We all have heard of ‘Binary Options Billionaire’: Someone started trading binary options last week and now they are a millionaire. But are these stories true? And if so, can you repeat them? Let’s see what you expect when you start trading binary options.
In this article you will learn:
- Why the story ‘rich shortcut’ and ‘millionaire’ is a legend.
- Why binary is still a good investment vehicle.
- How long does it take to succeed?
With this knowledge, you will be able to start trading binary options with realistic expectations and achieve long-term success.
Millionaire legend: rich all night
The story of the rich people with binary options. In general, it is intended to mislead. We recommend ignoring them because they are all divided into two types: lie and luck. Let’s look at both types to close each other.
- Type 1: Lie
As well as any advertising statement, the story that makes it rich is a lie. Unsertful brokers make them attract easy-minded traders. Similarly, marketers will create these millionaires to encourage them to join the immoral broker.
Such strategy brokers are not reliable. If they lie about the success of the client, they may lie to the other side of their business as well, including important aspects such as paying and existing assets.
Of course, it is difficult to tell the newcomer to know the world of binary options. That you can trust the broker’s story? Our webpage about how to avoid scams, focusing on the strategy used. There are honest and honest brokers that are enough to allow traders to walk out of the company if they have any questions.
- Type 2: Luck
Some great success stories are the result of coincidence. It’s easy to say when someone has done anything enough. All results will happen. Including good luck.
Assume the competition flipped coins with 1,000 starters. After the first throw, there will be 500 players after the second throw. 250 after the third turn, 125 and later will soon be left alone.
Now, if this person bet all their money every time, they are incredibly rich. The coin turning provider will use them as a child poster to make a quick and easy money market that you can do by flipping coins. However, their success is not the result of a wonderful investment tool, whether it is genius or excellent strategy.
Millionaire’s success story
Their success is the result of odds: when someone does something enough, someone will be incredibly lucky. Some people survived 13 different plane accidents or fell from skyscrapers. But that means you should try to repeat their actions? Hardly.
If you try using the same strategy, you will fail. There are fifty-five opportunities that your money betting on every coin thrown will destroy you with your first trading. If you are lucky and winning, you will have to face the odds again. Even if you are lucky enough to win ten flips in the 11th row, flip the prone to destroy you.
As well as binary options those who make a lot of money in a short period of time, using incredibly unsustainable and lucky strategies.
Broker strategy
There are rumors that some brokers use this knowledge for their benefit. They let many of them 10 pounds to start trading and want them to invest everything in every trade. Most of them will lose this amount. This means that the broker will be refunded. However, sooner or later, one employee will be lucky enough to receive enough trade awards to become a millionaire.
Brokers can use them as a poster child for their next advertising campaign. On the other hand, the broker does not need to use such suspicious methods. When they have enough customers, one of them is bound to create such stories.
The point is: the rich people overnight with binary options failed to use strategies that can create long-term success. While they are incredibly fortunate, you are stupid to bet your money on a single occasion in one million.
Fortunately, there are better options.
Use long-term binary
Come straightforward: If there is an investment tool to open a wealth overnight, everyone will use it. As we explained, these millionaire traders are generally nothing more than marketing scams.
However, that doesn’t mean that binary options are a bad way to invest. As well as stocks will not make you rich in the blink of an eye or binary. But stable long-term strategies can create great profits.
The main ingredient of the success of long-term trading is a trading strategy. With the right strategy, you can exchange many types of assets successfully. The great advantage of binary options is that they have more profitable investment tools than other types of assets.
If you want to be rich with binary options, you can. But it will not happen overnight. What you need is a stable strategy, long-term commitment and correct knowledge. Let’s look at these three aspects.
The success factor of binary options 1: Strong strategy
If you want to exchange financial investment, you must have a good strategy. Random investment will destroy you quickly. Strategies set when you invest, how to invest and the amount of money you invest. There are also plans to track your success and constantly update.
One of the most important points of successful strategies is that you invest a little money of the balance in the overall account in every trading. When you invest between two to five percent in every trade, you will escape from the loss. Money and gradually increase your capital.
Wealthy traders lack good strategies because they need to invest more than a few percent money in every trading. When you invest half of your money in every trading, you have a little chance to get rich. But the resulting results are a failure.
Even binary traders, the best options were winning only 70 percent of trading. That is easy enough to make money – as well as winning 70 percent of all coins thrown is enough. However, when you can’t guarantee that you will win every trading – and no one can guarantee any financial investment – you have to plan for loss. Sometimes you may lose three or five consecutive trades. Sometimes you may lose ten trades with a slightly winning trade.
If you bet too much on trading, once you have to go bankrupt shortly. This is the reason why the plan to get rich quickly is a bad strategy and why you should invest for the long term.
This website provides a lot of information about trading strategies and the correct guidelines to the market. Use it and you will enjoy long-term success instead of failing quickly.
Binary options achievements 2: Long-term commitment
Learning new skills takes time. Binary options trading as well there are a lot of you need to learn about different binary types, your own personality and your own market. In a world that has received financial advice independently but rarely thinking, you must learn how to separate a reliable source from the only trusted source that needs your money.
All this requires effort and commitment. No one learns to speak overnight and learn to exchange for a long time.
The rest depends on you. Invest time and effort and have a good chance that you will see great results because most traders offer a trial account that allows you to trade without risks completely. You have nothing to lose.
Trading diaries can help you in this event. Take notes why you are trading the tools you use and the environment you are in. Check success over time and find something that is good for you. Eliminate everything else.