Can You Make Money with Binary Options?
Hello everybody!
I have a few questions about binary options. I know I could just look them up on google but I'd like to pick your brain! =)
- what are binary options exactly?
- are you into binary options? If so, do you have a website that you can point me to?
- do you know of a good training program to learn binary options?
- have you ever earned money with binary options?
- do you think binary options is a scam? if so (or if not), why?
Thanks a lot for your contribution and time! Merry christmas! =)
Sarah
Update
PS : wow you guys are so awesome! I have read all your answers and plan to answer each and everyone of you =) Let me just find some time between still unwrapping presents and eating christmas leftovers =) Merry christmas to you all!
Sarah
Recent Comments
102
Binary options is a process in which you actually wager on stock activity and you either win or lose. I am in TD Ameritrade. Our options area is something called Think or Swim. It explains various options and those times types of entities and the strategies involved with it. It requires constant study and a trend analysis utility. It is not for poor people who cant afford to lose the wager.
When I was at CONOCOPHILLIPS nearly everyone there had a six or seven figure salary. Kind of the opposite of the WA community. Everybody was very sure of themselves very well educated and had lots of cash flow. I have seen people put up $10,000 in the morning and have $35,000 by the end of the day. In fact I have never seen anyone lose. I was too scared to put up my money because if I lose like that I get very angry. The only websites that I know of are inside of Charles Schwab, Ameritrade, eTrade.
It's best not to listen to some Yahoo. Find someone who actually has been involved with it.
I went to an Ameritrade seminar and learned about their build a Millionaire program. That's how I got involved with it.
Hi! thank you for your time and comment. How much does the millionaire program cost? Are you making good money with ameritrade ?
I am trying to find people who have succeeded and are willing to share their tips and advice, not people who are faking their success and only trying to rip people off... but it's easier said than done lol! lots of sharks out there.
I am sure with the proper training and mentors you can succeed, but I haven't found any of them yet ! lol
Binairy options you can go to when you have a million dollar in your bank account to spend and you are not under financial presure. You then can afford to lose some and gain some.
I have taken a trail account some years ago, and I lost $800 in about 4 hours. Fictive dollars luckily. You do need some financial comfort to go into this business.
I think you are right, it's easier to earn millions when you already have millions lol
I will keep doing some research ^^
Thanks and happy new year Loes!
Sarah
Hi Sarah,
My advice is stay away from it, I lost a fair amount of money with binary options trying to make money online, it is a gamble, the experts might make money, but they study the markets 24hrs a day, 7 days a week, then there's no guarantee they will win.
I searched and hunted high and low for a system or product that would help, I tried a few and believe me there are a lot out there that take your money and don't work. they are all scams.
The markets can be very volatile so you don't know which way they are going to go from one minute to the next, it's almost like predicting the future, and no system or tool can do that, this is why people lose a lot of money.
Binary options itself is not necessarily a scam, but it's a very difficult way to make money and you need to invest a lot.
It's the products and systems out there that are being sold to people like us which claim they can do the work for you and make you millions that are scams.
I would suggest if you are going to write about it, I would advise people to stay away from it.
The only people that really make money from it, are the Brokers,
WA is still the best way to succeed and you won't lose thousands doing it.
Best wishes and have a very Merry Christmas.
Thank you for your time and advice. I also think binary options is not a scam but a really difficult and time consuming (and stressful) way to earn money online.
I will keep on doing some research =)
Happy new year!
Sarah
The only people who make money with anything with the word Binary in it is the people who created the option. Leave well alone :(
Hmmmmm I'm an optimistic, I'd like to find people who are actually earning good money trading, because they know what they're doing and got the proper training... there's got to be such people out there! lol
Happy new year !!
Sarah
You might as well ask whether it is possible to earn money to go to the casino. If you ask me so no it's pure entertainment not a business that is stable
Hmmmmmm yeah I also have this feeling about binary options... so volatile. I'm trying to collect as much information as possible for a friend of mine who really wants to become rich with binary options... but I wouldn't want to see him get ripped off and depressed...
