How to choose the expiration date

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How to choose the expiration period when trading binary options?

Nevertheless, in trading binary options there are a number of difficulties that are associated with the choice of the expiration dates for the option, because the mistake made during the selection most often leads to losses even with the analysis and correctly planned work of the trader. Let’s try to clarify the issue of determining the timing of expiration in binary options trading.

Most traders are of the opinion that trading binary options somewhat simpler than classic forex trading. Nevertheless, in trading binary options there are a number of difficulties that are associated with the choice of the expiration dates for the option, because the mistake made during the selection often leads to losses even with the analysis and correctly planned work of the trader. Let’s try to clarify the issue of determining the timing of expiration in binary options trading.

Dependence of the expiration period of a binary option on the trading style

  • With long-term binary options trading (from a month or more), the process of determining the expiration date does not represent any difficulty. It is determined based on the timing of events expected in the future. It could be an expiration date. foreign exchange intervention, change in monetary policy by the Central Bank and more.
  • In medium-term trading (from a week to a month), emphasis should not be placed on fundamental economic events, but on the results of technical analysis. In this case, the best choice would be a period of two or three weeks, that is, the average life of a medium-term transaction.
  • In short-term trading (up to 1 week) it would be logical to determine the expiration period within a few days. There is one significant point – it is recommended that binary options trading be completed before Friday evening, as over the weekend some events can occur that seriously affect the market picture.
  • For intraday binary options trading, the best choice for the expiration date is the end of the trading day, since all fundamental factors have already been won back today, the market is entering a stagnation phase. When trading faster options, the guideline for the expiration dates should be the end of the trading hour.

The choice of the period for trading binary options

So what period does a beginner need to choose trader for profitable binary options trading? Taking into account the fact that short-term options trading, as a rule, is accompanied by a lack of significant trading information, as well as a significant share of excitement, binary options are the best choice, the expiration period of which is no earlier than the end of the trading day.

To achieve more profitable and stable results when trading binary options, it makes sense for a novice trader to try medium-term and long-term trading. The use of super-short terms in binary options trading is not recommended for beginner traders, as they can lead to the formation of a gaming attitude and financial losses. The use of tick options by beginners will generally look like a game in a casino.

Dependence of signal processing time on trading tactics

Along with all of the above, it can be noted that traders often calculate how many bars an open transaction will start to work out, which also allows you to choose the expiration dates of the option. Roughly speaking, for this you need to figure out how many bars will be needed to implement the plan, multiply it by the one used timeframe and then buy the option for the resulting time.

It should be remembered that a certain trading tactic provides for different times necessary for working out a trading signal:

  • The fastest for working out a trading signal is trading by candlestick patterns – 2-3 candles.
  • Trading on the rebound from the level also implies a quick expiration time – 3-4 candles.
  • Trading binary options using breakdown certain levels require a little more time to work out the signal – up to 10 candles.
  • The longest period is trend trading, since you have to take into account a possible correction. In this case, the expiration period of the options should be chosen within 20-30 candles.
  • When trading using fundamental factors, the range of options expiration periods is very wide. For example, when trading on news, it can be several minutes, when trading on goals that the Central Bank has determined – up to a year.

Summing up, you can see that the expiration dates of binary options can be any. However, before you buy an option, you need to answer your own question – why do you buy an option for such a period. It is very important to understand that the timing of options depends on the style and tactics of your trading. A proper understanding of these relationships will be the key to your stable and profitable binary options trading.

Question: Q: How do I change expiration date and security code on a card already registered with Apple Pay?

My AMEX was recently update with new security chip. So, my new card has same number, just different expiration date and security code. So, how do I update Apple Pay, where I already have my AMEX card registered? Do I have to treat it as a new card, and add, deleting the old one?

Posted on Nov 30, 2020 4:05 PM

I believe you have to add the new card and delete the old one.

Posted on Nov 30, 2020 4:24 PM

Helpful answers

Since this thread is the first thing that came up from a standard web search for this, I think it’s important to note what I have learned in several other places:

It is unnecessary to update the expiration date and security code for Apple Pay when you receive a replacement physical card.

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Apple works with the banks to perform the security tasks that these are for in a better way.

Jun 1, 2020 2:25 PM

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I believe you have to add the new card and delete the old one.

