Money for the Masses or How can I Profit from Binary Options
I remember when I first thought about starting to trade, the first thing that came to mind was: “Nah, I didn’t study economics or politics so that’s not for me.” Then I heard about inflation, quantitative easing and interest rates and my mind was made up: trading is not for me! But something in the back of my head kept screaming that I should give it a try… after all, being a trader is one of the most profitable occupations available to a relatively untrained guy. And when I say untrained, I think about an economics degree or something along those lines. When I realized that money was the thing making all the noise in the back of my head, I decided it’s time to give it a try.
First Step to Profit: The Toolbox
First things first: you don’t need to be a little Einstein to succeed, but you do need the right Binary Options tools. That means that you have to learn the basics of the market and also to have enough knowledge about the most commonly used technical indicators like Stochastic, Relative Strength Index, MACD (Moving Average Convergence Divergence). Knowing a little about trends is definitely a must and it’s actually the key to successful trading. And most importantly, you don’t have to be a brain surgeon to get the hang of all these basic tools: if you can connect two Higher Lows or two Lower Highs, you can draw a trend line. The indicators I mentioned are not so difficult to understand either and this is valid for all three of them: when they are at the top of the window, there’s a high possibility they will come down. After all, they can’t keep banging their heads on the ceiling… and when they come down, prices will do the same. Well, actually price dictates when indicators move up or down, but let’s keep things simple: if the indicator is too high – it must come down.
Of course, what I wrote above is a crude approach to trading, but yes, it can be that easy. In fact, when I first discovered the Stochastic Oscillator I thought I found the Holy Grail of trading and I was wondering why it was free and I didn’t have to pay anything for it. And as I thought about it, I didn’t know why I started to complicate things when I got more “experienced”… every system, no matter how complicated or complex will give you losing trades so it’s better to stick to the basics. I’ve fallen many times in the trap of over analyzing charts and fundamental events only to realize that sometimes “less is more”. Keep it as simple as possible and stick to the basics.
In previous articles I told you that Binary Options trading is not a quick and easy way of making money online, but it’s not rocket science either. It might be overwhelming at first, but once you learn how to use indicators and how to identify a trending asset, the fog will lift and you will see the light – sorry for the transcendental approach, but that’s how you will feel when you realize that trading is not really as hard as they say if you put in some work. After all, Binary Options are easy to understand and to trade; don’t bother trying to understand exactly what Mario Draghi or Janet Yellen are saying because you will feel they are out of your league. At least that’s how I felt when I first watched their speeches: I was thinking “Man, I really have to work on my English. I can’t understand what they’re saying.” My English was fine and although I understood each word, I couldn’t put them together and make sense of what they were trying to say… and to be honest, several years later, I still don’t understand them completely.
Duh! So What do I do?
First, you need to find the balance, the middle line between what brokers tell you and what uptight market gurus or analysts want you to believe. Here’s the thing: binary options brokers will do everything in their power to make you think binary options are easy, because they want you to jump right in, deposit, trade and hopefully for them, lose. On the other hand, some analysts or market gurus will tell you that trading is extremely, overwhelmingly, awfully… very complicated. You know why? Because they want you to come to them for education and guidance, which they will give to you in exchange of the green paper, never free. So they don’t want you to know that trading binaries is actually easier than they make it look. You have to find the right balance between these two approaches because the truth is somewhere in the middle: if you have no prior experience, you cannot wake up one morning and say “Today I will become a successful trader”. But on the other hand, you don’t have to study a lifetime to get decent results and we will give you all the tools you need – free of course.
The bottom line is this: trading Binary Options or any other financial product is difficult, but if you learn a few basic tricks, it can become a profitable business and you don’t have to be a genius to succeed. Of course, just relying on Signal Providers or blindly placing Calls and Puts will not get you very far, because there is no easy way of becoming a millionaire and the solution will not be given to you by a signal provider or some magic piece of software sold by an obscure market guru. So what’s the solution if you want to go into the Binary Options business but you don’t feel yet you are capable to interpret correctly all the complicated technical indicators, strategies and fundamental events? Simple: go to our New Binary Options Trading School and find strategies and indicators suited to your level. That’s why we structured the school in such a way for you to pick up the easiest tricks first, and decide later if you want to go further and expand your knowledge. Remember, you don’t need to over complicate things and what you can understand is what will work for you so the Preschool is a good place to start. Also, reading the tips that our pros give on the Forum is another way of quickly getting acquainted with Binary Options and starting to profit right away. Keep It Simple!
As a recent addition, we have introduced CommuniTraders version 2.0, which you will find free of charge on our Forum. This is a Demo platform that allows you to place trades without risking any money. Basically you play with virtual money on an easy to use platform and it’s the best way to proceed after you’ve went through the Preschool section of the School. It’s a good place to learn the basics of trading and I think you definitely need to give it a try; not only it will prepare you for real-money trading, but it will show you that trading binary options is not as scary as some want you to believe. Also, reading the tips that our pros give on the Forum is another way of quickly getting acquainted with Binary Options and starting to profit right away. Keep It Simple!
- Read Easy Money Making with Binary Options to learn more.