Hello, my name is Michael Kitt and I’ve written this just for you! That’s right, I once was a newbie Binary Options trader and I made a ton of mistakes that cost me a lot of money and many sleepless nights.
The truth is that it can be tough to learn how to properly trade with Binary Options since they are complex financial instruments that few people can understand. However, if you have a burning desire to be successful and you’re willing to follow good advice, then you can make as much money as you could ever want with Binary Options trading
Inside of this post I’m going to reveal to you the information you need to be successful. By reading this entire post you’ll be able to begin making profitable trades right from the start. So if you’re ready, let’s dive right in....What Is Binary Options Trading?
Binary options is a trading vehicle that allows you to escalate your profits at an astronomical pace compared to other day trading avenues. You can also define your risk level with each trade to where you do not have to set any stop losses, etc. You either are successful on your trade or you are unsuccessful, all or nothing.
In order to make profit on any given day, as a general rule you need to be at a 56% win rate on any given day. This is possible and achievable if you have utilize/formulated a solid strategy that nets a high probability in various assets categories.What About Binary Options Brokers?
Binary option brokers operate and make profit based on your losing trades. They are banking on the 90-95% of unsuccessful traders, and many are hedging against the 5%. Brokers put into place failsafes against successful traders that allow them to discourage profitable traders from trading with their platform. It is very important that you find the right broker to invest your income with, that will be trustworthy with your funds and provide a fair, extensive, and user friendly platform that you can prosper with. Finding a broker of this magnitude is harder than it may seem. With as many brokers there are on the scene, it takes much trial and error to find the broker who is willing to contour to the morality that you would come to expect from a investment company.Do You Have What It Takes To Be A Successful Binary Options Trader?
When considering being a professional binary options day trader, there are a number of things that need to be taken into account. One is that over 95% of the people who attempt day trading end up failing at it, and losing money. In order for you to overcome the overwhelming obstacles of being in the top 5 percentile, you’re going to have your work cut out for you. Another thing that is very important to note about day trading is that even if you have studied heavily and have figured out a trading strategy that you’ve backtested and live tested to come to the conclusion that it has an incredibly track record of producing profitable trades, you’re going to need to be prepared for that strategy to suddenly stop working altogether, indefinitely.
The market is always changing, and the price action will vary. It is vital that you have multiple strategies at your disposal. However it is likely that there will come a time when you have a trade triggered using one strategy, while at the same time you have a hint at a signal in the opposite direction with another strategy. In such cases, you will become confused, wondering which strategy you should base your trade off of. In reality, when this happens it is better to stay out of making any trades, and wait for a clear signal that doesn’t have any of your other strategies giving you contradictory information.
When it comes down to it, a trader is only as good as his trading strategy and his interpretation of it. The elements of emotions and money management (which can directly relate to your emotions) also come into play.Bonuses From Binary Options Brokers Exposed
Be extremely careful when considering taking a bonus from one of these binary option brokers. They push these bonuses heavily, some appear to be incredibly lucrative, but with that comes withdrawal requirements that are connected to such arrangements. In most cases, when you deposit a certain amount of money and take a bonus on top of that, you will no longer be able to withdraw even the amount that you deposited initially, let alone the added bonus incentive amount. You may find that you do not like the broker’s platform or may have found some shady exploits that the broker might be putting into play, making you not want to continue to make trades with the broker.
In that case, if you have yet to reach withdrawal requirements, you have no choice but to either trade until you meet the requirement regardless of your feelings about the broker, or forfeit all money that you have in the account. There are two reasons why these brokers offer these bonuses. The one that they would like for you to think is the sole reason is to create a competitive advantage in comparison to other brokers by offering better bonus deals than the others. However, the primary reason for these bonus deals is that the brokers are betting that the trader will deplete his or her account in its entirety before the bonus requirements are ever met. It’s designed to keep the broker’s cash inflow (deposits) at the maximum and their cash outflow (withdrawals) at the minimum.