How to Trade Binary Options Profitably? Is it Really Possible?
I have been getting a lot of feedback and lovely letters from you all. So first of all I would like to thank everyone for your communication and keep it coming.
First of all a lot of people have been asking – how can I trade binary options profitably? How can I make a lot of money ? How can I have 100% success rate in my trades? How can I do 30 trades a day and win all of them ?
My short answer to these questions is – You can’t! There is no way of a 100% win rate when trading but there are things you can do to reach success and make a lot of money. It absolutely is possible to trade binary options profitably. And here’s my experience: I too expected a lot of money very quickly when i started trading. And in fact I did make a lot of money very quickly but then I also lost a lot of money even faster. The key to success when trading binary options is patience, self discipline and understanding the psychology behind it. If you want to do it properly and actually make some money I suggest learning about the markets – why and how price moves, study patterns and understand the principles of “support & resistance”. But more importantly you need to understand human behaviour and the psychology behind it.
If you want to trade binary options profitably, the next step is practice. Don’t start risking with real money until you are comfortable with your strategy on a demo account. Most brokers offer a demo account but most of them require a deposit. If you want to practice without giving them your money you can do so with IQ Option. The demo account is free so you can find out if trading is for you before starting to flash your cash. Get a free demo account here. And more importantly do not trade with money you can’t afford to lose.
I have previously written some articles about tips on how to trade binary options profitably.
A helpful article from Investopedia on Analyzing Chart Patterns
I hope this helps. Happy Trading!