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Binary Options Trader: Very Important Questions Before Starting Trading

Binary Options Trader: Very Important Questions Before Starting Trading

Good afternoon, friends!
There are a number of questions that a trader himself must answer before starting to study Binary Options. All questions are very important, since the answers to them will let you know what you are doing right and what you are doing wrong.

Why do you need Binary Options?

Why do you need Binary Options? Money?

It just so happens that there is no easy money in Binary Options, except for what brokers talk about in their advertising. Trading Binary Options has always been considered a very difficult activity, and this type of earnings is not suitable for everyone. To become a successful trader you need tens of thousands of hours to study trading, watch charts, get better at it and correct your own mistakes.

why do you need binary options

All that experienced traders achieve is many years of work, which allows them to earn good money. Beginning traders almost always believe that money from trading will be brought to them on a silver platter - they don’t need to study (and if they do, it won’t take long), they don’t need to try to find and correct their mistakes (they don’t make mistakes).

In any business, experience is something to be gained. You always need to spend a lot of time to become a professional in your field, whatever it may be. So why do many people think that everything is different (everything is simpler) on Binary Options?! On the contrary, everything here is more complicated than in many other types of earnings - just take the emotional control of a trader, which is very difficult to develop.

And yet, why do you need Binary Options? If money is the only reason, then I have bad news for you. You can earn money anywhere, but in trading, if you absolutely need money, then you will lose it - a 146% guarantee. That is why you cannot trade with borrowed money or money taken on credit.

A few years ago, I myself tried to understand why I needed Binary Options - what distinguishes me from hundreds of thousands of other traders?! I remember very well the moment when I first learned about Binary Options. The first thought was the following - “Cool, here you can sit at home and earn a lot!” A little later, this thought developed into “I will never work for another “Uncle” and receive cents for it!”

The very idea was that I really wanted to work only for myself, and it doesn’t matter whether it’s Binary Options, Forex, my own business or any other type of income in which I am the boss and I am the employee. Almost everyone looks at me as a person who has achieved a lot from scratch, but few people know that I’m just very lazy. Seriously, literally speaking, I am lazy! My day starts no earlier than 12 noon, because I sleep until lunch, work (trade) only when I have the desire to do so. If there is no desire, then I can do nothing useful for weeks - this is normal for me.

In fact, I achieved what I wanted - the opportunity to do what I want. I have no obligations to my boss, there is no need to get up every day at the first rays of sun and go to work, there is no need to take a vacation every six months. I don't have many of the problems that almost all people face. For me personally, trading Binary Options is, first of all, a way to live the way I want. In second place, of course, is financial independence.

The most interesting thing is that when I started trading Binary Options, I had nothing - I know and know how to survive on “cents”. Living on $100 a month is easy! They say that a person who once learns how to make money will never unlearn this skill. I haven't had the opportunity to test this statement yet, but I think it's true. It doesn’t matter what kind of occupation you choose, but you already know what you should prepare for and how to overcome any difficulties. Besides, in such a situation, you probably know what sweet candy is waiting for you at the finish line, and this is very motivating!

But this is my personal story, yours may be very different. It doesn’t matter what your motive is for trading Binary Options:
  • Desire to have more free time
  • Ability to work in a comfortable mode
  • No annoying bosses
  • Emotional pleasure from trading
  • Ability to work wherever there is Internet access
  • Use trading as a hobby or additional income
Anything but money! In trading, money is a byproduct of your profitable trading. If you learn to trade profitably, relying on any other goal, then you still won’t get rid of the money. If your entire motivation to trade is related to:
  • Small salary
  • The presence of loans and debts
  • No career growth and career prospects
Then, by starting to trade Binary Options, you will only worsen your financial situation. There is no, and will not be, easy money in trading! A beginner who comes to trading always loses his deposit in the first couple of months. Don't think that you will be lucky - no, you won't be lucky. Every novice trader makes a lot of mistakes that have a fatal impact on his trading account - this is how trading begins for everyone, and this is how it will begin for you too!

What does Binary Options trading mean to me?

Watching an experienced trader trade from the outside is one thing, but trading yourself is another. Many people believe that trading is fun, interesting, and profitable. In reality, trading is a tedious routine activity for which you will probably get paid. Yes, exactly “Perhaps” - there are no guarantees!

Ask yourself what does trading Binary Options mean to you? If this is a way to get a thrill or fulfill your gaming desires, then there is a casino for these purposes... This is the place for you. Just don't forget that the casino always wins!