Nov 30, 2020 4:24 PM

Have answered own question. Though same card/account number, AMEX view the new card, with the new expiration date and security code, as a new card for Apple Pay purposes. So, first delete the old AMEX card and then register the new care (you know, use the camera and add the expiration date and security code). Worked beautifully and quickly.

NOTE: If you try to add the new AMEX card without first deleting the new AMEX card, you’ll get a message saying the card is already registered.

Nov 30, 2020 4:25 PM

Thank you. As you see from my post, I just figured that out. Just be sure to delete the old one before adding the new one, since both cards have the same account number.

Nov 30, 2020 4:25 PM

Since this thread is the first thing that came up from a standard web search for this, I think it’s important to note what I have learned in several other places:

It is unnecessary to update the expiration date and security code for Apple Pay when you receive a replacement physical card.

Apple works with the banks to perform the security tasks that these are for in a better way.

Jun 1, 2020 2:25 PM

Thanks – I was googling myself which led here and that was my real question (IF you even have to update the card). Perfect :-)

Jun 4, 2020 10:46 AM

I was forced to delete card and add again with only an expiration date change. Purchasers attempted with apple pay using card that had been changed did not work and Chade confirmed it was because of a bad expiration date. I assumed same thing but it needed to be changed. Maybe some cards work differently but my chase card had to be manually updated.

Sep 13, 2020 1:30 PM

I don’t think you’re entirely correct.

I believe Apple CAN work with your bank on this. They clearly do not for all banks. My Visa expired November 30th. My new card has a new Expiry Date/CID only, and when attempting to use the card it tells me the card has expired.

Dec 10, 2020 5:55 AM

The strange thing when this happened to me was that the POS terminal said the card was expired, but my Apple Watch said the payment was approved and there was no other information to say the card was expired. It’s a very frustrating user experience when you only find this out at the POS and you get conflicting information like this.

Feb 29, 2020 2:24 PM

Whenever you are issued with a replacement for a payment card that has been added to Apple Pay, you should check with your bank / card issuer to find out whether you need to take any action:

Some card issuers may automatically associate your new card with the existing Device Account Number (created when your original card was added to your device), replacing the old card. This leaves you free to continue using the same card account via Apple Pay without needing to do anything yourself.

Other issuers may require you to remove your old card from Apple Pay and add the replacement as a new card.

Any given issuer may also take different approaches depending upon the circumstances (for example: routine card replacement vs lost card).

Before removing an old card, first check with your card issuer to learn which process applies in that instance and whether you need to do anything. Depending on your bank / card issuer, this information may also be available via their website.

Your Goals Have an Expiration Date — How to Focus on Long-term Systems Instead

Three real-life strategies for building sustainable systems

You’ve heard it a thousand times. Goals should be SMART:

Specific, measurable, achievable, relevant, and time bound.

But no matter how smart your goals are — ranking your success by your ability to achieve results in a certain time frame is a slippery slope.

Which sounds like a healthier option: Skipping lunch every day for a month to drop a few pounds for vacation or adding a serving of veggies to your lunch every day?

Both will likely have a similar outcome; but one is fueled by a harmful, unsustainable, short-term goal while the other is a habit that will improve your health.

Do you think your app will have more monthly active users if you launch it by a certain date or if you set aside time to make improvements every single day?

Creating a system for continuous improvement is a lot more likely to make your app successful than simply achieving a short-term goal within an arbitrary timeline is.

Yet, I still don’t think all goals are evil. In fact, I believe they’re important for defining where you want to end up. But processes, systems, and habits will create the roadmap you need to get there.

Goals have an expiration date. Systems are forever.

I’ll be the first to admit we have goals at JotForm. As a business that needs to grow, we have specific success metrics — which is just another term for goals — to meet.

But where our real achievement lies is in developing fail-safe systems that allow us to achieve long-term goals in a way that is sustainable and repeatable.

I want to share three real-life strategies that have helped me to build systems I used to grow JotForm to over 5 million users.

1. Big Hairy Project (BHP)

You’ve heard of businesses having a BHG or “Big Hairy Goal.” But what about a BHP?

One of the most common mistakes that runs businesses into the ground is trying to accomplish too many things at once. Even great systems fail when they’re overloaded.

I’m not talking about unrealistic, short-sighted, and dangerous goals that burn out your employees and leave you feeling empty and adrift.

I’m talking about those game-changing, make-or-break projects that set you apart. They’re why in 2020 we spent 326 days on our most user-driven BHP ever — JotForm Cards.

