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Binary Options Guide: The Truth About Binary Options
Trading binary options can seem deceptively simple, but leaning too far into that notion can blind people to some of the risks that often accompany this type of trading.
Before I go any further, I want to make it clear I’m not a binary options trader. I trade penny stocks and teach day trading. I’d love to see you join the Trading Challenge — it’s the result of over two decades of trading and a decade of teaching. It’s awesome.
If you’re interested in taking the binary options path, it’s critically important to understand exactly what you’re getting into and set appropriate expectations. And you should get a mentor who trades binary options. Seriously. Preparation is key.
Again, I don’t trade binaries. For the most part I think they’re scams. Can you trade them successfully? There are successful traders in every niche. But most traders lose. That’s the reality of the industry.
It doesn’t matter if you’re trading forex, penny stocks, options, big caps, or … binary options. Most traders lose and most trading teachers don’t want you to know about it. So I’m going to tell you about binary options in this post. But I don’t trade them and I don’t recommend it.
Will trading binary options enable you to buy a villa in the South of France next year? Probably not. Will they allow you to quit your full-time job and finally start on that novel you’ve always wanted to write? Don’t count on it.
Here, we’ll take a look at what binary options trading is all about and you can decide whether it’s right for you. As you read, keep in mind that binary options are getting outlawed in more and more countries. Companies are getting shut down. Or they’re based overseas in places where you can’t sue them. More on that later.
Table of Contents
What Are Binary Options?
Before we dive into specific binary options trading strategies, let’s review exactly what binary options are. According to Investopedia’s definition:
A binary option, or asset-or-nothing option, is a type of option in which the payoff is structured to be either a fixed amount of compensation if the option expires in the money, or nothing at all if the option expires out of the money. The success of a binary option is thus based on a yes or no proposition, hence “binary”. A binary option automatically exercises, meaning the option holder does not have the choice to buy or sell the underlying asset.
At the core, binary options are based on a yes or no proposition. You must decide whether you believe an underlying asset will be above or below a specific price at a specific time.
Binary trades are ruled by expiry times. These time constraints indicate how long you have to make your predictions regarding whether you believe an underlying asset will be above or below a specific price at a specific time. Once the expiration limit occurs, your predictions determine whether you gained or lost money.
Expiration times vary from binary option to binary option. Some of these minimums are known as short expires, which means the expiration date is actually within mere minutes of the buy-in.
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There are medium and long expiries, as well. For medium expiries, the deadline could be anywhere from two to five hours. Long expiries typically last between two and 24 hours. Many experts believe that longer expiration times can help make predictions easier.
What Are the Underlying Assets of Binary Options?
In order to participate in binary options trading, you must first have ownership of an asset that can be optioned for a fixed amount. The types of assets common in binary options include stocks, indices, commodities, and currencies. Many binary traders chooses to trade with stocks, as this option can allow them to get high returns within a short span of time.
Along with indices and commodities, currencies are another popular binary option vehicle. Since currencies are liquid and often subject to dynamic price fluctuation, many traders choose to analyze their binary options across the complex — and often shifting — global currency market.
A quick aside since we’re talking about forex. Be aware that the forex market is among the most difficult to trade. Why?
Because it’s the biggest and most liquid market in the world. You’re up against the smartest, richest, and often most experienced traders in the world. Personally, I don’t want to compete against that. Plus, the forex markets move so fast on news you don’t have access to, that there’s no edge whatsoever.
And now, a new asset has emerged: cryptocurrency. I don’t trade crypto, either. I’ve traded the random crypto-based stock. But this is a whole niche unto itself and I’m happy with penny stocks. Crypto has its own version of binary options — which is why I’ve included it here.
Led by Bitcoin, this new, digital currency class is intriguing investors around the world who see the digitization of finances as the way of the future.
According to Options Advice, there are two prominent ways you can capitalize on Bitcoin binary options. The first strategy is by trading on what you think the imminent fluctuation of Bitcoin might be, and the second is trading regular options with Bitcoins as your currency.
