$200 and Binary Options Are My Path to Freedom; Guess What, Not!
So, you think you’re going to get rich quick with binary options and $200? If you think you’re having a hard time paying your bills now just wait and see how hard it is after you drop 200 bones in your broker’s pocket. There is no getting rich quick, not even with binary options. If your trading account is only $200 the maximum safe trade I could recommend would be risking $10. How fast are you going to get rich making an average $8 return on trades? It would take 12,500 trades to turn your $200 into $100,000. At the rate of 2 trades per day would take about 24 years to raise $100,000.
I get this question over and over again; I just got my paycheck of $200 and I want to trade binary options, what should I do? My response each and every time, in one form or another with differing levels of sarcasm is you should definitely waste it on binary options, not! Seriously though, if you have $200 bones and bills are due you should definitely pay your bills. With a 24 year time line you will have plenty of opportunity to get in when your financial situation is better.
Hard To Pay Your Bills? Need More Cash Flow?
Many people have had the idea that they can turn to binary options to increase their cash flow and improve their lives. They are correct; the allure of big profits in a short time span is hard to ignore. It is possible to increase cash flow but if you don’t know how to trade, that flow will probably be out of your account, not in. The new life that many binary options brokers are advertising is theirs, the one they achieved from all the profits they get from your risky trading. The new life you get will be the one where nothing has changed except you have less cash than usual and your wife is madder than usual. Why is she madder you may ask? Because you tossed away the milk money on binary options. Trade only if it’s your extra cash!
I’ve Got $200 Bucks But My Brokers Minimum Deposit is $250
What should you do in this situation? Of course you should drop it on some other broker with a lower minimum, but only if you think losing your money is a better idea than saving or paying your bills. Before you do something silly like that first ask yourself these questions; are the bills paid, do the kids have what they need, can I afford to lose this money, am I willing to suffer my girlfriends bitching because we can’t out this weekend? If the answer is no to even one of these questions you should definitely not trade your $200 on binary options. One of the only guarantees I can give about binary options is that the possibility of losing your ass is very high.
I’m Going to Hit It Big with 60 Second Options
No you are not. If you trade 60 second options you are more gambling then trading. There is no way to predict prices with that short of a time frame. If you think you have an edge or a system or are going to be different you are sadly mistaken. Those thoughts make you just the same as every other gambler who risks the milk money on the slot machines, the lotto or roulette. You want to know how fast you can lose your ass on a 60 second option? One minute. That’s all it takes to throw away your Christmas money, your kids birthday money, your wife’s spending money or even your bill, mortgage or grocery money. Your broker knows just how risky 60 second options are for you, that’s why they want you to trade them. The more money you blow on risky trading the more vacations to the south of France your broker can take.
Binary Options Aren’t Roulette but They Pay The Same
Binary options are not the same as roulette but they can pay the same. They can also wipe out your bank account just as fast. If you think binary options are a safer way to strike it rich quick you might as well stick with roulette. Binary options are hard; roulette is easy. Roulette doesn’t take any education, patience or discipline. Its way easier, probably more fun and you can lose your money in the party atmosphere of a casino instead of at home with your wife and kids screaming in the background. In Binary Options Trading on the contrary, if you have the time, the extra cash and the drive, you could leverage your capital smartly and as fast as screaming roulette.
Do me a favor, Trade ONLY for Extra Cash. You got a couple of Benjamin’s smiling at you, having nothing to do inside your wallet? You can double their fun. 200$ won’t make you rich, but if that’s all got- it might make your even poorer. Trading is for those who have some extra cash, or time, to make dreams come true. Even if it’s just a brand new Ipad. Personally, I believe that 500$ is the min amount you should have to manage your risks right. Now when I say it, don’t you have some bills to pay? Cause if not, we at BOTS would be more the happy to help you start, and succeed!