You simply need to sign up for an account with TD Ameritrade to access the platform after downloading. But you don’t actually need to fund your account with any real money for access. You just need the login details that you’ll get from creating an account.
DON’T use the “paper money” platform. That platform uses the delayed quotes that they are legally required to show to non-customers and professional traders. This is why you need to sign up for a real account with TD Ameritrade. It’s what gives you access to the “real-money” platform that has the real-time quotes. Which you obviously require for real trading.
If you are trading binary options using the charts your broker provides, you are doing yourself a huge disservice and probably leaving money on the table. It’s free and it’s incredibly helpful so why not take advantage of it? Other profitable binary options traders sure are.