If you’re interested in taking the cryptocurrency binary options route, I strongly suggest familiarizing yourself as much as possible with the trends dictating the ebbs and flows of the altcoin market.
An entire niche financial industry has been built up around educating consumers and future investors of digital coins and tokens. From resources like Cryptoslate to ICO listing sites like Coinschedule, there are many resources available to help you make the most strategic crypto trading moves possible.
There are also a lot of scams. And strange happenings. Like when a crypto exchange CEO died with the ONLY key to $137 million in crypto. Ouch. More than 100,000 cryptocurrency holders learned a very hard lesson. Back to binary options …
What is a Call and What is a Put?
Two of the most common terms you’ll hear throughout the binary options world are call and put. These two labels represent the market positions of binary options.
You typically choose to call if it looks like the value will rise within the confines of the expiry time.
Options also have a strike price, which is the price at which the security would be bought or sold.
If you choose to call, you’re signifying your confidence that a stock will rise within the time limitations. If the stock valuation moves upward at all, you’ll receive both your initial investment as well as the return.
On the opposite end of the spectrum, a put signifies your confidence that the valuation of a stock will drop within a certain time limitation. So if you predict that a stock valuation will decline before the expiration date, and the stock does dwindle, you will have succeeded at that trade and will receive your initial investment — as well as the trade — back.
What Are Other Types of Binary Options?
Beyond call and put options, there are other distinguishing factors that separate binary options from one another.
This guide from Binary Tribune delves more specifically into binary options types based on the number of interactions a trader must initiate with the trade. The levels include one-touch, no-touch, double one-touch, double no-touch, and paired options.
Let’s take a look one-touch and no-touch options …
Essentially, a one-touch binary option indicates that in order for you to receive a payout, a trigger (or predefined barrier) must be reached. Traders often choose one-touch if they feel confident that a stock will move in a certain direction at a minimum amount.
The option only has to meet the predefined trigger level once (hence the “one-touch” term). However, as indicated by Binary Tribune, this strategy is often accompanied by some risk.
Beyond simply calling or putting, you also must feel confident that a certain valuation threshold will be crossed. However, with greater risk often comes greater reward.
In contrast, a no-touch binary option essentially depends on a trigger level not being reached.
Rather than hedging your bets that the valuation of a stock will rise above or dip below a specified amount, you’re betting that the trade will not dip above or below an amount.
Because you’re making the trade with the intention that a threshold will not be crossed in either direction, it’s referred to as “no-touch.” Like their one-touch counterparts, these trades come with greater reward — and risk — potential.
I liken one-touch and no-touch calls and puts to something like an electronic stop-loss. The problem is, you don’t have control. You’d better be damned sure you’re right. Which is impossible.
What Are the Pros and Cons of Binary Options?
Now that you understand binary options basics and the different factors between them, you might be wondering whether this type of trading aligns with your goals. Let’s weigh the pros and cons.
We’ll start with the benefits …
Low Barrier to Entry. You don’t need a masters in economics to engage in this kind of trading. For this reason, many first-timers enter the trading arena through buying and selling binary options. Comparatively, binary trading is relatively simple. When compared directly to other types of trading, including quantitative or arbitrage, trading binary options is straightforward.
Fast Returns. Many traders are eager to see fast results and liquidate within a specific time frame. Those who play the long game (investors) are typically most concerned with growing their money steadily over long periods of time. Many opt to invest in index funds, IRAs, or bonds. Trading binary options is fast paced.
Thing is … you can get all the speed you need trading penny stocks. So, while binary options might be a fast game, the reward might not be worth the risk.
High Rewards. Binary options trading is touted by those who promote it as high reward. It’s possible to receive up to a 70% return on their investments if your binary trades reach your expiration dates in the money. This high average return is what makes this type of trading vehicle attractive to many novice and expert traders.
As explained by Investopedia, the risk on binary options is capped off, so while the rewards could yield high returns, you can’t lose more than the cost of a trade.
Low Cost. If you’re just getting started with trading, there’s a good chance you don’t have excess capital lying around to snatch up shares of the fastest-rising stocks on the market. Binary trades offer an alternative to other types of investments that require high-capital buy-ins.
