Binary Options can be really fun to trade. I mean it is not as complex as Futures or even Stocks, which many consider the easiest of all assets. As a matter of fact all these are the same from a traders point of view since we have to predict price direction and extent of the price move as well. If we get them both right and exit at the right time we can make some serious cash in a very short time. The problem is to pull it all together and get a success rate that is up there in the 70% area or better. Reaching 65% can actually make some good money but most traders feel safer in the >70% zone.
Some traders have just 40% winners but still make a ton of money. This is only possible with other types of trading than Binary Options. The reason for this is that with normal High/Low Binary Options we have a fixed return less than 100% which means that the success rate has to be well over 50% to make any money. A Futures trader with only 40% winners on the other hand can have lots of losers but if they are small say 10% loss with a few big winners of 300% profit and higher then he will in the end make some serious cash. Since we Binary Options trader cannot do this we have to get the win percentage up to levels around 70%, preferably higher.
The first thing to do is to select a broker. There are so many Binary Options Brokers around these days that is has become a real pain to find a good one. Few brokers will cater to both rookies and pro traders and it can be difficult to understand if a broker has been around for at least 2 years. This is important because a new broker will simply not have the resources to provide adequate education and training for most rookies. Only if you have a background from say Forex trading you could be sufficiently proficient to go straight in without any formal introduction.
The best is to go to a site like Binary Options Brokers World and from there read through all the reviews and get a really good view of what’s out there and what suits your trading style and strategy the best. There are several platforms also like SpotOption and TechFinancials, which are popular and reliable. Don’t disregard TradoLogic either since it has a lot going for it as well.
If you don’t have a strategy it is probably better to get your hands on a signal service instead as these will show you the way to profitable trading. Don’t be afraid to try out some of these services since most of them offer a 1 week trial for less than $10. If they don’t stay away. There is no reason to shell out $100 for something that might not be a good service. If they don’t have the faith in their own service to give you a week almost for free then there is probably nothing to gain anyway.
We wish you happy trading and a profitable year. Keep on learning and you will start seeing great results.