Do you want to be a millionaire? I know I do… well, actually one million bucks is probably more than I need but I am sure I will find things to do with that money. I’d only wish that was my main problem: how to spend a million. But at the moment my main concern is how to get it, what do I need to do in order to reach that elusive sum and more important, is it really achievable? The Forex and Stock trading industries have their millionaires – Buffet, Soros, etc., but for the time being there’s no Binary Options millionaire. It’s true that binary options are a relatively new product and trading online binaries was made available just a few years back and maybe that’s why we didn’t hear about traders hitting the jackpot… or maybe they are out there and just choose to keep quiet and don’t brag about it.
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Long Way to Become a Binary Options Millionaire!
If we wouldn’t believe that trading can bring us large amounts of money, I bet most of us wouldn’t want to trade. Let’s be honest, we are in this business to get rich. Nobody wants just an extra hundred bucks per month or just some beer money out of trading. We dream of cars, motorcycles and cool houses, glamorous living and fancy restaurants. Ok, maybe not everyone has this dream, but the majority does. Like I said, if we wouldn’t believe it possible, we wouldn’t be here but is there a guide to help us get there? Or a clear method? Nope, not really, sorry to disappoint you. You will need some common sense to get there: you cannot expect to make a million if you are not disciplined or if you don’t spend some time learning how to trade. You will not become filthy rich by following a signal provider or by buying some $147.99 software available everywhere on the internet, or relying simply on luck. And even if someone has the secret to becoming a millionaire, do you actually think they will share in a Forum? Or sell? No, my friends, that will never happen.
There are no clear directions to becoming a millionaire; it’s not like asking how to get to the nearest gas station and getting a straightforward answer like “Take the first left, drive 300 meters and you’re there”. That would be just too easy, but I’m not saying it cannot be done. You just have to find your own way because what works for someone might not work for you and vice versa. First you will need to make a plan and manage your risk, to set weekly, monthly and yearly goals or targets and stop trading once you reach them. For example if according to your plan, you have to make 10% ROI every week, once that amount is achieved, stop trading and don’t aim for 11% thinking you will get faster to your final goal. Just stop and feel good about yourself and avoid giving back the gains.
There might be another problem… actually “will be” is more appropriate: your broker. You heard of brokers changing, altering or inflating expiry prices or freezing the platform just when your trade is about to expire In the Money? I am sure you did. Ok, now think about how that kind of problems will affect you emotionally (not to mention financially) if you have a $50K trade open… I am sure you realize the importance of dealing with a legit broker if you start your million run. To avoid this, or to limit its effects as much as possible, you will have to pick a trusty partner, a respectable broker. In case you’ve missed it earlier in the School section, here’s an informative article, a must-read before you enter the Binary Options jungle: How to Choose Your Binary Options Broker. Or you could simply visit our Recommended Binary Options Brokers.
Stop Questioning Yourself and Start Working!
As you see, there are many obstacles standing between the Dream and us, but that doesn’t mean we have to stop dreaming because if we do that, our motivation goes away. As long as we dream, we will be determined to find ways of making the dream come true. We have to keep searching and working hard to find the way to get closer to our dreams, whatever those are, but in the process, make sure you don’t lose more than you can afford because that will put a serious dent in your dream plans. Knowing you can do it will eventually help you achieve the goals you have set for yourself. So let’s not question anymore whether it can be done or not because It Can Be Done so let’s get to work. Throughout our website there are several ways you could’ve reached this article and I have no idea which one got you here. I just hope you are reading his article because you are about to complete the College Section of our School. If that’s the case, I have to say Congratulations! because you are one step closer to starting to make money. You’ve probably acquired most of the skills necessary, so it’s time to go build your dream. We’ve done our part, now it’s your time to shine! Start trading but never stop learning.
As we are getting closer to the end of 2016, I’m revisiting this article and although I previously said that I can’t give you clear directions to becoming a millionaire (I still stand by that statement, by the way), I think that a few tips and tricks are in order. Maybe these will help you become a binary options millionaire, maybe not, but at least they will help you improve your trading and understanding of the binary options industry. It’s not a guide, it’s not a Top 10 of the quickest ways to get rich trading, it’s is what it is:
Before you start looking for a broker or a trading strategy, you have to educate yourself on everything binary. Learn and then practice what you’ve learned. You will come across people who will say it’s not necessary to spend time learning because binary options are easy. Listen to them and you’ll never make it, listen to me and you might just have a chance. We have a full scale, free Binary Options School ready just for you, so I believe that’s the place to start.
Binary Options are like Honey!
Consider yourself the busy bee that works on making that honey. There will always be a bear close by, trying to steal it. Yes, look at him, already drooling for your honey. He is the ever-present scammer that sniffs around the binary options industry, looking for money to steal. Since binary options became a mainstream thing back in 2008, all sorts of scammers have appeared, most of them trying to lie to you and get you to deposit with their recommended broker or buy into their signal service. Don’t believe everything you read on the Internet or see on the TV, keep an eye on your money and when something sounds too good to be true…. you know the rest.
Make A Plan!
You need to have a plan, you can’t just wing it. Every step of the way must be planned for and you need to know what to do when you win, what to do when you lose (among other stuff). Say you have a great trading day: will you continue trading until you fall asleep on your computer or will you stop after 10 or 15 good trades? Maybe you have a bad day. What then? Will you trade until there’s nothing left in your account and will you let frustration take over? Well, if you have a plan, you must include “protocols” for each scenario, you must include money management and most importantly, you have to follow that plan. Learn Skills That Worth Money and build a plan by knowing how to Become A Better Version Of You.
Get a Good Broker!
It goes without saying that if you want to make money – and withdraw it – you have to find a reliable partner. If your broker will manipulate price or will give you a headache on every withdrawal, you’ll get nowhere, let alone to a million dollars. You are the fisherman and the broker is the fishing rod. If you hook a big fish and the rod breaks, guess what: you will lose that fish. If you make a million bucks and cant withdraw it, guess what…
Give Yourself A Chance To Make Money!
I am not a millionaire, I don’t know how to make a million bucks but I know that one of the first conditions to make money is to not lose it. That means you have to open your eyes and watch against scam but you also have to be a good enough trader because if you’re not, then how can you expect to make any money by trading. Oh, and if you do become a binary options millionaire, let me know how you did it ;)