In theory, you can experiment with a binary trade for any amount you’d like, whether it’s $5 or $50. Starting small and working your way up to bigger trade amounts incrementally is a great way to learn the lay of the land.
As you familiarize yourself with expirations, strike prices and — if you’re interested in one- and no-touch options — triggers, it’s best to gamble with an expendable amount that won’t derail your entire financial status. Notice I used the word gamble — just sayin’.
Accessibility. Binary trading platforms make it easy to trade on any day and at any time. When it comes to binary options, traders aren’t necessarily beholden to standard market times and broker availability.
Now, let’s explore some of the disadvantages of binary trading …
Scams. Conduct any Google search on binary trades and one of the first things you’ll likely notice are the abundance of hits warning against binary scams and shady binary brokers.
Remember when I said I’d get back to the part about shady companies? Here goes …
… and I say this to protect and warn you.
Like I said, these companies are often based overseas. Places like Cyprus. (I have nothing against Cyprus. It’s a beautiful country with amazing people.) Anyway, these companies are based in places where you can’t sue them if they screw you.
Then you sign away pretty much your entire life in the forms they make you fill out. Your odds of winning are so low the brokers who do it are pretty much laughing at you. They’re laughing that so many people fall for this crap. It’s like going to the casino.
So, if you come across a binary broker that sounds too good to be true, it’s because he or she most likely is. And if you come across a binary broker who doesn’t let you liquidate your investment, run in the other direction.
Short term. Binary trades have expiration dates that are often fairly short windows of time. Given this, it’s impossible to use binary options as mechanisms for long-term investments. Which, of course, I don’t mind because I day-trade and teach day-trading. But if you’re looking for buy-and-hold investing, binary options aren’t the right solution.
Can You Really Make Money with Binary Options?
Short answer: It’s possible, but you MUST know what you’re doing. Like I keep saying. Most traders lose. Doesn’t matter the niche. I would never trade binary options. Ever. Your choice, I’m just tryin’ to keep it real.
If you’re serious about binary trading, start small. By making small trades and working your way up, you give yourself breathing room to assess market trends and develop the necessary skills.
As is the case with many types of trading, history is sometimes the best predictor of the future. Many successful binary options traders experience trading wins and financial growth because they’ve spent time studying and familiarizing themselves with market movements.
Wait. Does this sound familiar? Yep. You guessed it: you can’t cheat your way to success. Doesn’t matter the niche. I don’t trade binary options. I don’t recommend you trade them. But if you decide it’s for you then prepare yourself. Study your ass off.
Learning common candlestick patterns can make it easy to spot recurring trading patterns. If you want to understand candlestick patterns — and you do if you are serious about trading — I recommend you get a copy of the classic “Japanese Candlestick Charting Techniques” by Steve Nison. Doesn’t matter which niche you trade, this book should be on your bookshelf.
Of course, trading patterns are never 100 percent accurate, so don’t fool yourself into thinking of them as absolute stock predictions. However, the more you can learn about patterns and begin to recognize them yourself, the more likely you’ll be comfortable making your own options decisions.
Is it Safe and/or Legal to Trade Binary Options?
Naturally, binary options contain risk. And by now you know my take. I pretty much think they’re scams. But there are differing opinions and some even consider them safe trading routes. I’m not gonna tell you not to trade them. I recommend you don’t. I’ll be interested to hear back from you. When you’re ready to trade the way I teach … apply for the Trading Challenge.
While it’s legal to trade binary options within the United States, they’re only available to trade on Commodity Futures Trading Commission (CFTC) regulated exchanges within the country.
Binary options traded outside the U.S. are structured differently to those traded here. You can learn more in this article on Investopedia: What You Need To Know About Binary Options Outside the U.S.
The Bottom Line
The good: Some traders like binary options because they are traded at fixed costs. You know where you stand.
The bad: Binary investments are too much like flipping a coin, there are too many scams, and your odds of winning are so low you might as well go to the casino.
