Why are 60-second binary options so hot right now? Because the binary options markets have very low entry barriers compared to most. You do not need to deposit a lot of money to start trading. $250 is the minimum deposit amount for most binary options websites, and you can get started in minutes. 60-second binary options are extra appealing because it is possible not only to get set up in minutes, but also to profit in just as short a time span. How exciting is it to think that within minutes of opening your account, you could be making money?
http://binaryoptionsbrokers.ca/3-definitions-of-binary-options-success/ shows how we define success!
What is trading binary options actually like though, and what’s it like to trade some of the fastest options on the planet? If you are going to be profitable doing it, what would your daily routine be like? There are no strict answers, since every trader has his or her own unique approach to trading, but here is an example of what it is like to be a 60-second binary options trader who is in it for the long run, and not just for a few spins of the roulette wheel.
Example of a 60 Second Options Trading Schedule:
John Doe is a binary options trader who specializes in 60-second trades. He chose to trade 60-second options in part because he works a full time job during the day. His work is in retail, so while he is at the office, he is unable to trade during work hours, even on his iPhone. John wakes up at 5:00 every morning to get ready for work. He glances at the news in the morning to see if there are going to be any financial reports or other major events later in the day which could impact trading opportunities. If there is a news release or other event, he does not trade that day, and simply goes to work, comes home, does something else, and then goes to bed.
Today is not a news release day, so John heads to work. John does not look at the market because he does not want to mix work and trading or be distracted throughout the day. When he gets home from work however, he takes a break to eat dinner, and then after he has had a chance to refresh himself from the workday and relax a bit and clear his mind, he sits down at his computer to check out the binary options markets.
It is now 7:00 pm. This does not stop John from trading since some markets are open all night, like the Forex markets. John searches for trade setups on his favorite currency pairs. Over the next two hours, he spots seven different “A” trades, and eleven “B” trades. He ignores the “B” trades, taking only those seven best setups. He wins six of his trades and loses one. With his money management rules, this adds up to $52.50 in profits minus $8.50 in losses. John makes $44 in extra cash that day from his trading, goes to bed at night, wakes up in the morning, and goes about his routine again. On weekends, he devotes extra time to studying and testing trading techniques.
Trading 60-second binary options does involve a substantial commitment of time and effort, as you can see, but it can pay off nicely, and if you have a day job to get by, even “small” profits like John’s $44 can add up quite a bit over time. As John grows his account, he can trade more and more money on binary options.
Learn more about 60 second binary options by clicking here