With the boom of binary options in the market, many people are trying to find their luck in this kind of investment and earn large sums of money that could upgrade their lifestyle to another level. In the quest to find out whether they should invest in this opportunity, many people look up real success stories regarding binary options.
If you feed this information on google, you will find hundreds of stories about some guy investing as little as $500 and earning $500,000 weekly. However, these stories have no actual data backing them up. So, what should a real success story look like? Let’s find out about this and some other information in this article.
What should a real success story look like?
When searching for real success stories about binary options trading on Binaryoptions.com, it is essential to look for stories that depict a more realistic view of this kind of digital trading. It does not mean that one should not have bigger goals. One should be wary of all the risks and should have a grip on the strategies and data regarding binary options trading. Hence, let’s consider a fictional story that could be considered a real success story regarding binary options trading.
Simon is tired of his typical nine-to-five job and wants to achieve new heights of success on his own terms. He heard about binary options trading through his colleagues at work and decided to give it a shot.
However, Simon knew very well that he had not had much of a bankroll which he could afford to lose just on his intuition of trying something new. Hence, he knew he had to search and gather as much information as possible before investing his savings.
Simon started to learn about binary options. He learned about the legalities of this trade, rules, and regulations of binary options, different strategies, and more so that he could gain as much insight as possible about this trade. He devoted many months to this process and finally found a strategy that would help him win many profits. To further testify to his predictions, he tested the strategy on different charts from the past. To strengthen his game, he demoed the strategy with a binary options broker for several months.
However, Simon was not able to achieve the profits he had hoped for in the demo tests. This is why he went back to the strategy board and tried to find out his errors and correct them. With a new strategy in hand, he performed the demo tests again, and finally, he accomplished the results he had aimed for.
Simon knew that he had to act carefully in order to protect his savings, as he had not enough of them. This is why he decided to wait until he had $500 in his account to deposit for the binary options trading before he opened up an account on a legitimate binary options trade site. On every deal, he only invested 5% of his account and gradually increased the capital over the years. After several years of doing this, he has finally become a profitable trader earning a decent amount of profits.
However, with all of this, he keeps his day job and trades whenever he gets the chance. Eventually, Simon is able to make enough profits for him to leave his nine-to-five and become a full-day trader. This whole process did take a few years, but he was able to achieve financial independence and live life on his own terms.
Lessons to be learned from the story
Simon’s story was a lot different from the success stories on the internet. Here are a few things a beginner wanting to trade binary options can learn from him.
- Simon did not achieve his success overnight. Instead, he had to work for several years in order to achieve what he had hoped for in the beginning.
- Simon did a lot of research and study, even multiple times, to be able to perform profitable binary options trades. Traders who go into this investment based on only luck and instinct will find themselves losing money after some time, if not instantly.
- Simon was very careful about his capital. Instead of investing half of his savings, he started with only 5% of his bankroll. Beginner traders who do not keep their investments down to at most 2.5% of their savings may find themselves in a difficult financial position after some time.
- Simon also continued his nine-to-five job along with trading. He did this to ensure that he was also funding money into his account rather than just taking from it. He was financially responsible and supported himself with the job until he was ready to fully switch to a binary options full-time trader.
Finally, it is essential to choose a reliable broker that gives you the full power of closing trades early and select the expiry dates for your contract of binary options.