The bottom line: Educate yourself like crazy. Avoid sketchy brokers. Start small and work your way up. Remain vigilant. Stick with these rules, and someday you might reach your trading goals. Will you do it with binary options? I doubt it. But you might prove me wrong.
Want to Try Binary Options Trading?
At this point, I hope I’ve shed enough light on binary options trading that you don’t do it. But … you might be thinking about giving binary options trading a shot. If you do, study your butt off. Get a mentor. Don’t screw around. The best of the best in every niche work with a mentor.
Trading — any type of trading — can quickly become complicated. Like any other sector of trading, it’s important to seek out an education before you attempt to invest in this way. I can’t help you trade binary options. But I can help you learn to trade penny stocks …
Is the Trading Challenge for You?
As a teacher I want to help my students forge long-term, sustainable careers as traders. The Trading Challenge can help you reach your goals through risk-averse, conservative trading.
Plus, my best students — those who have become millionaires themselves — join me in coaching you.
What do you get?
- Wednesday morning live trading webinar. I show you live trades so you can see how it’s done. And it’s not only wins. These are true live trades. Sometimes I lose. But you’ll see how fast I cut losses and why I get out so fast when things turn against me.
- Wednesday evening live lesson and Q&A. No matter where I am in the world. This is killer stuff.
- Thursday live trading & review with Mark Croock. @thehonestcroock is at it every Thursday. You don’t want to miss this. Mark is one of my best students/teachers. He’s constantly in the challenge chat room alerting students.
- Annual Penny Stocking Silver Membership. You need this. Thousands of hours of video lessons and archived webinars. Immerse yourself. This is how to get good fast.
- PLUS: Two monthly bonus webinars by my top student Tim Grittani. It won’t take long to understand how Tim went from $1,500 to where he is now when you see how meticulous he is about his trades. Learn from a master.
WAIT! There’s more …
I always wanted to write that. Anyway, there is more, but you have to apply for the Trading Challenge to get it. Simple.
Will you be my next success story?
As you’ve now learned, if you study hard, start small, keep your scam radar on high alert, and stay educated, then becoming a successful trader is possible. But it’s not easy. So don’t even think about doing it if you’re not willing to work hard.
As for binary options …
Look, whatever you decide, it’s about how much time and effort you put into learning. I don’t think binary options are a good way to go. Plain and simple. But there are success stories.
If you’d rather learn what I teach, then apply for the Trading Challenge. But no lazy losers allowed. Seriously. Only join the Trading Challenge if you’re willing to work hard.
Are you a trader? Do you trade binary options? Comment below and let your fellow traders know how it works for you. Even if you are brand new, I love to hear from readers. Comment below!
Anyoption is a veteran in the binary options industry. This broker has been around since 2008 and offers now days more than 200 trading assets. Anyoption enjoys a reputation of a solid and transparent broker which offers excellent guidance to their traders. They really care how their traders manage with their trading and are more than willing to help with any questions that comes into mind. So stop wasting time and open an account and start trading with one of the best brokers available.
Anyoption in a Nutshell:
- Broker: AnyOption
- Platform: AnyOption
- Founded: 2008
- Bonus: 50% to 100% depends on deposit amount
- Return/Refund: 65-85%/0-25%
- Number of Assets: +100
- Regulated: CySEC, FSA
- Education Center: Videos
- Demo Account. Yes
- Mobile Trading: Yes
- Minimun Deposit: $200
Anyoption has been around for a long and treats their traders well
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Claim your free binary option robot, get started with three easy steps:
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1. Your Binary Option Robot will analyse the market and decide, which asset (currencies, indices, commodities and stocks), is right to trade at that point in time.
2. The Binary Option Robot Will Predict the Price Movement
Your robot will assess a wide-range of factors, and then make a prediction on how the assets price will move, saying: Call (up) if it believes the price will rise and Put (down), if it believes the price will fall.
3. Decide on how much you want to Invest
Then you need to decide how much you want to invest in the commodity and when that investment will expire.
4. Collect your Earnings
Finally, you collect your earnings (the good part!)
