It’s perfectly possible to make a living with binary options. Some people even become very wealthy by trading with binary options. One thing that’s so attractive about them is there’s really no income ceiling.
Of course, there can be some limits on how fast you make money. If you’re starting with just $5 you’re unlikely to make $500,000 by the end of the day. If you only stick to basic options, don’t make many trades, and don’t learn much about the industry then you’re probably not going to make much money.
If you commit to making a certain number of trades per day, learn how to make the most of your trades, choose a market you’re familiar with, and dive into studying the markets then you could potentially replace your full time job with binary options.
What is good binary options money management strategy?
There are plenty of strategies, and you should find and test as many as possible. Rune experiments to see if they work for you.
Here’s a two-minute strategy that has served some people quite well:
This is not the only strategy out there. There are hundreds, all designed for different comfort zones, investment levels, and levels of options trading sophistication. It’s a good idea to experiment and to keep a journal where you record the outcome of your experiments.
Examples of People Making Money With Binary Options
This YouTuber makes $300 a day on Binary Options:
Some people make a lot more, but setting a goal of $300 a day is a great way into a very nice, solid income you can make from home. That’s $6000 a month, more than enough to replace most people’s full time income.
Do make sure you choose a reputable broker before you begin. The real losers on the binary options markets are individuals who got scammed by unregulated brokers who took both their winnings and their investments and ran with them.
You should also make sure you’ve got a solid money management strategy before you start trying to go full time. If you wipe out your account in two days you’re going to have a hard time paying your monthly bills.
What’s a typical income for a binary options trader?
Professional traders usually risk 1% or less of their capital. The amount you make will therefore depend on how much capital you have or build. With that said, if you have the money to work with and are willing to put effort into it over time, you might well join the ranks of the traders who make $10,000 per month or more.
Should that be your goal right away? Maybe not. Start slow. Try to earn enough income to pay a single bill. Then try to earn enough income to save extra money every month. Then try to earn enough to replace your current full-time income. Stepping out goals like this keeps you realistic and engaged as you learn helpful techniques and grow your trading account.