Forex vs Binary Charts

Foreign Exchange

Forex Pair Chart prices will always be slightly different from other forex pair charts.This is the nature of the foreign exchange. The web charts used by most binary dealers are terrible for doing any kind of analysis with but they clearly state the numbers they will do a deal at. Binary traders must use another set of pair price charts beside the platform provides. Even if the platform does provide charts, I suggest you use a non-biased price chart provider like Netdania or someone not related to the broker. You can keep them in check this way. If you don’t like the price your dealer has, then you can hold off and not trade.

Foreign Exchange

You work with what you have.

Foreign Exchange

There is no fixed foreign exchange price. Weird eh? There is no exchange in the foreign exchange! Just like the Federal Reserve who is neither federal or a reserve. ( Thats a whole blog in itself.) Banks come in all shapes and sizes. They operate everywhere and have never been subject to reporting to a central authority what prices they do deals at. That is determined by the buyers and sellers within small private networks called intranets.

Since there is no central authority over prices, the dealers try to create what they think reflects the “real” price. It is not easy to do. All Forex brokers and Binary dealers make up their own price data. They have to.

Every broker or dealer has different prices for clients under various situations just as they receive different prices from several banks. They have to work with what they have. In this type of situation, you need to make more than one or two pips in trading any of the derivatives in order to feel comfortable that you have won or lost. These squabbles from people about brokers or dealers mostly have to do with tiny deviations. They compared so and so’s char with the brokers and lo and behold, the terms of service agreement comes out.

It does not matter how many broker platforms and charts you stack against each other, they will all vary by a bit. Some more than others. You can yell and scream but if you are going to last in this business you work with it and carry on.

Foreign Exchange

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When you put a binary trade on, don’t think in terms of micro-pips. If you need a regulated price then only the markets that have an exchange can accommodate you. They have a regulated currencies market in futures.

Do not think of options money as a replacement for forex money. If your goal is to take thousands of dollars out of the binary market a week or day, forget it. The forex market will take on the larger traders easily while the binaries type of market is smaller with easy math.

Trading Options when things are slow is not a good idea. Most of the time the brokers are pretty well in line with each other and the good ones do make an effort to be close to what they feel is the general price at the time. They have their clients to contend with at the end of the day.

Options traders often use another charting platform like NetDania or MT4  so they see the prices next to each other, notice the difference and automatically assume the binary dealer is at fault and the Forex broker is somehow more authoritative. Not so! Remember the intranet?

Get a reputable binaries dealer and don’t squabble over a pip or two. They all vary in price by a pip or two. Most importantly, don’t try to take out huge sums of money or they will notice you. Keep your head low and make a few great calls or puts a few times a week. If you feel you are getting good at predicting currencies or metals or whatever, then get a properly funded forex account and begin making larger amounts of money.

Forex data feeds

In regulated markets there is only one official price.Market data is provided by the exchange directly to the trader. The broker provides the interface, not the data. Everyone has the same price. Not so with forex and binaries.

Forex and Binary brokers fix the interface to the data.  You cannot choose a different data feed officially. The only price to worry about is the one on your platform.

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