07/14/13

Time to start trading Binary Op’s!

So, I’m quite excited about this post. I have always thought of myself very much of an everyday day man. I have a pretty normal day job which requires no certain skill set and I have never considered myself exceptional at anything. When I started trading binary options a couple of months ago, I got into it thinking I’d give it a try, but I never really expected to make a lot of money out of it. I mean, financial trading… I’ve never been to business school and I still cringe a little just thinking about having to sort out next month’s bills. As you probably would have guessed, I’ve never had much knowledge of finance. But I’m proud to say today that I have made my first £1000 for trading binary options, and I had said to myself that before that happened, I wouldn’t start recommending it to people.

I got into binary options trading by a total fluke. I was just browsing around the internet looking for some quick entertainment as I searched Google for ways to make money online. I got onto a website called binaryoptions.pm, which I guess works as a kind of portal for the people involved in the binary scene. First thing I did, as I had never before heard of the term binary options, was to read a beginners guide which was provided on the website. I realized quite quickly that this might not be all that hard to understand. Basically, all you have to do is to invest on a currency, stock, indices, or commodity based on the assumption that this asset will either increase or decrease in value within a specified time. If you are right when you invest, you will get almost twice your investment back, and if you are wrong you will lose your full investment. Basically, it’s just like betting on a sports game, but in a completely different field.

So, with the beginners guides read, I followed a tip that was suggested, which was to open a demo account with a known broker in order to practice. So I browsed through the websites archive of reviews, and managed to find a broker that seemed really good. I then created a demo account which allowed me to start trading with money that wasn’t real, as this helps you to understand how the whole thing works. It also means that you can make bad investments without getting punished for it.

After about a month or so, I started getting more confident and opened a real account. As I started to trade with real money, my results would vary significantly in the first couple of months, but stabilize over time, and last months I made my first real profit!

Now, I have even worked up the guts to try out forex trading, which works a little different but is an equally exciting way of making money on your free time! You can read more about it here!