In this post, I will explain whether you can make money from binary trading or not. Without further ado, let’s get into the point.
Can You Really Make Money With Binary Options Trading?
In short, answer “YES”. But you need to select a legit broker and you have to understand how consistent it is. Making money for only one day from binary trading does not mean that you are a successful trader. If you can make money for a long time, you can claim yourself as a successful trader.
Average earning statistics of binary traders:
A trader earns money at the very beginning. Then he loses a trade and increases the trading size. Finally, he blows his account within a couple of days. It is the typical scenario of a trader. But 13% trader earns money from binary trading because they have enough patience, experience, and proper planning.
Reality of Making Money From Binary Options Trading
Almost every trader makes some money at the beginning. They feel better and increase the trading amount. Then they lose a big trade and blow the account. It is the reality of a binary trader.
If you can stick on a fixed amount and don’t increase the trading volume, you will never wipe out your entire account. So maintaining consistency is essential for long term winning.
Forex and Binary are different. In forex, you will invest a small amount which can wipe out your account but in binary, you will invest a certain amount which will not affect your remaining balance.
Earning Statistics from a broker
Look at the picture above, and you will see the best trader and the worst trader in a reputed broker called IQ Option. In this broker, the best trader has made $41k USD, and the worst trader has lost $42k USD. It is a typical scene from a broker.
If you have a look at the picture below the image, there is a note that 87 percent of retail traders lose money while trading. If you are a true beginner, you should try not to keep you in the 87 percent zone. Only 13% of traders make money from trading consistently. This is the harsh truth of a binary trader.
How long it takes to make money from Binary Options?
Only 1 minute. Because short term trade expires after 60 seconds, you can see the actual result after 1 minute, whether you have made money or lose your money. This is an advantage of binary trading. Though it is easy to make money from binary, you need to practice at least three months to make consistent money from binary options.
Can you consistently make money from binary options trading?
Yes. You can. Only 13% of traders make money consistently from trading. You need to follow some strict rules to make consistent money from binary trading. If you are a newbie, it is very usual to lose money at the beginning.
Newbie traders are very emotional, and they can not control themselves. The greed of making a lot of cash chase them, and they increase the trading volume. So they lose account ultimately.
How to make money consistently from binary trading?
You need to have proper planning, good trading pattern, patience, money management and trading experience to make money consistently from binary trading. Please be informed that only 13% of traders can finally make money.
87% of traders lose their accounts ultimately. So having a proper trading plan is necessary to be a successful trader. Patience is also crucial. If you are desperate to make a lot of money within a short time, you will blow your account.
The next important thing is experience. If you are not experienced enough to understand the market condition, you will not have enough confidence to enter the market with a good trade.
Money management is the next important fact. If you can manage your money properly, you will never blow your trading account and you will be stress-free. Money management means a proper strategy where you will invest a fixed amount in terms of your trading account balance.