There are a lot of reasons to hate, dislike, avoid, shun or otherwise denigrate binary options but let’s face it. It’s not binary options fault that a set of shady, web-based marketers have taken advantage of an unregulated industry. Binary options are a pure form of trading, legal and regulated in the US long before they were available in the digital EU style binary trade we all know today. Nothing about binary is bad; it’s the fraudulent brokers, the scam trading systems and overly aggressive marketing tactics that we all hate. Once you are able to move past that, hopefully without getting scammed yourself, there is a lot to like, dare I say, love, about binary options and binary trading.
1.Trading keeps me up to date.
I have to watch the news to be a good trader. I need to know what’s going on around the world and that is never a bad thing. Being a trader, and I am a binary options trader, means I am on the leading edge of news and much more well-informed than most of the people I know.
2.Binary Options led me to Communitraders.
When I got started in binary options I had no idea what they were, if they were legit or what my risks were. I soon found ThatSucks.com (former BinaryOptionsThatSuck.com) (this is before Communitraders even existed) and eventually to the forums. In the forums I’ve made friends from around the world; I chat regularly with folks in Ireland, the UK, Sweden, Bulgaria, Cyprus and many others. These people have become my colleagues, mentors, students and most of all friends and are very valuable to me.
3.Binary options made me who I am today.
That may sound corny but I don’t care. Trading binary, learning the industry, taking part in the forums and most importantly giving my weekly tips has helped me to become a much better trader.
4.I still like teaching technical analysis.
That is after all how I got into binary in the first place. I was a young and budding trader who desperately wanted to make his way as an analyst/blogger in the financial field. One of my first jobs writing about technical analysis was for ThatSucks.com (former BinaryOptionsThatSuck.com) and it is still among my most favored. Binary options is a great entry for new traders and ThatSucks.com (former BinaryOptionsThatSuck.com) is a great educational tool for them so what’s not to love?
5.Binary options are still a simpler way to trade.
When you cut out all the BS and get down to the brass tacks, assuming, of course, you are with a good broker, binary options are still an easier way to trade and a great starting point for any trading career. In my opinion, they do two things for the novice trader that allow them the opportunity to learn to trade. The first is easier accounts, you don’t need a lot of money to get started and you don’t have to mess with complicated margin accounts or spot style trading and unlimited risk. The second is simpler outcomes. All that matters is if the position is in or out of the money, above or below the strike price, which means a novice can focus on the charts, signals and trading and not things like delta, implied volatility and time decay.
6.The industry is maturing.
I can say this with confidence because I have watched it happen over the last, dam, 6 years it’s been now. In the old days, the question was which brokers aren’t scams because just about all of them were. Now it’s more like, which brokers are still scams(?) because so many are regulated and the regulation keeps forcing improvement on the brokers. All the while the regulators have been working hard at making it tougher to operate as a scam which means a lot of them are closing up shop, leaving the regulated brokers as the only choice, almost. You still have to be careful but it’s a whole lot safer out there than it used to be.
7.I’m good at it.
I still love binary options because I am good at trading them and have proven time and time again that you can be profitable. I don’t do great every week or every month but over the past 6 years I have come out on top and have no doubt that I will remain there. When it comes to my future I put my money in stocks using technical analysis skills I’ve honed trading binary but when it comes to short-term market speculation I will always and forever be a binary options trader.
So, there are reasons to hate binary but I don’t. I don’t because I understand what they are, I know not to fall prey to scams, I know where the good brokers are and for me that means NADEX. Yes, binary options are not for everyone but they are for me and they are lots of others around the world too. There’s lots of good in them for those who simply want to trade and for those who want to provide safe places for us to do it.