Forex Figures

How did you first get into the Forex trading world?

I sold my offline business when I hit the big 40, semi retired & moved with my wife & young family to live in the sunny Canary Islands. I then discovered that you need more money when you have so much free time & and a beautiful climate. I needed to find a way to earn a substantial income & didn’t want the hassle of running a conventional business, so I turned to the internet.

How long have you been trading Forex?

It took me 3 years to learn how to trade successfully. After 5 years I started to teach & mentor others. I am now starting my 9^th year of Forex trading.

What platform do you use for your own trading?

I use MetaTrader4. I have used other platforms but the charts are nice and clear and it’s easy to teach others how to use it.

Do you trade based on technical analysis or fundamental analysis?  Or news?

I am a technical trader. I have always paid attention to scheduled news and avoided opening trades when it’s due but that was the limit of my fundamental analysis. However with all the Euro chaos in the last 18 months I have been paying a lot more attention to what’s going on in the financial world. I do not   trade the news per se and never trade on NFP Fridays.

What currency pairs do you focus on?

I concentrate on the GBP/USD, EUR/USD & EUR/GBP.  I am English but live in the Eurozone. I recommend to my students that they concentrate on their own currency if possible. They read the newspapers and hear the “word on the street” & therefore are already more knowledgeable than many experts.

What type of trading strategy do you use?

Everything I do is based around the core fundamentals of support & resistance, both fixed & moving (emas). I always aim to trade with the trend but have successful options if markets range. I never try pick tops and bottoms.

What was the catalyst that transformed you from a struggling trader to a consistently profitable one?

I struggled for 3 years. I have never been interested in gambling and yet after a couple of years I was showing many of the traits of someone with an addiction! I found the discipline & rule-following the hardest area to conquer. Eventually I took a break. I KNEW there was money to be made but I needed to take some time off and devise a clear strategy. For me patience, discipline & the ability to follow the rules are the keys to succeeding at Forex.

When did you launch your website?

I launched my free site in 2008 & then forexmentorpro.com in late 2009.

Why?

I was trading and making lots of money but I was bored whilst waiting for trades to set up. I taught a few local people how to trade and then started a blog where I shared tips and advice via twitter and the blog.  I had originally paid $3300 for a DVD course (what was I thinking?)! I knew I could do a far better job and for considerably less.

What made you change from Forex trader to Forex trainer?

I had been trading for 5 years. I trade from 4 hour charts so had long periods of inactivity, hence starting the blog. I found that I enjoyed helping people succeed and saving lots of people from all the scammers and junk products that we all know about.

What would you say is the most helpful part of your website?

Apart from the educational resources and analysis the biggest, most popular section is the members only section of the forum.

Why?

It’s run by full time professional trader Pierre who is on hand during the London & early New York session to share tips & advice. Members can share ideas and strategies. There is no negativity and experienced members are genuinely willing to help.

What makes Forex Mentor Pro different than other Forex courses?

Its high quality with great support but is ridiculously cheap. The Forex mentor program has over 40 educational mini videos to teach people how to trade but the biggest benefit for members is that we show the day before what we expect to happen in the markets, why and how we intend to trade it. I am known for being spookily accurate with my projections J.

What type of people register to your Forex forum?

It’s a spam free forum (every member is vetted). We have members who have graduated and become pro traders who are then happy and willing to give something back. There is no room for wingers and negativity – only a genuinely helpful ethos.

What makes the forum helpful for new traders? Experienced traders?

New traders can ask any questions without fear of being ridiculed. They can rub shoulders with lots of people who have been where they are now. For more experienced traders it’s a chance to connect with others (trading can be a lonely past time) and help others if they choose.

Any final thoughts or words of encouragement?

Forex can be a very profitable business, BUT people need to treat it as a business not a hobby if they wish to be very successful. Those coming into Forex expecting to get rich overnight will be disappointed. It takes time, effort and commitment, but the rewards can be brilliant if you can crack it.

Investing money online is a complicated business – if it were easy, everyone would be doing it, and retiring from their stressful day jobs to make millions from the comfort of their own homes.  Still, there are many ways in which you can invest online.  Forex trading, of course, is one of them, but it’s not the only way to invest money online.  In fact, for most people, Forex trading requires a lot of technical knowledge and skill, which many people don’t have (at least not initially).  If you’re tired of losing money in the Forex market or are looking for an alternate way to make money online, check out the options below, and consider trying some out to see if they’re right for you.

