When binary trading first came out, I didn’t really believe it. I mean, ads were pompously promoting insane returns on investment. Who could possibly believe that you could make 70 to 90% of your investment back on a single trade?
However after a few months of getting these ads right in my face, I decided to give it a try. After all, if I risked a small amount I couldn’t lose more than I deposited so I had full control over it. So there I went, I pulled out my credit card and deposited $100.
My first experience trading binary options
At first I didn’t really know what to expect. I had all sorts of bonuses which made it virtually impossible for me to lose the first few trades I placed. It was fun. It felt a lot like playing slots, which is probably a bad thing.
After a week or so I decided to start looking around for strategies and really dig into the math that surrounds binary trading. At this point I had made about $20, which was fun but obviously not enough.
Once I found a working strategy, after a few days of testing it at low risk trades ($1/trade), I realised I could actually make some decent money with this!
How I grew my income with trading
As soon as I realized the potential in binary options, I decided to deposit a bit more (about $500). This was just so I could place trades with half decent size and actually make money.
I grew my account over the first few months and opened a few more accounts with different brokerages to maximize my returns, there were a few hick ups with some untrustworthy brokers but once I found good brokerages that I worked well with my confidence grew and I started to make a comfortable living from trading every month. My schedule consisted of waking up, grabbing a cup of coffee, analyzing the market and placing anywhere between 2 and 6 trades around 9am.
The trades usually expire 4 hours after I place them, so I just sit back and manage the risk. ( basically just hedging trades that go against my pre-plotted support/ resistant levels) Whats nice is that I can work from my phone if I’m out and about and once my trades expire I just rinse and repeat. Having an abundance of time to do what I want when I want is truly the greatest reward from being a successful binary option trader.
The perks of profiting from binary options
Binary option brokers have made a name for themselves by providing the single best return on investments trading has to offer. The attraction is simple yet effective: on a single binary trade you could potentially win between 70 and 90% of your investment back.
To the untrained eye this might not seem like much but it’s actually quite an accomplishment. When you think about it, most traders in big banks and hedge funds aim at making between 10 and 20% per year in the markets.
Binary trading has changed the way the average Joe looks at the markets and how he perceives making money from it.
Tips on profiting from binary options
Now that we’ve got you all excited about making big returns (and big bucks) from the binary market, let’s have a quick look at what you should do to make sure you book these wins.
First, always stick with well-known and regulated binary brokers. Don’t be lured into depositing any amount of money on a shady website just because they promise you very high return rates. While the binary broker world has evolved a lot recently, there are still many crooks out there so beware. ( make sure to do your research)
Second, build a bankroll management strategy. Countless traders have deposited a small sum of money in the hopes of building great wealth, only to lose it all in 2 trades. It’s important to manage your capital so that you have enough trades possible to ride out variance.
A good basic bankroll management strategy is to have at least 20 to 30 trades in your capital. This means if you were to deposit 300€, you would risk 10€ per trade. That way, if your strategy is profitable, you’ll have time to build your capital slowly but surely.
Binary Trading Sounds good doesn’t it?
Hold up! You think profiting from binary options is easy? Well there’s some truth to that myth. It is easy if you know what you are doing and you have a proven system in place. Think of it like a sport.. a mental sport, the more you practice, the more adversity you face, the more struggles you conquer the better you become, the stronger you get.
For some it is easy, probably because they are on the right path and understand that trading binary options is an entrepreneurial discipline.
For others its a struggle- quite often it because they are looking for a quick path to riches or a free ride to financial freedom.
Becoming successful at anything usually requires a lot of work and binary option trading is no different.