Second Time Deposit to My Binary Options Account
Just how buying something is easier than selling it, depositing into a Binary Options account is always easier and faster than withdrawing. After all, everybody is willing to take your money whether it’s for a car or an options account. But what happens if you want to deposit again? What are the reasons that could make deposit again and how much should you deposit in comparison with your first time? Let’s “dissect” the problem.
Different Reasons for Depositing a Second Time
Whether you’re performing well or not, you might need to deposit more money into your trading account. Of course if you deposited 100 bucks and you grew it into a million, you should stop reading this article because you don’t need to learn anything else. However, we mere mortals still have to learn so let’s start.
Case No. 1 – Gone Like the Wind
You deposited the minimum allowed and you lost it all, fast and without winning a trade. Hmm, this might be a case of extreme newbiness… It’s not a tragedy – after all, nobody was born an expert – but if you didn’t win a single trade, you are doing something wrong and it is time to start to educate yourself. Do not think about a new deposit just yet and instead look for a Demo account and some good source of Binary options education like our School.
Case No 2 – The Normal
Your minimum deposit is lost after 2 or 3 weeks of trading Binary Options (you won some, lost more). Same as above, more learning is needed but at least you experienced winning, now you have a taste for it and you know it’s achievable. If you deposit again, you can deposit a bit more because this will allow more room for mistakes. In other words, you can lose more trades (assuming you don’t increase your bet) before your account will be blown. But still, you should consider this money a “tuition fee” you pay to the market.
Case No. 3 – You’re Getting There
One or two months pass before you lose your minimum deposit. Probably your balance fluctuated a lot, you’ve been up and down and you got a feel of the market. You still need more learning (we all do) but it seems you are on the right path. Increase your second deposit but don’t exaggerate and get a system, a reliable trading strategy start to manage risk better, work on your discipline.
Case No. 4 – Maybe Go Lower
Your first deposit was between the minimum allowed and $1,000 and you lost it fast. For a lot of people one thousand bucks is not something they find in their pockets when they wash their pants. It’s a lot of money. If you deposited somewhere around $1,000 without knowing a lot about Binary Options it means that you started too big, too soon… or maybe you are rich and 1K USD is coffee money for you. My advice would be to deposit lower the second time, but only after you learn more about Binary Options. Don’t assume that having more money in the account will protect you indefinitely.
Case No. 5 – Thinking Needed
Your first deposit is fine but you lose it after a long while. If a long while has passed, you must ask yourself why you lost it. Didn’t you have time to learn enough? Maybe you are busy with other things and trading is not at the top of your priorities. Think about it again – maybe it’s not for you.
Case No. 6 – Profits
You have made profits from your first deposit. You’re great! Only a few people can turn a profit from their first account but don’t let it get to your head. Keep doing exactly what you are doing and increase your balance. Deposit more but don’t exaggerate. Assuming your account grew considerably just from your trading, maybe you don’t need to deposit more and instead just compound your winnings, steadily and slowly increasing the amount you trade. Emphasis on “steadily and slowly”.
Case No. 7 – A Shark
You made profits after depositing for the second time, a bigger amount. That’s the way to go! It means you started small, you were able to make a profit and you kept calm when you had to deal with bigger amounts. To me, that’s how a real Binary Options trader looks like. So, are you ready to be a Shark Trader? Start compounding and grow your account to a point that you can make a good living out of it. Always be aware of broker shady tactics and try to put your eggs in different baskets i.e. don’t keep all your money with a single broker. Split your account and diversify your investments.
Wrapping it up – Always Feel Comfortable
Whether the second time you deposit more or less, you must always be comfortable with the amount you risk. I am sure you know this by now but you should only invest what you can afford to lose. If your broker asks you to deposit more, don’t do it if you don’t feel comfortable with it because ultimately you are the only one who can decide when and how much to invest. If you lost your first deposit, don’t do another one just to get your revenge on the market. If you made money off of your first deposit, don’t get cocky. Just keep calm and trade Binary Options.