• Investing in the stock market – If you’re not looking for a quick profit, but are willing to wait things out over the long term, investing in stocks may be a good option for you.  While there are ways to identify stocks whose value may increase quickly, many people who invest in stocks prefer a long-term investment strategy.  Buying stocks online is easy and relatively affordable, with many brokerages allowing for some free trades or charging only a few dollars per investment.
• Pair options trading – If you’re interested in the stock market but don’t want to wait for a long-term investment to mature, you can consider pair option trading, which is a relatively new way to make money online, and quite an exciting one.  With this type of trading, brokers such as StockPair allow traders to predict which of two stocks will perform better in a given period of time.  If the trader predicts correctly, he earns the stated payout in a matter of minutes or hours.
• Binary options trading – Like pair options trading, this form of trading lets traders make predictions about how certain markets will fluctuate within a defined time period (usually a few minutes to a few hours in length).  Traders can choose from stocks, currencies, indices or commodities and make decisions based on their knowledge of the markets.  Binary options trading requires a much lower minimum deposit than Forex trading making it ideal for traders who are afraid of risking too much  money at the outset.
• CFD trading – The most similar to Forex trading, CFDs (or contracts for difference) are derivatives products that allow traders to profit on live market price movements without having to own the traded instrument.  CFDs, like Forex, require traders to have a keen knowledge of the market, and, to truly succeed, will likely require some understanding of technical indicators.

Have you tried any of these methods?  How did it go?

It seems as though Tadawul FX is not the only Forex broker looking to expand the technical provisions it offers its traders.  Markets.com, a top-rated Forex broker regulated by CySEC and MiFID has recently acquired certain parts of Strategy Runner, a Forex technology company that had only recently been acquired by the troubled MF Global.

Strategy Runner is a service that offers both an advanced charting package and a strategy exchange through which retail Forex trader scan choose from a dizzying array of trading strategies, predominantly (though not entirely) in the futures industry.  In the new deal, Markets.com will acquire both technology and staff members from Strategy Runner, in a move that shows the brokerage’s desire to remain at the forefront of the world of Forex technology.  Strategy Runner was acquired for the second time for a pittance, as compared to what MF Global paid, though the team is likely relieved by the bailout.

Markets.com, known for its continuing efforts to lead the Forex world, will likely put its new team and savvy to new use, and we look forward to reporting about future achievements of both of these newly-merged companies in the upcoming months.  But as of now, Markets.com has not publicly announced its plans, leaving us to wait with anticipation to see what exactly is in store.

The Autochartist tool has long been one of the most popular charting tools for Forex traders worldwide, and Tadawul FX, a Forex broker regulated by both CySEC and BaFin has just announced its provision of the Autochartist tool to all live account holders with a balance of $50 USD or more.  Both new Tadawul FX traders and existing clients can take advantage of this new offering.

As a Forex trading tool, Autochartist is respected for its ability to integrate beautifully with MT4 platforms, and to identify a plethora of price chart patterns including wedges, triangles and head and shoulders formations.  These trends can be identified by the Autochartist for over 3000 trading instruments, though Tadawul FX, like most brokers don’t offer trading for all instruments served by the Autochartist.

The Autochartist software has been known to identify at least 70% of all emerging trends, and it is popular because it alerts traders immediately as a formation appears, allowing traders to take action as quickly and efficiently as possible.  Tadawul FX has long been working to serve the needs of all traders, and to make trading possible at any time.  At the end of 2011, the company began offering mobile trading, and the offering of the Autochartist tool is another way that Tadawul FX responds directly to the needs of its traders.

Stavros Yiannakou, the Chief Executive Officer of Tadawul FX summed it up by saying: “At Tadawul FX, we are committed to ensuring our traders have the best tools available to keep them well informed on the markets  and help them trade as efficiently as possible. This latest addition to our trading services, following the launch of our successful Meta Trader 4 mobile trading applications, is again a key tool for our traders to quickly spot trends and trading opportunities they wish to invest in or opt out of respectively.”

Neil Norton is a full-time trader and co-founder of the TheForexRoom.com. The room educates traders on Neil’s own divergence strategy and calls live trades during the London session from 7am GMT that aims to capture dozens of pips daily. DailyForex.com caught up with Neil and we discussed his journey into trading, his trading room and how he views the markets.

