So, you have discovered a few simple strategies to hit some binary option trades. But, can it really be a way to make a living online? You better believe it! Not just because it can, but because if you don’t think it can be your main income source, it may not happen for you.
Look, trading binary options is just trading. Trading with a new twist I will admit. A simple twist that many traders have been looking for! I have been preaching “Keep It Simple” for years. Digital options make that more possible than ever. They are simple by nature. You can add a few twists to your trading (and should in my opinion) with spreads and strategies, but the truth of the matter is you just have to choose up or down.
You might say that is true of any type of trading. However, typical trading goes on and on. Binary options expire. So the trade is over at some point. With stock trading for example, you could hold that stock for years in most cases (unless you choose a real dud that goes out of business). The same is true of currency, futures, and other markets. Options expire, and most binary options expire every hour.
Because these fairly new type of options contracts are not governed by Wall Street, many seem to think they are a scam. Personally, I’m glad that Wall Street doesn’t have their finger in the pie! That makes binary trading even more attractive to me.
You can be sure that the financial giants are looking at the industry, and wanting to get their hands on it! I’m hoping that is a few years off. Also, with the net in the picture, we may have offshore binary companies that won’t ever bow down to Wall Street. May hat’s off to them!
If you and I treat our trading income like a business, it will pay off like one. A company has a business plan. Do you have one as a trader? You should! If a business gets off track they can look at their plan and see where they failed. You can do the same as a trader. And yes, you can do it with binary options, just as well as any type of trading, maybe better!
So don’t let Wall Street or the nay sayers out there tell you that you can’t make a full time living online with binary trading. You can! Just the other day I was at a site where the top dog binary trader for that day had made over $20,000. The 2nd place trader was up over 17k for the day. Third place was just under 13k. YES, these are DAILY figures.
You don’t have to be a top dog to make a living with it do you? A few hundred a day would change many people’s lives. You can get there fairly quickly, and you can open your account with a few hundred dollars (try to do that on Wall Street). So what are you waiting for. Why not get started now? Just don’t forget to treat it like a business, cause it is. A real business that you can take to the bank!