Thanks for sharing your opinion!
Merry christmas
Sarah
I think the answer from this question blog can cover your questions: Binary options trading, anyone into this? I'll stay away from it :)
Hmmmm yes I have already read this blog post lol... I was looking for more information ^^
Thanks though for your time and advice!
Cheers
Sarah
Stay away it is all a scam - trust me because I have a cousin who know one of the people involved and told me all the horror stories
And it is same every where stay away
Hmmmmm thank you for your answer. I am not particularly interested in binary options (I hate numbers and stats lol...) but a dear friend of mine is tirelessly trying to earn money with it and I'm concerned he'll lose all his time, money and energy... =/ Which is why I wanted to collect as much information and feedback as possible!
Thanks again
Sarah
WA is definitely what's worked best for me but my friend is really interested in binary option, forex, trading and alike and he's got a very good understanding of it.. but lacks a mentor or good training. I'm looking for honest people who will be willing to share their tips and advice.
Would you mind giving my contact to this friend of yours? Perhaps he can share his story
Thank you again for your time
Blessings
Sarah
See more comments
I've been trading for 7 years Sarah, and I can tell you that it is legit. But very very dangerous. "Lois is absolutely right. You can go to when you have a million dollar in your bank account to spend and you are not under financial pressure. You then can afford to lose some and gain some." If you can handle the pressure(Win or lose) then you can try for it for a very small amount of money that you can afford to loose.
With proper knowledge, experience and discipline (very important) then you may succeed to it.
Hey there!
Thank you for dropping by and leaving a comment, I really appreciate it. I was wondering if you could share a bit more of your story with me. What platform(s) are you using? How much did you initially invest? how much did you earn? How long did it take? Are you still trading regularly? Is it your main business? What were the biggest mistakes you made? Were did you get advice and training on how to invest your money? thanks! =)
Sarah
Hello Sarah,
My story:
BEFORE: I started trading in 2008---Self-study, webinars, video lessons books and online tutorials. Starting amounts that I lost...$500..$1000...$3000...$5000.in series ..Total investments lost (2009 to 2011) approximately $50000 to $60000...This is because I did not know what I was doing before...Overconfidence, furiousness, Frustration, desperation, pressure, greed, anger. ignorance, emotions and greedy brokers that took advantage of these emotions were the coz of my early defeat. After which I manage to realize my mistakes and recover around $ 65000, which means that in 7 years, It's like I have earned $5000 only which is not worth of my time, energy and money.
NOW: Yes I'm still trading...But this time, I am happy with small wins...$50...$100...$300..in a month....That's it.Don't want to be furious again...Discipline and contentment are the key...
Lesson: Nobody can predict the market price.There is always a surprise.News are late.Too many noises...False news...Useless programs....
Strategy: Position on highs and deeps
Proper positioning of stop losses
Once you reach a target (Take profit) then take it no matter
what (don't be greedy)
Contentment
Rest after a trade (No overtrading)
Combine Technical and Fundamental analysis
Accept your losses and never be angry or take revenge on
market.
Don't pray- It won't work-The market price will go wherever
it wants no matter what you do/think/say.
Small amount of bets (2% of your capital only)
These are the important lines. You may just ask me for
more technical and a bit of a fundamental lessons.
My platforms: Avatrade(If you are discrete), Etoro(If you are social), and Plus500
The best for me: Avatrade
It's not my main business because I am taking small profits only. Though I am planning to get BIG when I see the signs for the rise of OIL and Gold and ride with it (It will still take time in my opinion)....
Tip: Brokers should guide you and not ask/persuade you to keep on depositing your money every time you loose.
Discipline...Discipline....Contentment....Contentment.....
Hope these will help...
P.S. I am planning to include in my website: free trading tutorials (Maybe 4 months from now)...I'll inform you when it's ready..
Rocky