Questions about Yourself

[DF]  What’s your professional background outside of trading Forex?

[Neil Norton]  I’m an Entrepreneur: I have built many businesses from scratch; the last one was an online retail business for consumer electronics.

[DF]  Where did you grow up?

[Neil Norton]  South London, UK

[DF]  How did your journey into Forex trading begin?

[Neil Norton]  I was looking for my next venture when I saw something on line. It was a live trade where they guy bought GBPUSD at £1,000 per pip & set a target of 20 pips. Looking back on it, it was a very basic pivot pop trade that I used myself for a while. Anyway he took profits at +19 pips (i.e. GBP £19,000 profit less spread) a few minutes later and that’s good money in anybody’s book with what seemed very little effort. If someone can do something then anybody can do it (as a basic principle of NLP). Little did I realise how hard the journey would be. I took the normal route of reading all the books on trading I could find, went to various seminars, some costing thousands of pounds but eventually realised that the only way to learn properly is to trade live. This was a very costly education but worth every penny.

[DF]  What interests do you have outside of trading? Do the skills or mental requirements overlap with what you need to be a good trader?

[Neil Norton]  I practice various martial arts including Muay Thai and kickboxing amongst others. I believe this helps with self discipline which is obviously crucial to any Forex trader. I also enjoy extreme sports such as skydiving; again I think this helps in trading as some people may have a tendency to hesitate when a trade sets up. I have seen this in some of the people I have mentored. I am doing a Psychology degree in my spare time; I believe this will help with the understanding of how the mind works and emotions during the trading process, as well as other things. 

[DF]  What drew you to trading in the first place? And why Forex, and not say futures?

[Neil Norton]  Realizing that the online retail market was becoming saturated with costs increasing and profits decreasing, I looked for a venture that would return me to me the high income that I was used to. I was also looking for something I could do all over the world and that was not dependant on my age. Trading ticked all the boxes.  I traded US & UK stocks when I started out but they moved too slowly and price action was too random. Also, the market makers are the main winners in that game what with gap-ups & gap-downs, earnings etc. Because I trade from the charts (price action) and I am primarily a technical analyst, I found Forex respected the rules amazingly, i.e. support resistance, breakouts, candlestick patterns etc. Once I was trading forex and making money consistently, I didn’t try to trade anything else. As the old saying goes, “If it ain’t broke then don’t try to fix it.” 

[DF]  Would you say you’re a full-time trader?

[Neil Norton]  Yes I trade full-time; I start at 6.30am and I normally trade through to around 4.30pm working Monday to Fridays most weeks. I have been full-time for the last 4 years. (5 years in all as I spent a year part-time trading/learning.)

[DF]  How long have you been trading the way you have now?

[Neil Norton]  I developed my core system about 3 or 4 years ago.

Trading Questions

[DF]  Which currency thepairs do you focus on?

[Neil Norton]  EURUSD, EURJPY, GBPUSD & AUDUSD (I will trade most major pairs if there is nothing on the 4 main pairs but a setup develops on something else).

[DF]  Do you trade markets outside of Forex?

[Neil Norton]  Not any more, I traded UK & US stocks for a while about 4 years ago.

[DF]  What platform do you use for charting?

[Neil Norton]  Various but mainly MT4.

[DF]  What timeframes do you use?

[Neil Norton]  4h, 1h, 30m, 15m, 5m & 1m, most trades are taken from the 30m & 5m charts.

[DF]  How long do you hold a typical trade?

[Neil Norton]  The 30m trades can last from under 30m to a few hours. When scalping I may be in and out of trades in a few seconds to a few minutes.

[DF]  Do you ever hold a position overnight?

[Neil Norton]  Rarely but if a position is developing well, I will leave with the appropriate stop.

[DF]  What kind of stop-loss size do you keep in pips?

[Neil Norton]  Normal stop is around 30 pips, it can go up to 70 pips but it all depends on the price action at the time of the trade & the targets will be relative to the stop.

[DF]  What’s your typical target in pips?

[Neil Norton] 1:1 or 2:1 so if stop is 30 pips, then first target 30 pips and second target 60 pips.

[DF]  What hours do you keep for the London Session?

