I did a silly thing. A thing I wouldn’t necessarily advise others to do, but a thing that worked out for me nevertheless. I was in my first year at University, having just finished my first round of projects, when my eagerly anticipated student loan came in. Over the next few weeks everything would change for me and it was all thanks to me discovering how to trade binary options. A friend of mine sent me a link to check out. He was interested in trying out this new form of online trading and wanted my opinion on a certain website, just to double check it and to let him know if I thought it was legit. I did this for him, but in all that reviewing I ended up catching the bug as well and deposited a chunk of my student loan into a trading account. Thankfully this is a positive testimonial and not a horror story. I didn’t lose my money, I didn’t get hooked and blow everything I have, I did however learn to trade binary options profitably and managed to pay off my first two years at university, living expenses and all, in about two months of pretty intense trading.
Binary options are basically a simplified trading instrument. Unlike other types of trading you don’t profit just from investing in a security that rises in value, your profits being determined by how much the asset you’re trading has risen. Binary options are completely different. You can profit from correctly predicting that an asset will rise or fall. So it doesn’t matter what is going on in the markets, you can profit in good and bad times alike. This is because you do not take possession of the assets you are trading on, you are merely forecasting the direction they are most likely to move in. Another big plus for trading binaries over other instruments is that when you trade binary options you know from before you commit to a trade what you can profit if the trade goes your way and what you stand to lose. This made me feel much more at ease with the prospect of forking over a piece of my student loan.
Anyway, it turns out I’m quite good at trading these options because with all the complexities having been removed on the trader’s end, and being a bit of a research nerd, it proved easy for me to spend most of my day analysing the news, following economic data releases, researching which assets are correlated to which other assets and then bringing it all together in the hour or two each day that I chose to trade. That is my advice for all newbie traders, don’t go into it blind, have a piece of news in mind each day that is likely to affect the asset you are trading and monitor that asset’s price action for signs that your hunches were right. The more you do this the better you will get. Guaranteed.
George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.