We thought about what forms might look like a decade from now. We performed multiple week-long hackathons. We went back to the drawing board more than once.

We were able to pull this off because of the systems that we’d baked into our culture over the years; including Demo Days, regular releases, and other tactics I’ll get into later.

Especially when you’re just starting out, focusing on one project at a time allows you to develop systems to complete it successfully. And once that good habit is in place, it will carry over to future projects.

Thinking about one thing at a time instead of everything all the time will also increase your ability to make well-informed, project-oriented decisions.

We know that constraints breed creativity. A well-defined BHP can cut down on rework and help align people.

How to choose the right Big Hairy Project

At JotForm, I usually give myself three months to choose our Big Hairy Project.

During those three months, I discuss possible BHPs with our team, interview our users, run option analysis, and give my thoughts time to crystalize until the best contender becomes obvious.

Once we decide on a BHP, it’s time to figure out what milestones will get us there in a year’s time.

The systems that we already have in place work for us as a team instead of being tied to specific outcomes. I feel comfortable knowing that when we follow them, they will help us achieve the results we want — no matter how different those might be from years past.

I regularly have to shoot down great ideas simply because they don’t align with the BHP.

At times it’s tough to be ruthless, but I stick to this system because it’s one that has led me through many business breakthroughs since I started JotForm as a side gig over 13 years ago.

2. Always be shipping

We have a habit of releasing an update to JotForm every single day.

This is one of the systems that makes it possible to keep a team of over 150 employees in different parts of the world all working toward the same BHP.

And not only does it prove to our users that we care about making our product better for them, it forces us to stay out of the weeds and focus on what we should be doing instead of what we could be doing.

Shipping every day gives us tons of chances to conduct A/B testing. We can quickly see what users love and what they wish we would just leave the heck alone.

This iterative, agile system reflects the way we operate as a business, too.

Instead of locking our engineers in a dark room for six months and just hoping users like what we spit out, we’re finding out what they like and don’t like on a regular basis.

One of the most satisfying aspects of daily releases is that after a few months, we’ve suddenly built a whole new product or feature.

There’s no disappointment that we didn’t hit an arbitrary launch date, we don’t spend months on quality assurance testing, and we don’t suffer from anticlimactic adoption rates when it turns out our customers don’t actually like what we’ve been working on.

Our shipping system protects us against the business challenges other software companies regularly struggle with.

“Shipping helps you take your theories in front of your audience, helps you get valuable feedback that can be used to test your assumptions. In the worst case it confirms that your hypothesis was incorrect.

Shipping also forces us to examine some of the minor use-cases we had ignored at the design stage. It gives us a sense of accomplishment. It keeps teams focused on the problem statement. Shipping solves business problems and provides value to users.” — Dinesh Vernekar

3. Demo Days

E very once in a while, the whole JotForm team spills from their offices at the same time. They gather in a single room. The air crackles with energy.

No, it’s not the Hunger Games. It’s Demo Day.

Richard Feynman is credited for developing the concept that if you can’t explain something simply, you don’t fully understand it.

Demo days give us the opportunity of explaining what we’re working on to a room full of diverse people is an excellent opportunity to develop a deeper understanding of 1) what we’re doing, 2) why it matters, and 3) how each team has an integral role in our overall success.

Demo Days do more than provide a fun excuse to knock off work and talk about our wins, they also provide a chance to really practice some of the building blocks of our company culture: transparency, accountability, and autonomy.

The JotForm leadership team also takes this chance to check the pulse of progress and enthusiasm toward the BHP. We can provide course correction without breathing down anyone’s neck.

Businesses and people do not fail because they are bad. They fail because their systems for success are poorly devised. Or worse — they’re nonexistent.

When businesses and people aim to achieve short-term goals, they often end up unfulfilled and lost in a tailspin of seeking the next temporary fix.

Goals are simply intangible plans. The systems you develop to fulfill them make your results teachable, repeatable, and best of all — lasting.

As James Clear put it perfectly:

“Goals can provide direction and even push you forward in the short-term, but eventually a well-designed system will always win. Having a system is what matters. Committing to the process is what makes the difference.” — James Clear

At JotForm, we take our eyes off short-term prizes to focus them instead on long-term systems that lead to strong outcomes.

What about you? What are the systems that have helped you?

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