It’s exciting to dive into the world of binary options trading. It’s a great place for beginners to start day trading in general, and there are experts binary options traders who make their living exclusively off binary trades.
To be a successful trader you’ll need a strategy, both for how you’ll trade and for money management.
Can you live off option trading?
Yes, there are people who do this. They do it by testing and retesting their strategies, by sticking to markets they know and understand, and by exercising self-discipline about when and how they will trade. They don’t let emotion enter into their mindset and they manage their money with care.
Very good traders win about 70% of the time. If you’re going to try making a living from binary options you should open a demo account and try practice trades until you’re very sure of your strategy. You should also be very sure you’re working with a reputable broker who will actually pay you when it comes time to withdraw your winnings from your account.
Can options trading make you rich?
If you have enough money to trade within the first place or build up your account over time, then yes. You are unlikely to get rich overnight, however.
When you enter the world of binary trading you should enter it with an eye towards learning, growing as a trader, and getting more sophisticated. You should obsessively document your strategies so you can find out what works and what doesn’t.
You can set income goals, but keep them realistic at first and build them out over time. Aim to make a few consistent trades per day and build losses right into your strategy.
Eventually, over time, you could become very wealthy with binary options and other forms of day trading.
How difficult is options trading?
It’s not difficult at all! It is, in fact, one of the easiest forms of trading out there. The basics are as simple as knowing how to predict whether the markets will go up or down by a certain time.
There are certainly more sophisticated forms of binary trading that you can engage in, as well as more sophisticated types of day trading you can learn. Yet binary options are one of the best ways to learn how to read and predict markets, and to get comfortable with the idea that you can make good money doing so.