My First Binary Options Deposit – Mr. Sucker
It all begins with a simple click. You never get to see your money as it suddenly disappears from your bank account and transfers into your Binary Options account, but a basic instinct of modernization tells you that that’s just the way credit cards work and that your money is indeed there. For the hard working middle class man, it’s never easy to let go of a few hundred dollars, especially when you’re a little unsure about the company you’ve just given your money to. Letting go of the itchy feeling of insecurity is always the hardest step to make, but it is the first step into the exciting world of Binary Options trading.
I hope the next few articles will help to ease the minds of beginning traders and maybe ease some of their fears. This article is the first of a few Binary Options articles based on my personal experiences and professional knowledge. These articles are styled as little stories, little upsetting things that could happen to any trader, all exaggerated of course, but true as well. Each article is devoted to a different kind of trader, from the Mr. Sucker to the Mr. Nice Guy and the Shark, each character is a different type of crazy and exaggerated trader. I hope that these nice virtual traders will help ease future trader’s fears and help them invest their money more wisely.
The “Sucker” Trader
This guy, like many of the traders I know, received an e-mail from unknown senders. “Imamillionaireoptions.com” company offers you great returns, up to 90%, in less than one hour. Also, if you deposit now, you will receive a welcome bonus of 5 times the deposited amount and a personal assistant that will help you set up your account and make you your first million in a few simple steps. Mr. “Sucker” doesn’t really know who this company is, not to mention he doesn’t really know what Binary Options actually are, but he is more interested in the bold letters that says that all he has to do is simply fill in his phone number, and they will contact him soon, and so he does. But a guy like The “Sucker” won’t wait for the phone call to come. He isn’t a fool, so he goes online and checks Binary Options in Google. “I knew it!” the sucker shouts, “There are other Binary Options brokers who offer me more bonus and better returns in even less than 5 minutes!”. Well, he is not a sucker so he quickly contacts “Imabillionaireoptions.com” to get what he deserves. The support girl will tell him that for an initial deposit of $500 he will receive a bonus of $1000 and a cool T-shirt from the company. “We have a deal”, says one smiling sucker.
The “Sucker” goes Trading Binary Options
He begins trading. So simple, he just looks at the charts, picks a direction, presses Call/Put according to his prediction and then just sits and waits a half an hour to check the outcome. Mr. “Sucker” knows a thing or two about the market, so he made around $100 on his first day of trading. Things were going pretty well, so he decided to raise the bar and trade for more. Unfortunately, after a while he discovered that consuming live financial news isn’t enough to make a million dollars. He began losing more and more, and when he was losing he started investing even more money to cover his losses, until all he had left was $150 in his account. He decided to withdraw his cash, but then the company told him that he needed to trade more if he wants to be entitled to his bonus, and he has already lost all of the bonus amount, so he just needs to keep on going. He didn’t read the small print; he was blinded by the crazy opportunity ahead. Mr. Sucker never learned strategies, tools, not even simple risk management. He was so sure of himself when he received this e-mail, he thought – Hey, if it’s easy, anyone can do it. Well, I guess suckers never die; they are just being replaced by others.
Don’t Be A Sucker!!
Don’t be a Sucker. Learn the market well, know your broker, read everything you can about Binary Options scams and frauds, professional trading with Binary Options Tools, and experience Binary Options Trading Strategies. But most importantly – don’t just give your money to a company you’re unsure of. It’s not the bonus and or the extra high profits that matter – it’s the reliability, customer service and if they are a top trading platform – those are the things that really matter. Those advantages make a mediocre binary options broker into a top class broker. Remember – even the Best Binary Options Brokers Suck sometimes.
- My first Binary Options Deposit – Real Trading Experiences Part 2 – The Nice Guy