Different types of binary options are available to trade and this addresses the different types of traders out there.
There are traders that trade only on the short term, scalpers, on an intra day basis, and the purpose of such an approach is to have as many trades as possible on a daily basis, on the premises of going in and out of the market as soon as possible. For these traders binary options are just the right product because such a short term need is satisfied by the short term expiration date binary options offer. Sixty seconds options and binary options with short term expiration date are recommended for this traders.
Then there are traders that trade ranges. Taking into consideration the fact that markets are consolidating more than 60% of the time and trending the rest (in some markets consolidation takes even more) then playing a specified range is indicated. For these traders the one touch binary option is recommended as it implies a specific range that the price should hold for a longer period and the chances for a specific price level to be touched are high. Using the one touch option give the opportunity for the trader to book some nice profits even if price is not actually breaking the ranges. This type of option comes in handy when trading different patterns price makes, like flats or contracting triangles. It is known flats should have the b wave to retrace more than 61.8% and then a five waves structure should follow in the opposite direction. In this case, a one touch option should be bought using the Fibonacci retracement levels applied on the previous b wave. The same with contracting triangles. Knowing the fact that legs of a contracting triangle retrace more than 70% of the previous leg, then a one touch option should be bought by the time one leg of a contracting triangle is retracing the above mentioned level.
Anyways, there is one variable that is the most important one regardless of the type of binary option you are buying: the time variable. Time should be taken into consideration on all trading strategies and especially when you are trading binary options since they are labeled as successful or not depending on where price is after the expiration time passes.