Just a couple of years ago, the term 'binary options' did not signify
much to me but things are very different now. In this article, I will describe
to you the manner in which I got involved in trading options, how this changed
my life for the better, and what I have learnt along the way.
At the outset though, I would like to tell you some facts. First, it
takes time to become familiar enough with the markets to hit upon a strategy
that works to yield profits. There is no fail-proof strategy that anyone else
can teach you, and it is also close to impossible that you will make a profit all
the time. Second, but more important is, anyone can be a successful trader of
binary options as long as he or she is committed to task. Third, it is
important to have the right tools for engaging in investment in binary options.
Websites like CI Trades are a great platform for
beginners and experts alike. There are market analysis services available for a
small fee too, which can be used once you are familiar with the basics of
options.
How I first got interested in binary
options?
Two years ago, I had a normal job that brought along with it a hectic
lifestyle, and monotony. I longed to be free from the stress of the workplace,
and mentioned the same to a college friend whom I unexpectedly ran into after a
long time. It seemed he had some success with investment and trading, and
suggested I try out the same. After a great deal research, I decided to begin
my investment career with binary options.
In the months that followed, I read as much as I could about the
market, and eventually began investing small amounts on online trading
platforms, mostly CITrades. My experiences
were mixed, and while I did not make much profit, I certainly was not losing
money either.
Figuring out a Strategy
For a long time, I had been following helpful strategies such as those
listed on many online forums. It still puzzled me why things were not working
out better for me. Finally, one day, I realised the mistake I had made. I had
tried to mix strategies, and there were times when I did not follow my plan thoroughly
till the end. This is an error many fall prey to.
Now I lock down upon a strategy for the day and the sum of money I want
to invest, before I begin trading. No matter how things go at the market, I
cling to my strategy. This means I do not try to push my luck far on a day when
the market is favourable, and neither do I take half-thought, spur-of-the-moment
measures to reduce losses. Both of these actions result in losses more often
than not. Equally important, I make it a point to never exceed the amount of
money I have decided I will utilise in a day.
My Advice for Others Trading in Binary
Options
I am now at a stage where I feel confident enough about my trading
strategies to give advice to others who want to travel along the same road. In
a nutshell, I think it pays in binary option trade to be organised,
disciplined, and hard-nosed. Stay updated with market trends, and use good
trading platforms such as CITrades and the like.
