How to Start Trading Binary Options the Right Way?
There are many ways one can start trading binary options.
The worst way is to jump right onto a 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 a scam, and it is actually one of the best investment and trading instruments, which is easily accessible to anyone, and which allows making a substantial profit over time if the 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).
The amount of profit you can make also greatly depends on your initial investment and on your trading skills. An average beginner is most likely not going to invest more than $1.000 into the first real trading attempt. And it is better not to do so.
What to Expect?
What can be done in reality is to slowly build your trading account over time and come up to a level where you can make anywhere from $1.000 to $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
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 not 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 such attempt, 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.
For beginners, it is also a good start to use proven signals or a live trading room.
Where to start?
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 strategies from Youtube or fake services with promises of easy money.
If you want to become an independent trader and ultimately 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.
Binary Options Trading Step by Step Guide
STEP 1 (DEMO)
1. GET A FREE 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 a real investment and you don't want to practice trading with real money. That's why you need a free demo account. There are a few very good brokers who offer free no-deposit demo accounts.
Spectre.ai is a reliable binary options broker that offers a free demo account you can try out immediately.
STEP 2 (EDUCATION)
2. GET BASIC TRADING EDUCATION - VIDEOS, WEBINARS, GUIDES & MORE ...
You can get basic information and trading education on the brokerage platform where you opened the demo account. Just make sure you register (click here). The broker will provide you the basic trading education and can offer simple or advanced trading strategies. Their educational sections include trading tutorials where you will learn:
- How binary options trading works,
- what are your trading possibilities and instruments,
- how to use the trading platform,
- how to manage your investments,
- how to use trading strategies.
STEP 3 (MANUAL TRADING)
3. LEARN HOW TO USE TRADING INDICATORS AND TRADE WITH TECHNICAL ANALYSIS
If you decide to trade manually the understanding of trading charts and trading indicators is the most basic knowledge that every trader should have.
Even if you decide to use trading signals or auto traders (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 at Tutorials, Indicators and Strategies sections on this website.
Binary Options Indicators
Binary Options Strategies