What Kind of Trader Are You?

Most traders of binary options are either gamblers, professionals, or people on the path to becoming professionals. Some argue that even the professionals are gambling. Yes, there’s risk involved no matter what—so even professional traders are to some degree gambling at all times, but they’re taking calculated risks based off their expertise. Similar to the way professional poker players are not really gambling against the amateurs over the long term.

It’s possible to trade 60-second options and other types of binary options responsibly. What approach you should be taking largely depends on what type of trader you are. We’re hoping that if you’re reading this you are cautious and honest.

If you’re trying to steer clear of scams, then we’re guessing you want to actually make money—or at the very least, give yourself an honest shot at making money.

Then there are traders who gamble without a basis for their trading decisions; their risks are un-calculated.

The question is whether you’re in it for entertainment (gambling) or profit (professional trading). Both reasons are perfectly legitimate.

Once you figure that out and come up with an honest answer, you can see to money management and trading techniques.

Gambling On Binary Options

If you’re gambling for entertainment, the key to responsible trading is to acknowledge that you’re a gambler.

Why?

Because then you’ll acknowledge your risk and the likelihood of losing money, and you’ll see that binary trading is probably going to be an expense more often than not. This honesty will help you to set aside a responsible amount of money as your entertainment bankroll, and it will keep your motivations clear.

If you’re trading binary options for fun, then do so with the same kind of budget you’d use for a casino.

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Trading Binary Options For Pure Profit

If you’re betting binary options for profit, the keys to responsible trading is to minimize your risk by calculating it, managing your money well, and planning your trades based off predictable indicators. I’ll repeat:

  • Calculate your risk and reward
  • Develop and follow sound money management policy
  • Plan and execute your trades based off of predictable indicators

You can use technical or fundamental analysis or price action or any other strategy that makes sense to you and can provide consistent returns.

You need to be able to prove the efficacy of the method on historical data by doing extensive testing before you can responsibly go live with real money. You should also demo trade with virtual money before you trade with your own money.

Reality Of Binary Options Somewhere Between Gambling & Investing

What you’ll discover when you’re learning and testing is that it’s not easy to make tons of money.

Even if you do learn how to make money with 60-second trades, it’s going to take you a lot longer than that to educate yourself, plan your trades, and manage your account. Anyone who tells you that you can consistently make money trading 60 second options by going with traders choice is scamming you out of your money in some fashion.

Becoming a professional trader is a journey that takes years for most people, and that’s years of hard work. You are not 60 seconds away from striking rich, without getting pretty lucky. Once you accept that, you can move forward and trade responsibly and maybe even profit.