I first started learning trading through TastyTrade and Nadex Binary Options. Bitcoins are available again on Nadex for binary weekly spreads.
I am Diversifying my Education in Trading by revisiting the Nadex Trading Platform. In this post I will be documenting my reintroduction to the exchange and the instruments to trade.
The first thing you'll see when you visit https://www.nadex.com/ is welcome page to explain options, you'll be offered a free ebook on how to trade options, and you'll see that bitcoin is available to trade. To continue please take the time to educate yourself with all the free training material including videos from Nadex. When you are ready, click on the OPEN AN ACCOUNT green button.
From here you will sign up the same way you would sign up for any other exchange. You can sign up for free and you will have access to a training account for free for a limited time. If you are ready to trade, the minimum is $250 or about two Litecoin. One can withdraw at any time back into one's bank account. It only takes fiat money at this time. One is not trading in actual bitcoin or any of the instruments either; one is only trading whether the price will go up or down.
So let's say you've logged into your demo account. You'll see something like this:
Top Rows ~
Indicator that it is a DEMO account and the bar is green. The LIVE account is blue. 'My Account' will lead you to your account preferences. Followed by a listing of your Demo Account balance.
Below that is an option to open a live account followed by Options to view different information useful to your trading: Deposit Funds, Market Filter, Market Finder, Watchlists, Open Positions, Working Orders, Order History, Tickets, and Charts.
Right Hand Column ~
Options for depositing into a live account via Debit or ACH.
A Market Filter with options to help you find the different time frames and instruments that best suit your trading strategies.
And a Market Finder. This is the most basic method of searching instruments and the one we will be using today.
Top Box ~
Within the top box are your Watchlists, Popular Daily Binaries, and Markets. On the screen here you can see the popular instruments being traded and their time frames. It is mostly Forex and Indices.
Organization of each row has the following columns: Chart, Time Left, Expiry, Bid Size, Bid, Offer, Offer Size, Update in time, and the Indicative Price.
Clicking on the Chart Symbol will bring up a chart for that instrument as you can see the chart for EURUSD here.
Bottom Box ~
This is where you will see the information displayed from the Top Rows. In this display you can see the Working Orders Tab and the Open Positions. In this case we have two weekly buy orders for Bitcoin and AUDJPY. We opened two bullish options that price will be above it's current price on expiration tomorrow, Friday.
The Chart ~
The Chart is a fully working chart for each instrument. You can choose indicators, candles, colors, use drawings, and adjust time frames. Your own personal trading strategy will determine how you make your decisions whether it is the orderbooks, technical analysis, fundamental analysis, or a combination of all three.
But for the sake of my personal journey, today I am going to be simply applying a mostly basic strategy of using moving averages, macd, candles, with support and resistance zones.
Available ~ $9,839.85 . Reserved $317 . Total Value ~ $11,064.60
So now that I know what I have to work with today. I am going to attempt document all of my working trades. I am using some information gleamed from fundamental and news analysis combined with the technical analysis I mentioned earlier. I use Trading View and try to stay in touch with Financial News from a variety of sources.
After spending some time scouting charts using our strategy, I settled on the following positions.
This is our new Demo Account Balance
$9,545 Available and $13,214 Total.
I am choosing a simple Binary Strategy for this Demo Round, meaning I am not planning on cashing out early, rather I am letting the binary options expire in 12 hours. I have chosen one contract for 11 instruments that expire within the next 12 hours. I chose ATM, At The Money, strikes to either buy or sell. I have 6 bullish and 6 bearish positions open. I am BULLISH on BITCOIN.
After 12 hours I will post the results of this demo strategy. In the meantime if you have any questions about NADEX Binary Options you are welcome to leave a comment.
NADEX | Acorns | Coinbase | Binance | jacobts2
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