Why We Hate Binary Options?
Go down, go down, just 5 minutes left until expiration… come on, move already… ahhh, I hate you!
… 4 minutes later…
Oh, thank God, another one In the Money… come on, come on… expire please! Yes, finally! I love you!
Probably many of us experienced a similar scenario at some point of their trading career and those of us who did, know how quick love for Binary Options can turn into hate and vice versa. We love them because we dream of financial freedom and trading looks to be a shortcut which will get us that vintage Mustang much faster than any other job. But why do we hate them? I can think of a few reasons:
Reasons to Hate Binary Options
Binary Options are “Easy” to trade – Yeah, sure they are but this phrase seen all over the internet is misleading and makes people believe that constant success can be achieved with little work. When the harsh reality of the market hits them in the face and the account balance sinks like an axe thrown into a river, they remember the “easy” part and think to themselves: Hey I thought Binaries are easy to trade. And the sarcastic voice of reason replies: Sure they are mate… wasn’t it easy to trade your account into the ground? Piece of cake… When that happens, how can you love Binary Options? Probably in the same category are included things like “you can trade binary options regardless of your trading knowledge…” hahaha, surely they meant “gamble” instead of “trade”. Wake up and smell the coffee: you cannot trade anything successfully as long as you don’t realize the amount of work you have to put in.
Brokers… ah, one of the main reasons I hate Binary Options: some try to scam us, most of them lack top of the range professionalism and some are not even able to keep their website fully functional or up to date. Of course, all of them are willing to teach us how to trade: Choose Asset – Choose Direction – Choose Investment Amount – Click Trade. You know that’s almost like someone teaching me how to fight by telling me all I have to do is: “Throw a Left punch – Throw a Right Uppercut – Knock Out the opponent – Take his Champion Belt” and after that valuable lesson sending me to fight Anderson Silva. And then there are withdrawal problems, bonus problems, execution problems… all this can make a guy hate binaries.
Risk – I hear a lot about Binary Options offering better risk management and calculation. Stuff like: “oh, binaries are better because you know right from the start how much you can lose” only makes me dislike option trading. Let’s be honest: traders who cannot calculate the risk before opening the trade (no matter what the trading instrument is) should go find another way of making money because this business is clearly not for them.
What about 60 seconds trading? We hate it or love it… or maybe we hate to love it. It is true that quick profits appeal to the gambler in all of us but that’s exactly what I hate about this type of gambling trading: the fact that it brings out the gambler in us. Don’t get me wrong, I have nothing against gamblers, but please don’t mix gambling with trading because the two have absolutely nothing in common.
Signal Providers/ Bot sellers/ Holy Grail sellers – Hello, my name is Andrew Michaels and I am here to make you rich if you give me 97 bucks… Sounds familiar? I bet it does. Have you noticed how many binary options millionaires are eager to share their secrets these days? Of course, Andrew Michaels is a made up name so don’t go looking for the guy online… oh, and don’t think for a minute that these guys actually have the Goose which lays the Golden eggs and they are going to sell it to you for a few measly bucks. But they all give Binary Options a bad name and I hate them for that, not binaries.
Final verdict: Love or Hate?
After writing all of the above, it all becomes clearer to me: I don’t hate Binary Options! I hate the people ruining the industry – the self proclaimed gurus, the I–will-make–you–rich-overnight guys, the gamblers who call themselves traders, the scammers and the shady brokers. It is not the fault of Binary Options that people choose to believe almost everything they hear and don’t want to put in the work needed to succeed. Sure, everybody has bad trades and love is not the first thing which comes to mind, but if you treat binary trading right, it will become a fast car which will take you towards financial freedom and I love them for that.