There are 3 Types Of People Who Trade Binary Options

The folks who trade binary options to make money fall into 3 broad categories. Try to identify the category that best describes you and share you opinion in the comment below.

The Gambler


The first type is "The Gambler"

This individual approaches binary options trading in the same way he approaches a casino game. To him, whether he profits or not is based entirely on chance (e.g. little finger or middle finger). Hence, he doesn’t look at candlestick charts, pays no attention to market trends, and couldn’t care less about Fibonacci retracements.

The Investors

The second type is "The Investors"

In the second category we find The Investor. This individual looks at trading binaries as a method to “empower” the return on his investment portfolio. If someone were to ask him about the things he invests in, he might respond, “Amazon, Google, Currencies, Cryptos etc.” Investors often fail to realize the high degree of risk they assume as they chase the high returns advertised by binary options brokers.


The third type is "The Investors"

The third category is made up of traders who are realistic. These folks typically have experience, and are well aware of the risks associated with trading binaries. They also know that having a keen grasp of the assets that underlie the options, and a familiarity with certain aspects of technical analysis, gives them an edge. And with that edge, they know they can consistently make money trading binary options. This is the group with which you want to identify yourself.

Above all, you need to understand the depth of Binary Trading

1) First and foremost, Trade with rules. Follow a proper trading system

2) Learn how much is too much, find out what is risk management/money management

3) Learn all about max drawdown, risk reward ratio, pay off ratio, continues losing streaks of a trading system

4) Trade only with the money you can afford to lose

5) Your goal is to be good at the process, results will happen automatically. So don't focus on the profits, rather focus on the process.

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