There are many ways one can start trading binary options. The worst way is to jump right onto real trading account and try to copy some falsely presented strategy which you encountered on Youtube. The truth is there are many false presentations and fake products connected with binary options industry and many beginners get caught by false promises.
However, binary options trading is not scam by itself, and it is actually one of the best investment and trading instruments, which is easily accessible to anyone, and which allows making substantial profit over time if right approach is taken. But the truth is that a beginner is unlikely going to make millions or hundreds of thousands of dollars in a month or even a year (as is presented by many fake products and services).
Of course, this is also possible - but the amount of profit you can make also greatly depends on your initial investment and on your trading skills. A beginner is most likely not going to invest more than $1.000 into first real trading attempt. And it is better not to do so.
What can be done in reality is to slowly build your trading account over time and come up to a level where anyone can make around $1.000 - $3.000 per month while maintaining the low risk approach to trading.
If you limit your appetite and lower your expectations, you can use binary options trading as additional monthly revenue for years to come. And once you get more familiar and experienced with it, you can aim for higher profit.
My personal experience was that years ago, when I first encountered binary options trading, I got burned several times, before I actually made my first profit. And it took me almost a year to recover from initial losses. At that time there was no much information about trading systems and strategies, and I had to learn by myself from scratch.
Lots of trial and error and lots of practice lead me to the position where I was able to make great gains in short periods of time. One of such attempts, for example, was bringing a $200 deposit account to $3.000 in two weeks by manual trading. And my last attempts are bringing $2.000 to $8.000 in 2 weeks by manual trading and $1.000 to $7.000 in only 1 month with my own robot.
I am at the point where I construct my own trading strategies and build my own trading robots (I also offer some to public use).
What I want to emphasize is that making money with binary options trading is definitely possible and very real. But it is important for a beginner to lower the expectations and learn from own experience - instead of just following some fake strategy from Youtube.
If you want to become an independent trader and trade on your own, the only way is to start slowly and learn as you go. No one was born as a trader.
On the other hand - if you are just interested in making profit without learning - there is a possibility to use robots or signals for fully or semi-automated trading.
You can get more recommendations to approach binary options trading either way in my guide below ...
1. GET A FREE (NO DEPOSIT) BINARY OPTIONS TRADING DEMO ACCOUNT
The first step towards trading is to get familiar with the financial instruments you are going to use. This simply means you have to learn how trading works. And the best way to learn is by practice and your own experience.
You don't want to start trading by making real investment and you don't want to practice trading with real money. That's why you need a free demo account. Fortunately there are a few very good brokers who offer free no-deposit demo accounts. It is very easy and safe to open a free demo account with these brokers.
If you still don't have a binary options demo account, it is advised to open one now.
2. GET BASIC TRADING EDUCATION - VIDEOS, WEBINARS, GUIDES & MORE ...
You can check get some basic information and trading education on the brokerage platform you registered with for the demo account.
In addition I can highly recommend opening a free account with one or both brokers listed below, which offer the best free trading education (as far as brokers are concerned). You can get lots of trading videos and webinar recordings and you can also join live trading webinars for beginners or advanced traders.
You have to understand that brokers will provide you only the basic education, and in some cases some simple trading strategies. Nevertheless, you will learn how binary options trading works, what are your trading possibilities and instruments, how to control your risk and how to use the trading platform.
Both brokers listed below are also on my recommended and approved brokers list and in case of both brokers the registration is free. Once you register you will get full access to their multimedia library and all educational materials, as well as possibility to join live trading webinars.
3. LEARN HOW TO USE TRADING INDICATORS AND TRADE WITH TECHNICAL ANALYSIS
Understanding of trading charts and trading indicators is the most basic knowledge every trader should have. Even if you decide to use trading signals or robots (where no trading experience is needed), it is highly advised to get familiar with basics of technical analysis.
You can get lots of basic and advanced information on this website. It is advised to start researching by taking a look into Tutorials, Indicators and Strategies sections on this website.
Binary Options Indicators
Binary Options Strategies
4. GET A HIGH QUALITY SIGNALS SERVICE OR ROBOT
Alternative approach, which allows you to skip the process of learning, is offered by many trading support services. These are various signals services, trading robots or social trading platforms, where you can follow other traders or use different trading algorithms.
Caution is advised when signing up with such services, as there are many fake products in this field. However, if you manage to find a good service that fits your risk and profitability expectations and will make you profitable in the long-term, then using such service can be an excellent shortcut towards profitability.
Nevertheless, there are few services I can recommend. In the course of last three years I have also developed my own two services (signals and a robot), where I offer trading assistance, fully backed with historical results and without fake presentations. Don't hesitate to check it out.
Get more information about trading robots and signals by clicking on the links below.