[Neil Norton]  I’m in front of screens at 6.30am GMT and I look for the big money going in at the open. I’m very unlikely to take a position after 10.30am due to the low lunchtime liquidity.

[DF]  Do you use market orders to enter, or stop/limit orders?

[Neil Norton]  I use stop orders mainly for entries and I always set the stop & targets when placing the order.

[DF]  How does news & fundamentals affect your trading?

[Neil Norton]  I check the calendar every day before the open and mark on the charts (in case I forget, which can easily happen when I’m in a trade) events that are likely to cause volatility. If I am still in a position when the risk event is due I will adjust my stops accordingly. 9.30am GMT is normally a risky time for GBPUSD and 1.30pm GMT for EURUSD. I stay away from trading big news such as non-farm payroll as it’s too risky and in my opinion more of a gamble.

[DF]  Over the years, have the markets changed in terms of how you can apply your methods?

[Neil Norton]  I developed my core method a few years ago and have just been refining it since.  The method I use can be traded in trending or range-bound markets so there are normally a few viable trades throughout the day.

[DF]  What are the most common errors you see traders make?

[Neil Norton]  Taking profits too early and not cutting losers soon enough; also bad money management.  Although I set my stops when placing the trades, I do not get married to the trade and if a reversal forms while I’m in the trade I will take some profits out and manage the stop to either breakeven or the first target. I may also look to trade the reversal or correction if all criteria are met.

[DF]  What mistakes, if any, do you still make yourself as a Forex trader?

[Neil Norton]  When I started trading I kept a journal and that helped me turn the corner. I made the same mistakes as everybody else but once recognized, I corrected them. I wish I could say that I was a robot and never made a mistake; however, saying that, if I am not 100% on form, for example, if I’m tired or not 100% focused, I have been known to take profits a little early.

Performance Questions

[DF]  What’s your win percentage like?

[Neil Norton] 60-80% wins depending on the day.

[DF]  What drawdown do you tolerate?

[Neil Norton]  I will tolerate a maximum 2% drawdown per day (I risk about 1% of my equity per trade; if that is hit then I won’t trade for the rest of the day.

[DF]  Do you maintain a track record?

[Neil Norton]  I used to record every trade when I started but now only sporadically. The reason for this is that the set ups are the same and all the trades look very similar. I record some trades for my blog and YouTube but I prefer just to trade and walk away when I’m done these days.

[DF]  How many trades on average do you execute over the London session?

[Neil Norton]  Normally between 1-10, but more if I’m scalping.

[DF]  Do you aim for a weekly pip count as a goal?

[Neil Norton]  No, I find that with a pip goal there is too much pressure and it may force me to take trades that do not meet my criteria 100%. I just wait for the set ups and trade what’s there. Some weeks are obviously a lot higher in pip gain than others.

Ava FX, a top Forex broker based in Ireland has announced the opening of a new office in Sydney, Australia, as well as its full regulation by the Australian Securities and Investment Commission (ASIC).  The brokerage will now be serving Australian Forex traders through its subsidiary, Ava Capital Markets Australia Pty Ltd.  Ava FX was formerly regulated both in the EU and in Japan.

With the opening of its Australian office, Ava FX will now be able to provide its award-winning service to thousands of Australian traders who are looking for a regulated, reliable and proven Forex brokerage. Among the features that traders have come to respect about Ava FX are its $100 minimum deposit, 1:400 leverage, and user-friendly trading platforms including an excellent web-based platform and full mobile trading capabilities, as well as access to MT4.

The Australian branch of Ava FX may be new, but traders can expect the same high level of customer support and the same competitive trading conditions enjoyed by the company’s clients since the company was founded in 2006.  About the company’s recent expansion, Australian CEO Sudhanshu Agarwal noted: “with Ava’s Australian local office being established and the granting of the ASIC license, we look forward to our entry into the Australian market as a recognized financial services company providing innovative trading solutions. We have no doubt that once customers begin experiencing our customer service and offering, we will soon become the broker of choice in Australia.”

You may have already noticed that in addition to being full of fantastic resources, insightful analysis and a great propensity for profits, the Forex world is also full of morally questionable people or inexperienced traders who tend to mislead unsuspecting traders into unfortunate losses.  The best way to keep afloat when trading Forex is to find honest, reputable sites (shameless plug for DailyForex.com…) where you can get the information you need on a regular basis.  In addition to informational sites, however, you may also want to connect with other traders and to ask questions from your peers and mentors.  One way to do this is by using a Forex forum.  I’ve recently discovered the Forex FX Trader Forex forum, and I found it to be a refreshingly honest and accessible forum in the Forex world, so I’d like to tell you what I love about it.