What does Binary Options mean to me? I am a maximalist. It is very important for me to set goals and achieve them. It’s the same with Binary Options - at some point, I lost so much money in trading that it was impossible to go back. Otherwise, I would admit to myself that I can’t do everything, even if I really want to. My maximalism forced me to find and correct my trading mistakes, which ultimately allowed me to consistently trade in profit. I very often pay attention to trading professionals and understand that I still don’t know a lot, which means I haven’t achieved the result I originally wanted to achieve - I have room to grow.

Now, for me, Binary options are a way to get to know yourself better and learn something new. Moreover, I’m not just talking about trading – I apply the experience gained in BO everywhere:
  • In managing my capital, I’m not doing very well yet, but I’m trying (I’m still a big spender!)
  • In a sober assessment of any situation and in finding solutions
  • I have become less irritable - emotional control
  • A huge increase in motivation - everything will work out if you try long and hard (proved to myself in practice)
  • A very important skill is to admit your mistakes (many people simply don’t know how to do this, but they should)
What does Binary Options trading mean to you? A very good answer would be: “I want to become a professional trader, learn how to trade consistently with profit.” Another important “little thing” - you need to love your job!

Am I ready to make Binary Options my only income?

I was introduced to Binary Options right after graduating from high school, so my main learning period was during my student years. What can I say - it was a very carefree time for me. In case of lack of money, I always knew that my parents would help me. If you can’t find a job, you can ask friends and relatives for help. There were no problems with housing either - I could somehow find $10 a month for a room in a student dormitory myself. There is no family yet, which means there is no responsibility to anyone. I always had plans for the future.

Binran options are the only way to earn money

But, that's me. Most novice traders are people 30 years of age and older who have:
  • The work on which they depend
  • A family that needs to be provided somehow
  • Housing you have to pay for
Literally everything comes down to money! And if you now have a job that allows you to earn a living, then you should not get rid of it in favor of Binary Options. In my case:
  • There was a financial cushion, I would never die of hunger
  • Problems with housing were resolved several years in advance
  • There were plans for the future not related to Binary Options
Do you have all this so that you can afford to completely switch to income from trading? What if trading brings in “cents”? It also happens that a trader’s earnings amount to a few dollars a month – is that enough for you? What if trading remains unprofitable for a long time? What, run and take out loans? How to give them away? There is simply no income!

Another important nuance that everyone always forgets is that there are no salaries in trading! Everyone is used to the fact that they will serve a month at a factory or in an office, and they will definitely be given a fixed salary. Well, if you're lucky, they'll also give you a bonus. But this never happens in trading! You can sit behind charts all month, trade from morning until night, and end up with losses.

Do you think experienced traders don't have losing months? I beg you... Still as it is! There are even unprofitable years, although this is quite a rare occurrence for an experienced trader, but absolutely anything can happen. Are you ready to be left without a source of income for a month or a year?!

It is worth changing your job to trading only when there is a financial cushion and stable results in trading (in principle, if there are stable results, then a financial cushion will also form). Until then, Binary options are a source of ADDITIONAL income for you. You shouldn’t change everything very dramatically in your life - something will definitely go wrong, and you won’t know how to solve such problems yet.

Once again, you must have:
  • A solution for all occasions, especially if you fail
  • An action plan in case of an urgent need for money (nowadays finding a normal job is not so easy)
  • A financial cushion that will allow you to live comfortably while going without income for several months

Why should Binary Options be difficult?

Like any other novice trader, I was once looking for a way to “outwit the system”:
  • Looked for 100% trading strategies (Grail)
  • Traded using 100% trading signals
  • Tried to use trading robots
  • Traded using Martingale (because it's easier than ever)
  • Looked for “loopholes” in brokers’ trading platforms
All this is only because the prospect of getting my first tangible profit in a year and a half did not make me happy at all. I wanted everything right now! I didn’t understand why someone could earn large sums very quickly, while I had to learn something and try to understand information that was “unnecessary to me.”

A sobering slap in the face was the fact that no matter what I did, everything led to one thing - losing money in trading. And, when all the “easy paths to wealth” were tried, I had only one option left - to completely delve into the study of trading.

Binran options are a difficult task

As it turned out later, there are only two ways to trade Binary options:
  • You perceive trading on BO as a very difficult task and take it just as seriously
  • You perceive trading on BO as a game and steadily enrich the broker with whom you trade
Do you want easy ways? Please – go play the “lottery”, stylized as Binary Options. Your broker will be very happy about this! You are a potential client from whom the broker makes money.

Do you take Binary Options seriously and understand the complexity? It turns out that you understand that you will need to learn a lot before you start making consistent money. No one will fool you here anymore - even the broker himself is powerless in such a situation.

How long does it take to learn how to trade Binary Options?

Well look. So I learned how to trade profitably in 3 years. For many experienced traders, it takes a year or two to get the first significant results. But many traders reading this article have been trading for at least 5 years and still have not made a profit. Which answer will suit you?