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Features of the Broker site
AnyOption slogan is “anyone can trade” which tells that they will make their best effort to support their traders. Unfortunately US Brokers cannot trade with them because there are regulated by CySEC and FSA and therefore they cannot accepts US traders anymore. If you are one we recommend you to get familiar with our US friendly brokers in the right sidebar and reading the following articles: Automated trading software. There are two sides being regulated and each involve it’s pros and cons. Even if they are not able to have US customers this regulation makes them a trustworthy broker as that license is not given to every broker on the market but only a trustworthy and stable one.
Bonuses and Account types
Anyoption has this strange policy that they don’t reveal their bonus deals in their site. Thus they will give bonuses to the initial deposits of traders. Those bonuses vary between 25% to 100% and the more the deposit is the more is the bonus on top of that. But as an our reader you will get 50% first deposit bonus if you deposit $300 or more and 100% bonus if you deposit $600 or more. To get these bonuses, you have to open an account to Anyoption by clicking “Open Free Acount” button anywhere from this site.
The same policy continues with their VIP programs as they won’t reveal any information about those and are more to case basis and negotiable when the initial deposit is about to take place.
Minimum depositt is $200 and maximum is as high as $20,000.
Anyoption offers demo account to their customers to get experience in trading. Our recommendation is that those demo accounts are useful for a day or two to gather some experience but after that it would be better to start trading with real money account. This is due to the fact that if there is no risk involved people behave differently and might learn behavior that is not successful when trading with real assets. In a day or two a trader can test the different option types on the platform and get some knowledge of the features. After that there is no use for investing with the demo account.
Platform features and Maximum payout
Anyoption offers payout from 65% to 85% which is average among the brokers. In top of that when trades are not profitable there is a possibility of getting a refund between 0-25%. This compensates the total payout of winning and losing trades.
Anyoption has developed their own platform to compete with other brokers. It supports such features as early close, one touch options, high/low options and option builder.
Early close makes possible to cut the losing trade before the expiry time comes and make it therefore less harmful. Early close is well applied when the trader is certain that this particular trade will not end up in the money and therefore cuts it before expiry. In this way trader will get some of the invested money back instead of losing it all. This is highly useful way of minimizing the losses when some trades are not going as planned.
The platform itself is very simple to use and clean design makes it fast to adapt. For one touch options there is a special feature that makes it possible to trade during the weekends for this option type. This is something that is not offered by almost binary option broker site.
How to trade with Anyoption
Trading possibilities are wide with Anyoption platform. Expiry times vary between minutes to weeks and longer. Trader can flexibly choose the best expiry to support his trading strategy.
There are plenty of option types to choose from the regular high/low options, one touch, and by option builder to adjust traders own portfolio as he wants. Asset selection of Anyoption is one of the largest including more than 200 tradable assets. There are roughly 100 stock options to choose the ones to trade to.
Those are mostly well known brands from different industries across the globe Then there are approximately 15 currency pairs to speculate with. Most common currencies such as EUR, USD, GBP, JPY, NOK, RUB are included and combinations of those. Commodities list include gold, silver, oil and natural gas.
There are also 30 different indices from the major stock markets from United States, Europe, Asia Pacific and Middle East.For example Dow Jones, NASDAQ, S&P 500 and future to mention a few.
Binary 0-100 offers profits even up to 1000%
Option types and expiry times
Anyoption has chosen to utilize their own platform which seems to be very solid choice. With his platform Anyoption is able to provide regular options, pairs, long term, and 60 seconds options. There is pretty much something for every situation and for every need whether is quick profits or a longer investment.
Expiry times overall cover the whole range of different durations. As the regular options offer duration between couple of minutes to the rest of the day, the sixty second and long term options fulfill the both ends of the spectrum. Sixty second options actually have 30, 60 and 120 second options types and the long term options vary between one day to several weeks and months up to over a year of duration.
Binary 0-100 option type offers up to 1000% payouts which is extremely high by industry standards.