Not Your Regular Forex Forum

For starters, the Forex FX Trader Forex forum has real people standing behind the company, which is more than I can say for many large, anonymous Forex forums.  Marc Walton is a genuine person with a real interest in helping Forex traders at all levels. He currently runs a high quality, low cost Forex mentor program which can help traders who need advice not only from their peers, but from a serious, long-term professional trader.  There is no purchase necessary to join the forum.  Even better – approved registrants to the forum are offered Mr. Walton’s ebook, “How to Trade Forex” absolutely free.  Though I haven’t read the book myself, it definitely sounds like it’s worth perusing.  The forum is moderated by Vasillis, who is always willing to help members (new and old) with any questions that they have.

It does take about 12 hours to get approved for membership at Forex-FXTrader’s forum, but that’s just a sign that unlike many of the Forex forums that seem so popular, this forum does moderate its registrants to ensure that inappropriate comments and misplaced marketing messages aren’t allowed on the forum.

The goal of Forex-FXTrader’s Forex forum is to help current traders become stronger Forex traders, by getting assistance from other traders and professionals.  The forum has several thousand members, most of whom are active, and posters should get a response to their query or post within a relatively short amount of time.

Finally, it goes without saying that this Forex forum is highly organized, allowing traders to find the proper place to post their questions or to comment on other topics without any trouble.  As someone who often seeks to escape the stress of the Forex world, I especially appreciated the financial jokes section, which was a nice balance to the more serious offerings such as general trading questions, Forex broker discussions and debates over which is the best Forex platform.

Forex-FXTrader’s forum is constantly evolving and offering new information and opportunities for traders, so if you’re looking for a place where your comments will get noticed, why not give it a try?

It’s a New Year, which means that a lot of brokers have updated their sites and services, or that they have announced other notable ventures.   Check the headlines below to find out what some of the top Forex brokers are doing to make 2012 better than ever.

FXCM Launches FXCM Canada

FXCM, a Forex broker that has long maintained Forex brokerages worldwide announced this week that it has opened FXCM Canada, an outlet through which Canadian Forex traders can enjoy the brokerage’s trading opportunities with a locally registered brokerage.  FXCM Canada will be offered by Friedberg Direct, a division of the Friedberg Mercantile Group Ltd., which is a member of the Investment Industry Regulatory Organization of Canada (IIROC), the Canadian Investor Protection Fund (CIPF) and all Canadian exchanges.

All FXCM Canada traders will be able to enjoy the company’s competitive trading conditions, no dealing desk execution and its newly unveiled web trading platform, among other benefits.

Alpari Now Offers Spread Betting in the UK

Similar to binary options, spread betting allows traders to speculate on whether the market will go up or down, thereby profiting whether the market moves in either direction.  Alpari’s new spread betting option is available for as low as 10 pence per point on the brokerage’s MT4 platform, making it a great way for new traders to get their feet wet.  Perhaps most beneficial is the fact that spread betting profits are exempt from income tax, capital gains tax and stamp duties in the UK.

Anyone interested in Alpari UK’s spread betting option must open a separate account for this type of trading.

Gallant Capital Markets (GCMFX) Launched Mobile Forex Trading

In its continuing effort to meet the needs of all Forex traders, GCMFX has launched a mobile Forex trading platform which allows traders to use the company’s MT4 platform from nearly anywhere.  The platform is available for nearly every type of smartphone including iPhones and iPads, Androids, Windows phones, Symbian phones and Blackberry devices, a breadth of service not offered by every Forex broker that offers mobile trading.  Traders can download the platform for their specific type of phone once they’ve opened a live GCMFX account.

FXPRIMUS Sponsors Malaysian Motorsport Racing Team

FXPRIMUS, a Mauritius-based Forex brokerage has recently announced its sponsorship of Team 1Malaysia FXPRIMUS Aleyzo, an endurance racing team that will compete in the upcoming Gulf 12 hours race which will be held on January 20, 2012 in Abu Dhabi.  Team 1Malaysia FXPRIMUS Aleyso will be the only Malaysian team to be represented at the event.

