If you are just starting in Binary Options, this article is for you! We’ll see why so many people fail in Binary Options and we will show you the most common mistakes that beginner traders make so you can avoid them and so you can be successful.
There is a difference between scam and risk!
A lot of people think that Binary Options are a scam, but they are not, we can affirm that it is risky to operate with Binary Options, that is why you must get a lot of education first.
A scam is a fraudulent activity, we call it scam when people take your money, without giving you the promised product. There are brokers who have stolen thousands or millions of dollars and just disappear, those brokers are scammers. So, we must understand that not all brokers do this, but sometimes happens, that is why this business is risky, but if you do not take the risk, you will not make money!
Binary options are riskier than Forex operations since with binary options you will lose 100% of your investment compared again with Forex where you will only lose between 70 and 80% of your investment. In Forex you will be able to reduce your losses so they are not as risky as binary options, it is much easier to identify a trade that will fall within 5 minutes than to find a trade that will rise or fall within 5 minutes. So, it’s not really a scam but a risk.
Do not make large deposits!
Another thing that people do wrong is to make large deposits to their accounts, for example, if someone has 14,000 dollars in his broker that person does not need to deposit this large amount instead, it is necessary to start operating with only 200 dollars!
What you must do is seek to grow. What you must do for your account to grow is to make a deposit of any kind and operate with less than 5% of your main balance. If you operate with more than 5% you can already affect your emotions and you must be disciplined to control this. So, if you have discipline, your account can also grow.
Choose what is best for you!
A lot of people fail at binary options because they don’t know how to pick a strategy or signal service. You must get an education first and practice so then you can see if you will trade on your own or if you would like the help of a platform to start making money!
A strategy is doing your analysis, where you can set indicators and look for different patterns and enter those operations, there may be a strategy of 2 minutes, 5 minutes, and even 50 minutes. On Cristian AP’s YouTube channel you can see the different strategies with a variation of times.
You just have to take into account that you will never get 100% accuracy with any strategy, being able to get 70% accuracy is more than enough! If you want to get a special platform to make money, then BLW is for you, in this website you will find the different products we have so you can make money!
Control your emotions!
For you to control your emotions, as we mentioned before, you will have to have a lot of discipline. For you to be a disciplined trader you must have a commercial plan for your daily activities, you must write down how many operations you lose and how many you win. And, if you lose at least 2 operations already do not trade for that day, because that will be your daily plan. Choose a single strategy, follow it, and learn it for a long time!
Conclusion
As you can see, you can earn money with binary options, you must meet the requirements that we mentioned above! You need to be very disciplined, and you need to educate yourself a lot! Then you will see how everything starts to improve!
Remember, invest only you can lose. We hope this article have helped you and remember to subscribe to our channel so you can see videos about trading! https://www.youtube.com/c/BinaryLivingWay/videos