However, when it comes to binary options, there are very little overheads involved. There is no need to spend time building a website, there’s no need to purchase stock, and there’s nothing to store. Binary options literally allow you to set up an account and start making money.
Let’s take a more detailed look into the world of binary options trading.
A binary option is simply a financial option where the pay-off is either going to be a fixed monetary amount or nothing at all. So in essence, you’re only risking what you decide to place on that trade (which we will explain more later). There are 2 main types of binary option, and these are; cash-or-nothing & asset-or-nothing. The option that we’ll be paying attention to is the cash-or-nothing option, now this particular type is what most traders use and it pays a fixed amount if the option expires in what’s known as in the money.
How do you trade Binary Options?
Firstly, you need a platform to be able to access the financial markets. There are endless platforms out there that offer great technology and fantastic speed, which is crucial. One of the major benefits with trading these types of options, is that you can do on your phone! Imagine travelling to work on the train and being able to your monthly salary in 30 mins.
A typical platform will comprise of a chart with a live screenshot of the currency pair you’ll be trading. This will fluctuate and change depending on what time frame you are on. If you are on the 1 minute time frame, then you’ll notice straight away that price will be moving up and down quite rapidly. However, if you are on a higher time frame such as the 15 minute then price movement won’t be as fast.
How can you make money with Binary Options?
A lot of people actually end up losing money, simply because they don’t know what they’re doing, and the end up guessing. The most effective way of being financially successful at trading, is to copy someone else. There are signal services available, which alert people via SMS or email when to enter a particular trade. Such services are ran by former traders in the likes of Goldman Sachs, or Citibank. Having such knowledge at your disposal is a huge advantage, because it puts you above everyone else, as well as one step closer to financial freedom.
I’ve used a number of different binary option signals services in the past, and I can safely say without a doubt that the most success I’ve had is with a company called Binary Options Signals Live. Ranked as the #1 Live Trading Education Trading Room for Forex & binary options. They also offer a 14 day free trial, so you can get a feel for how everything works, and who doesn’t want to try before they buy.
It’s time to take control of your financial future and start living your life to the full.
As I mentioned before, I’ve used many signals providers in the past, but none have stood out more than Binary Options Signals Live. These guys are a lot more personal and treat you like a person who is looking to become financially independent. They have a sense of duty to help you achieve success, which is why I would only choose these guys to help me become financially free