Managers of FXPRIMUS sponsored this racing team with the goal of showing that the brokerage contributes to the local community and to highlight the ability of Malaysian drivers to shine in international motorsports events.

While this blog is not about politics per se, the question of whether or not the European Union will manage to survive and thrive is very much on the mind of investors in the stock and Forex markets. That’s because Europe as a whole is an important market and is one which is necessary to maintaining a healthy world economy. However, the recent Euro shocks have meant that people are once again asking whether the experiment of an integrated Europe can survive. Here’s what you need to know:

The Articles of Confederation

In order to understand Europe, I like to look at American history. Technically, the 50 states are in fact separate countries bound together by a very strong central union. We don’t tend to think of them that way anymore because America has for so long been considered to be a single country. However, when the original 13 colonies broke away from Great Britain, they were all independent states and they banded together under the Articles of Confederation – a very loose connection of independent states which is quite similar to today’s European Union.

The articles of confederation were an abject failure however since the 13 newly independent states  squabbled amongst themselves and refused to compromise on many key issues (if this sounds like Europe today, you’ve hit the nail on the head). The solution was to create the United States Constitution, which was put into effect in 1789, some 13 years after the former colonies declared their independence. The big difference between the new constitution and the old articles of confederation was that decisions for the whole group didn’t require the consent of the whole group. In other words, if 11 states liked an idea but 2 of them didn’t, the idea would still become the law of the land.

New Rules Need to Be Created

In the wake of the recent Euro crisis, new mechanisms are being put into place to try to find ways to make decisions which don’t have to be unanimous amongst the 27 members of the EU. This started with the effort at an actual EU constitution a few years ago, but that idea was shot down when the people of Europe decided they weren’t interested in creating the USE (United States of Europe). However, the need to find ways to make things happen in a large and diverse grouping such the EU remains and as such, efforts are being made to change things.

The Current Rules

Now to be fair, the current rules do allow for non unanimous arrangements. In spite of the widely held notion that everything must be done by consensus, the fact is that nine or more members of the union can agree to arrange for a specific rule of their own making which the other members don’t have to agree to. The catch is that the rule must be put through a rigorous committee process where the entire bloc needs to try to find a way to agree on it and only afterwards can a rule be implemented for less than the full EU.

An Attempt to Get around the British

The new rules are being designed specifically in light of the fact that British have often played the spoiler in various negotiations, most recently with the efforts to prop up the Euro zone (where the 17 Eurozone members were forced to agree amongst themselves when Britain balked at a bailout). The thing that is new in the current effort is to try to write the new rules in a way which doesn’t allow Britain (or any other country for that matter) to benefit by staying out of the agreement. Specifically, new tax codes are being designed which will help to strengthen the Eurozone and which will at the same time allow Britain to stay out while also not giving them the same benefits they might get by simply being spoilers.

Will it Work?

That’s the question – we saw already that the Euro crisis exposed the fragile underbelly of the EU when richer northern countries balked at supporting the weaker southern nations. As things go forward, we can expect more such divisions to take place. Thus the need arises to find a way to make the union flexible enough to respond to crises while at the same time open enough to prevent the EU from being a European USA arises.

I’m not sure if ultimately they will be able to make this happen though. I’m reminded of what happened when America tried to make such a compromise back in the 1860s. The bloodiest war ever fought on American soil was the result – the Civil War. Hopefully Europe can avoid such problems. Then again, perhaps the effort at integration was just too much, too soon…

Although binary options trading is commonly considered one of the quickest ways to profit from the market, OptionBit, a leading binary options platform, is challenging traditional notions about binary options trading by offering a new feature called “End of Month Trading” which allows traders to take advantage of market fluctuations up until the end of the month, and to profit substantially in the process.

There are many Forex and options traders who believe that the end of the month trends upwards, and those who are of this philosophy should thoroughly enjoy this new feature from OptionBit.  In a cutthroat binary options world, where new brokers are cropping up regularly, the market demands that these brokers offer continually new services – but few that we’ve reviewed thus far seem to offer this new end of month trading option.

With trading available in 12 languages and a user-friendly platform, OptionBit is clearly trying to break apart from the pack.  And, while end of the month trading may not be suitable for all types of traders, it will definitely be beneficial for traders looking to lengthen the open time of their binary options trades.