But is it legit and can you really make money doing it? The short answer is YES. But unfortunately, even though trading binary options can potentially provide you a nice income and lifestyle in a very short amount of time, it’s still not INSTANT like you see promised in the sales videos and proof videos you’ve probably watched.
WHAT YOU NEED TO KNOW ABOUT BINARY OPTIONS TRADING
It is super simple like the videos show. You’re basically betting on whether a particular currency pair or asset is going to go up or down during the timeframe you select. That’s it. Sounds pretty simple, right? It is. However, it’s not a great idea to go solely off of the charts that the binary brokers give you. That’s essentially gambling.
Another thing you should know is that binary options is essentially forex trading, but unlike forex you don’t get to enter and exit at a planned position. With binary options you have to be watching the charts and enter into the trade manually and then sit back and wait for your trade to expire to see whether or not you won or not.
So, if you apply a forex trading strategy to your binary options trading, you’ll significantly improve your chances of success.
DO MAGICAL PUSH BUTTON INDICATOR SIGNALS WORK?
In my experience there are a handful of indicators I might use and trust but as far a signal service or a live trading room, in my opinion, they’re not worth the investment. If you don’t know anything about binary options trading and are specifically looking for an indicator tool I recommend this one.
DO I NEED A SIGNAL SERVICE TO BE SUCCESSFUL?
No. Signals and automated tools are nice, but you can trade solely off price action and use some of the free indicators and tools available with your FREE trading software.
WHAT TOOLS DO YOU USE AND RECOMMEND?
thinkorswim – trading platform for US traders by TDAmeritrade. Sign up for a FREE live trading account. You don’t need to make a deposit to take advantage of this software.
BossCapital – my recommended binary options broker for International traders
I recommend you first open up a FREE demo trading account. To do this, create an account as you normally would but in the username type “demo_” followed by whatever you choose to use. You can create as many of these demo accounts as you like.
CherryTrade – alternate recommended broker for International traders. Once you start having success, it’s recommended you setup an alternate broker account, because when you request a withdrawal, you are unable to trade with that account while the withdrawal is processing. So, when that happens it’s good to have an alternate account that you can trade from.
BKTrading – my suggestion for US traders.
** If you’re located outside the US, look for a broker that provides a MetaTrader 4 platform and software for you to download.
Those are basically all the tools I use and recommend. As far as indicators or signal services I don’t use any. I do recommend this tool for those that are looking for an easy-to-use indicator. But I stick to one simple setup and only trade 2-3 currency pairs. You only need about a 66% win rate to be profitable. My one simple setup has between a 70-80% win rate. This provides me with a handful of trades I can take each day, which is all I need. You don’t have to take 100 trades each day to live a comfortable lifestyle once you begin to build up your account. Below are some of my results…
If you’re interested in the one simple setup that I use to produce the results above, I’m offering it for FREE as an incentive to anyone who funds a LIVE trading account using either one of my preferred binary options broker links listed above. I recommend starting with at least $300-$500. And before you jump the gun and start trading in your LIVE account, I would highly recommend practicing in a demo trading account for at least one month so you can build up your trader confidence before trading with your real money.
To qualify for my FREE simple setup incentive, fund your LIVE trading account using one of my recommended broker links above then reach out to me here. Once I confirm that you have funded your LIVE trading account, I will send over my setup strategy.