I am a skeptic from the start. When I first heard of binary options trading from a buddy in my poker game it sounded to good to be true. A friend in my poker game mentioned how he had made some good money by betting that gold was going up.
He explained more about it and how a new form of trading has kind of sorta evolved out of forex trading and kind of a mix of finance, trading and a bit of gambling mixed together.
It sounded perfect. As a matter of fact, it seemed too good to be true.
I didn’t think ‘scam’ at first because a friend of mine recommended it. I did think that it sounded a bit to simple. Can you really just predict whether or not something goes up or down in price and make serious returns (like 70+ percent per trade)? Yes – you can.
It may sound too good to be true. It is. It is also risky. You can make big returns but you can lose big bucks quickly as well.
Three Recommendations For New Traders
- 1. Only invest what you can afford to lose – do not put your life savings in here and start small
- 2. Only trade at one of the binary options brokers listed on the home page.
- 3. Only accept a bonus offer after you completely read and agree to the terms and conditions
You can learn from my mistakes and take those three recommendations as a great way to get started. While I didn’t risk my life savings, I did experience the pain of accepting a bonus offer and not being able to withdraw my money without trading more (a good bit more) in which I lost all of the early profits and a good portion of the initial investment.
Good luck out there, if anyone is contemplating starting out with trading binary options then keep those three tips above in mind at all times. Here’s to many more winning trades!
I will see you on the trading floors.