TurboXBT is particularly attractive to traders who are looking to get high yields within a short period. It supports 17 of the top crypto assets, all of which are available for short-term trading. The platform boasts an assortment of tools to give traders the upper hand, but in order to use them to their fullest, it’s essential to understand some strategies. One of which is the 60-seconds strategy.
You may be familiar with this if you’ve been trading for a while. But for newbies, it might be a little confusing. Here, we’ll take you through the basics of this strategy.
Meaning of the 60 Seconds Strategy
The 60-seconds strategy is a particular kind of short-term trading. Typically, you invest in an asset hoping it will be profitable in the long run. Whereas with binary options, you wager on whether the asset will increase or decrease over a specified period. In this strategy, that time frame is only 60 seconds.
This approach is effective for both novice and experienced traders. Nevertheless, remember that the outcome of any trade can never be predicted with absolute certainty. There is always a chance of a loss.
How to Use The 60 Seconds Strategy
Technical indicators for 60-seconds strategy can improve your trading results and help you make better decisions. In addition, it is worth paying attention to an asset’s support and resistance levels, as well as its average highs and lows. The price tends to move toward one of these lines, and you can use that to predict where it will go next.
This approach is most effective when price action is within the range defined by the support and resistance levels. When a price breaks through a significant level of support or resistance, it’s a good idea to wait for a new level to form before resuming trading.
As you gain experience with support and resistance levels, you’ll want to start using moving averages. These can help smooth out tiny fluctuations in price and make it easier to determine an upward or downward trend.
Conclusion
These are the basics of the 60-seconds strategy. With this, you’re ready to go and try it out when trading. Remember you can always test your trading strategies with a demo account before using real money.