Anyoption has several beginner courses related to binary option trading
Educational material and tools
Anyoption offers several articles about trading and and 5 ebooks related to topic of successful trades and tips for trading. There are also trading guides to beginners, video courses to both beginners and for advanced traders. In each category there are 7-8 video which present the topic in a clear and simple way that anyone can understand it.
Anyoption also offers courses to its products, the different option types and how to make the best out of those in the market. These are very useful information to all traders and if you are not familiar with those products we strongly recommend watching those videos.
Anyoption also has advanced courses for advanced traders
For beginner there are such courses as global trading, binary options advantages, trading as an art form, change and risk, are you an emotional trader and distribution of risk.
For advanced traders there are video courses like passive trading 5/15 rule, aggressive trading 10/30 rule, market analysis, trends, support and resistance, shooting star harami pattern, enguilfing, downside gap three and breakaway 3 white soldiers.
Anyoption also provides product tutorials for the option types. Courses are binaryoptions, option+, binary 0-100, bitcoin, one touch and then some examples.
If you feel that automated trading is more suitable option for you than investing yourself we recommend to trying binary option robot which will help to manage trading and can actually trade by itself profitably. The best binary options robot, The Real Robot helps you to trade more even when you cannot access to computer or do not have time to make trades manually. Open a free account now and let the robot make money for you.
There are also other recommended free auto traders exclusively to our readers, such as:
Anyoption has developed excellent mobile version of the trading platform. It is accessible from anywhere and with that application trader can manage his trades while not in the near of computer. Mobile version is accessible through the App Store and Google Play and requires only the login information which must be done before. Which is easy to create through the links of this site.
Anyoption has courses about their binary options which help new traders to understand how to utilize those in the best way.
Is Anyoption a scam or a proper broker?
Being regulated as was stated at the beginning of this review, we could surely make conclusion that this broker is not a scam because the process of getting regulated and licensed is strictly formal. CySEC will not give that license to any firm just out of the woods. Anyoption supports to their traders by offering a lot of free educational material, which confirms tht they are not a scam but honest and trustworthy broker site.
Customer service replies fast and goes straight to the point. Live chat replies in a matter of seconds and is therefore my preferred contact method. Also the support email answer in topics that are not that urgent in that point. There is also direct phone line from Monday to Friday which helps if any problems occur or information is needed.
Banking options are numerous and most widely used credit card are accepted such as: Mastercard, Maestro, and VISA, bank wire, Skrill, CashU, UkAsh, POLI, Sofort. Withdrawals can be made through wire transfer and credit cards. Typically those take 2-5 days until the money transfer is completed to receivers account.
Anyoption offers to it’s traders detailed and straightforward trading experience. Smooth platform is comfortable to operate with and provides all the necessary features to divide risk and to trade as profitably as possible. Anyoption offers great opportunity to build a successful portfolio with their platform and with their great educational material. Licensed by CySec only proves that they are in the business to stay. Definitely our recommended broker for trading with binary options.
Overall review we will give Anyoption 4,8 stars out of 5 as binary options broker site. [yasr_overall_rating]
Open an account to start trading with Anyoption right away and don’t miss any more changes to make a fortune!
The opinion of experts about binary options — all the truth
You still doubt that you can earn with binary options? Then listen to the experts, who earn money in this market. Believe me, these are the real reviews of Investlb.com readers. We do not promote a specific broker, the platform or any paid services. We want to convince you that it is really possible to earn. And let it will take several months of training, each one has the opportunity to earn.
- Please read the opinions of experts and then make conclusions. Voice your opinion in the comments, please share them with our readers. Ask questions.
Binary options: fraud or the possibility to earn? The opinion of experts
1. Oleg. Private trader, an expert with experience of more than 2 years
“Like many people, I considered that binary options is fraud. I was interested in these questions:
- how the profit is generated. Because options are only a forecast, the revenue is paid by the broker;
- why there are so many strategies on the Internet, but so few successful investors;
- what is the guarantee of withdrawal.
When working in a Bank, we often discussed the possibility of additional earnings, and at some moment there was a sense of excitement. I watched the video training, chose the well-known broker and… Literally in 3 days I lost the entire deposit on a demo account. I even took advantage of the free signals of broker to open trade. And this moment made me think that options trading is a kind of art that can give new emotions and money.
