You have probably read many books on trading, and have tried your hand at it as well. I won’t be too surprised if you have nothing to show for it, but losses. Well, it was the same for me.Binary options trading is not for the faint of heart, and it is not for those who trust other people far too easily either. The road to becoming a successful binary options trader is littered with several scams along the way, as well as trading systems, brokers and seminars, who will want everything in your bank account and some, while promising you unimaginable riches.
Here’s your first lesson: Don’t get scammed! Well, I was. This, in spite of being well aware of internet scams while growing up. True I lost quite a bit, but I learned from my mistakes, never made them again, got out of the financial hole I had dug myself into and am now a reasonably successful trader.
But there was a time just a few years ago, when all of this seemed impossible. That’s because I was conned into losing my savings by a binary options broker, let’s call him Joe. Now, Joe is a good guy, that’s what I thought he was, and he seemed to express a sincere interest in helping me make money. Kids – here’s your next warning – they all do!
I did well at the start with Joe, my initial capital of $5000 grew to $7000. He told me when to make a Call, when to make a Put and somehow, it worked. Rather than get out of the market and grab the profit, like a fool, I was charmed by Joe’s talk about compound interests and how staying invested would make me rich.
Ha! Remember what I said kids – never trust anyone, especially not in trading. But fortunately, during my long conversations with Joe I had actually picked up a lot of knowledge about binary options trading.
I had learned about the currency markets, about fundamental analysis, using technical charts, about technical and economic indicators, Fibonacci sequences, time frames and much more. I was ready to strike out on my own, and that’s what I did.Joe had fed me a lot of BS, but there was a lot that actually made sense. I read more on my own, educated myself and by the time I started, I was ready! And I have been making decent profits ever since. Nothing massive, but consistent and solid.
So what can you learn from my story?
First, never trade with a broker whose marketing is based on bonuses, and never accept bonuses either. Don’t allow your deposits to get locked down. You should always be ready and willing to withdraw when you have made “some” profit on your trade. Take money off the table, whenever you make some.Forex trading is the best way to go about it when it comes to online trading. It’s hard, tough, but that’s where you can make the most consistent profits. Read Wikipedia to collect more information.