Become a millionaire with binary options
It takes patience, time and a well-structured plan, probably over a number of years, to achieve. Take a look at this Excel document which has been modified from the original by forexoma. I am sure you are blown away by the figures. By the way, the excel spreadsheet is built in such a way that you can play with the numbers as you wish.
You can adjust the initial capital, adjust the time frames, the percentage returns you wish to make per month, etc. This is a plan which demands patience and lots of discipline.
If the figures are truly outstanding and look achievable, why are many traders not there yet? The reason is simple. Many traders do not mitigate their risk. They aim for home runs in their trade, looking for that one huge payday. They look at the glamorous cars they can buy with the huge payout, or the things that money can buy and cannot deny themselves the lure of instant gratification. Slow and steady will always win the race when it comes to trading.
The hidden principle to achieving what you see on the spreadsheet is compound interest. Albert Einstein called it the 8 th wonder of the world, and he was right. There are a great many online forums which revolve around this topic. The majority of the forums have several members which will provide a range of tips designed to help other traders reach the magic goal of becoming millionaires. Of course, these are simply discussions and tips, there are no guarantees offered and many people are left wondering whether this target is realistic and achievable.
The first step is answering this question is to understand how binary options trading actually works:. Binary options are financial products, in the same way as stocks and shares; they are controlled and regulated in many countries through the same financial controls that the country uses for other financial investments.
In fact, they are legal around the world by default; a lack of regulations making them illegal allows them to be traded across the globe. They are a very simple form of investment trading which has received a massive increase in publicity over the last few years; this has resulted in many more people trying to trade in binary options. The process involves predicting whether an asset will rise or fall in price within a set timeframe.
If it does as predicted then you will receive your investment back plus an agreed percentage return. If it does not reach the predicted price you lose our investment. In the past this kind of investment has been associated with gambling, however, to successfully trade it is essential to understand the various assets and the way the market works; this is not the same as placing a bet in your local betting shop!
Experienced traders will often choose to trade in short time periods as this can provide the fastest profits and allow multiple trades in one day. Of course, every trade has its own set of risks and it is essential to have your own set of rules which you stick to; this ensures you do not continue to trade simply to get a return on a bad day.
The best traders know that some days will not go well, but they stick to their strategy , watch the market and learn from their mistakes. Although you will be trading on the movements of the stock market, you are not trading on the stock market; you do not need to purchase shares, just options which summarize share movements.