Online trading is definitely not for the weak-hearted, especially Forex and Binary Option trading. Fortunately for me, my Binary experience has been very successful in the last two years as I documented my trades along day way on my Michael Freeman YouTube Channel where I made videos about my strategies and trading tips I can give to anyone starting out.
The main benefit I found with Binary Options is that unlike with Forex there is no spread and you cannot lose more than the amount you invest in your trade, therefore there is a lower risk. The other benefits that are very obvious with Binary Option trading is the lower starting amount required to fund a trading account with a platform, no need for software to conduct your asset analysis as you can apply fundamental analysis for the various assets available on the platform. Forex allowed us to trade currency pairs but with Binary Options we can now trade commodities like Oil and Gold, as well as Stocks and Indices, all with the same payout structure inwhich if the asset goes in our direction (up/down) we receieve %70-%80 profit on our trade amount. Investing $100 in the Facebook Option on a Binary Option platform and winning the trade will leave us with $170-$180 within up to an hour, as we decide on the expiry of the asset. On the binary option platform one can set the expiry of the asset for an hour, day, week or a month. In my Binary Option Blog I go over a lot of my strategies, tips and provide my readers with short instuctive videos to help anyone starting out.
Binary Options overall can be very profitable, however we must be very careful not to rely on intuition and emotional trading. It's a job and we must be responsible enough to conduct a research regarding the asset we are focusing on and I always recommend focusing on one or two assets at the most and this way you won't have too many factors to consider, in predicting the price direction of the asset. I always look for atleast two market indicators and after having this information I conduct a quick technical analysis to determine if the trend I assume is currently happening, is in fact showing on the live graph. If the technical analysis of the asset confirmed my research regarding the asset's movement, then I enter the trade with confidence, knowing I did my best to make sure I entered the trade intelligently and not out of an impulse or a need to make quick money.
One of the main problems with Binary Options is choosing the broker, since you're depositing your money with a website you want to make sure you're using a reliable service provider. I always go on Alexa.com in order to determine how much traffic a website actually brings, which indicates how popular. After some research I came to find that AnyOption is one of the leading Binary Option Broker in the field, as they offer the lowest minimum to start, widest verity of assets available to trade on the platform and Free Access (AnyOption) even before you fund you trading account. Alexa.com did infact confirm that they are the leading platform interms on online user retention and daily traffic reach. The way I see it, just like with any online service, you want to make sure you're signing up with a legitimate service and not an overnight scam. I would much rather shop on Ebay.com than in JohnDoeShop.com, therefore also with online trading I recommend going with the leading service providor and not settling with a broker you saw in a banner advertisment. For anyone starting out I wish a lot of success and just remember to take it seriously and it's actually a lot of fun once you start interacting with this form of trade. Michael Freeman on YouTube