A lot also depends on who you listen to - there are a lot of “teachers” around. If you listen to a Binary Options broker, then your training period will be equal to the time while there is still money left in your pockets, and after that you can go on all fours. If you listen to the “teachers” on YouTube (as they are funny called “BloHers”), who teach you trading Martingale, violate the rules of risk management, accelerate deposits, then about profitable You can’t even dream of trading – your head is still filled with the wrong things.

Binary options teachers

Is it worth talking about signalmen, who also “are they taught to trade” using trading signals? Well, this is a separate conversation, since the “learning” time is completely absent here - like a dummy you do everything that you are told.

What if you listen to best experienced traders? Now this is an interesting option! These people don’t care about your earnings (whether you earn or lose, they don’t care), but at least they are not interested in your drain, like many others. In addition, experienced traders very often give very good and necessary advice, of course, disinterestedly - they will earn enough to buy sandwiches with black caviar even without you.

As a very good option, you can (and should) read books about trading - I assure you, you will find a lot of useful material for yourself. A huge advantage of books is that the authors make money by selling them, which means the book must be very good to sell - the author never knows who will read their book, so they are interested in making it very useful for everyone. Bloggers, “teachers”, signalers do not have this property - they are all interested in your loss of money!

And yet, let's return to the main question of this chapter - how long does it take to learn to trade Binary Options? There is an opinion that you can understand price charts very well after 10,000 hours of observing them. But this is technical analysis, not profitable trading in general.

The time it takes to learn to trade Binary Options depends on many factors, even on the fact that someone is interested in trading, but for others it is simply a forced way to make money. There is simply no answer to this question - everything happens on an individual basis. The templates of other traders simply will not suit you, because they are them, and you are you.

So it is useless to ask more experienced colleagues how long it will take to learn trading. Only the trader himself knows how many evenings he spent studying trading strategies, reading books about trading, and solving his problems. No one will give you guarantees that after a certain period of time you will begin to make money in trading - everything depends solely on you!

But there is another interesting fact that I mention very often (lest you think that everything is so simple in trading) - 95% of traders lose their money in trading. This is exactly the number of traders who were trampled by trading in a year. Some people leave trading within a day, and others after 6-9 months. The interesting thing is that if a novice trader stays in trading for a year, then his chances of becoming a very successful trader increase dramatically, because he has found the strength to continue learning even after hundreds of failures. Of course, a year in trading is not a guarantee of success (everything here also depends only on the person): out of 100 beginning traders, at the end of the year only 3-8 people remain, of which, next year, another part is eliminated. As a result, only 1-2 traders out of a hundred remain, but they already know how to trade profitably or are one step away from it!

Binary options broker and traders training

The Binary Options broker that you and I trade with has always made money from the loss of money by its clients - we talked about this in the article “Real and Bookmaker Binary Options". So why does a broker need to train traders?

To put it bluntly, training from Binary Options brokers is a pathetic parody that omits a lot of important nuances. Binary Options Brokers and BloHers teach you:
  • “Trading” using Martingale
  • Accelerate deposits
  • Trading using signals
  • Trade your entire deposit at once
  • Use the trading platform
  • Trading according to strategy
In exceptional cases, brokers mention:
  • Trading psychology and the ability to manage your emotions
  • Risk management and managing your capital
  • Trading discipline
  • Required presence of a trading plan
And without all this, a trader simply cannot make money! It would seem, why listen to a Binary Options broker at all if he is on the other side of the barricades? I will answer - many simply do not know this, because “brokers earn a percentage of the trading turnover, and not from the trader’s loss.” Almost all Binary Options brokers write something like this - they pose as a person interested in the profit of a trader who willingly allows them to hang noodles on their ears. In fact, the broker is only interested in the trader’s drain.

All “training” from a Binary Options broker comes down to teaching the client to quickly and unconditionally drain his money. All this is hidden under the guise of “simplicity” and “necessity” - Martingale trading is simple and very profitable.

But we have already found out why trading Binary Options should be difficult, so you should never listen to the person interested in your drain! But what about the advertisement in which the broker promises to make you a very profitable trader in a month?
  • You will earn 100-300% per month (exact profit instructions)
  • In a month your earnings will exceed $10,000 (exact income indications)
  • In a week you will become a profitable trader (exact time indication)
All this works well only for fools who believe in promises, but you’re not like that, are you? Any precise instructions are used only by those who are interested in deceiving you in one way or another!

You should not waste your time on individuals who provide “guarantees” of your success. Communicate only with experienced traders who will not only help with practical advice, but also give an accelerating kick in the right direction! And leave all these “teachers” to the suckers who came for quick money.
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