This case made me rethink the binary options. I reviewed dozens of videos with strategies, learned how to do diaries, dealing with liquidity providers and market makers, have studied the formula of technical tools, I began to understand the world economy. Only then I felt that I actually got a new profession. Now options for me is 50% of all my earnings. My advice for beginners is never too late to start. You only need to have desire and believe in success, perseverance and patience.”
2. Vladislav, manager of investment accounts in Forex, specialist with 13 years of experience
“Sorry for being rude, but the opinion that options are for suckers, I believe only suckers’ opinion! In the world of thousands of traders, dozens of exchanges, there is a billion annual turnover and the industry with history of more than a century. It physically can’t be a fraud. When a novice makes several attempts, makes a mistake and gives up — he just doesn’t want to work. But it is not the fault of the broker or industry. Those who want to become a professional, tips:
- first time is always difficult. Don’t give up in case of losses. Everyone has them;
- the price of your experience gained in options is the price of your time spent on training. Believe me, it pays off;
watch the video of famous traders, but take everything with a grain of salt. Communicate on forums where they can express their opinion.”
3. Sergey, the novice trader
“Every person has the opportunity to earn on the options, but only 10% use it, the other 90% prefer to give up. But even the remaining 10% are afraid to make real financial stake. Since I opened demo trading account it took 3.5 months before I dared once to do a real forecast for $ 3. Demo and real is totally different feeling. A renowned expert expressed the opinion that the new experience is worth to get just for the sake of new emotions. Emotions are our life. My opinion — you need not to be afraid to try. Hundreds of people get profit and withdraw money, I managed too. Believe in yourself!”
Alexandra, private trader, a specialist with experience of 1 year
“I never thought that binary options trading would become my main job. It all started with the fact that one of my friends suggested that I write a review of an economic article about the impact on quotes of the quarterly reports from companies. I’m an economist by education, worked in the enterprise. I wrote it. And it turned out so convincing that I found it so easy to earn money on predictions! I opened a demo account with the first broker and my predictions turned out to be successful.
To celebrate, I decided to fund my account $ 10 (not so much), made a prediction and was wrong. Made the forecast again and it was wrong as well. It has been almost a year since the first prediction and I came to the following conclusions:
- it is not enough to know only one direction of the economy. You need to understand the reports, interest rates, watch out the correlated markets;
- it is important to be able to restrain yourself psychologically. Don’t give up when setbacks happen and don’t become too smug when you win;
- from a demo to a live account — minimum 6 months of experience.
For all who dare to plunge into this work, I sincerely wish good luck!”
5. Victor, a professional investor and a trader with experience of more than 15 years
“Before you tell that binary options is a fraud, ask yourself, what do you know about it and what you can do. You have already earned at least 100% of the initial deposit on a demo account? Have you worked with demo accounts of at least 3-5 brokerage companies? How much do you know about technical indicators and how to work with them? If not, then how can you judge what you don’t understand. And if you are ready to try yourself in binary options, then listen to my advice:
- study the theory and practice on a demo account. If you get the performance of at least 80%, it will talk about a good base;
- communicate in the forums. There are real cool traders who have a lot to tell;
- signals, social trading, etc. — all these beautiful words for beginners. Nothing easy there. Noone will make money for you.
People earn on the options, but it’s the same profession, as a mechanic, plasterer, driver. At first it is difficult, then it becomes easier. And if you think that the broker won’t let to withdraw money, you are mistaken. He would not have built up such a large system of trade to get hold of 10 dollars.”
Summary. I think you noticed that experts are almost unanimous. Binary options is not a fraud, but not an easy money as many people think. For some people it is an extra money for someone — main profession. Here you can get big profit but you can lose it all. The view that options trading is for suckers, give those who have not invested in this job any time or effort and got the loss. To become a professional you need more than a year of training on a demo account, ongoing training, error analysis, selection of strategies and much more.Best Binary Options Brokers 2020:
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