Binary options trading has become all the rage. It provides people who have no previous experience with finances the opportunity to make money through the Forex and commodities markets. Binary options trading basically gives you a “yes” or “no” option. You predict whether a trade will appreciate or depreciate over a defined period of time, and if you are right, you profit.
It might sound to you like nothing more than a gamble, which is why there are those who are strongly against binary options trading. But what is the truth? Is it worth giving this incredibly simplistic concept a go?
There are many scams out there…
The main point of contention is that there are, unfortunately, a lot of binary options brokers who are out and out scams. They are as much into trading as your local casino. They want you to bet your money with as little thought as possible, and hope for the best. They do not have your best interests at heart.
…but the legit brokers are worth it
But the dross should not delegitimize the worthwhile brokers. Although there are scams out there, if you do your research you can find excellent binary options brokers through which you can make good money. Go for brokers that have been around for a while. anyoption, for example, was started in 2008, and has had a lot of success. There are many users who will vouch for its legitimacy. If you’re interested, read this anyoption review, or search for reviews of whichever broker catches your eye.
It’s not a get-rich-quick scheme…
The problem with all types of trading is that there are those hopeful sods who think it will make them rich overnight, despite their lack of experience or knowledge. They usually have very little will to learn, and their optimism is as legitimate as anyone who plays the lottery. These are the people who lose their capital overnight, and wonder what went wrong.
…but you can make good money
However, if you’re patient you can make a lot of money through trading binary options. You have to recognise that you’re not going to be the one in 10 million who lucks out. If you acknowledge that, you can start the process of learning about the markets. Good brokers have courses on how to go about trading and what to watch out for. If you put in the time and effort, you won’t be gambling, but rather you’ll be making informed decisions which will make you money.
Don’t quit your day job…
Beware of being overly optimistic. One of the big benefits of online trading of any sort is that you can do it in your spare time. It can be a hobby that just happens to make you extra money. So don’t quit your job in the hope that you’ll make enough money from the get-go to pay the rent.
But one day you might get there. If it becomes your passion, you may start earning enough to quit a job you hate. Not everyone will reach this point, and not everyone should want it. After all, it becomes a job rather than a hobby, and you lose some of the joy. But if you want it enough, you can do it.