September 3, 2015 at 7:01 am
Hi MetaBinaryOptions Members!
So some members have reached out to me asking to start a new forum topic. And I bet you guessed what it is! Newbies Ask Questions Thread, YES finally. So this will be the official place for newcomers (newbies), and I guess anybody who just has a question they want to ask, regarding Binary Options, and related topics in the industry.
Please don’t forget that there is no such thing as a “dumb” or “stupid” question. Don’t forget, at some point in time we all had the same questions on our mind. I hope this thread starts strong and we get some members asking questions. Dennis and myself, as well as selected experienced members, will answer your questions on a daily basis as best we can.
So without further ado, let’s get the ‘posts rolling’ folks… 😉
Happy Question & Answering,
September 3, 2015 at 7:18 am
Hello, I have just started trading binary this month, so I guess you could call me a newbie for sure! Anyways my question is how much can someone expect to make from trading binary options per day and can it be a realistic replacement for someone’s day job? Thanks in advance.
September 3, 2015 at 7:30 am
Hi there members! I am also a newbie here and have a question.
How old do you have to be, to trade binary options?
I am 17 now and want to know if this is a good age to start trading.
September 3, 2015 at 8:01 am
Hi, I live in the United States and cannot find any brokers who will accept my deposit due to regulatory reasons. I am a retired person and do not know many people that can help me with this issue. If anyone can point me in the direction of a binary options broker that accepts U.S customers that would be great!
September 3, 2015 at 8:19 am
I have a question. I saw some videos on YouTube about binary options strategies, and want to know what is/are the best one(s) to use for a beginner?
Waiting for your response 🙂
September 3, 2015 at 8:30 am
Hi, BIG D here 😉
Impressed by all the swift questions thus far! Are of them are very useful questions that will get an adequate reply from Alex! I will jump in when needed, or if questions are specifically directed to me. Let’s keep this thread active.
September 3, 2015 at 8:50 am
First of all, I want to thank you for being the first one to ask a question!
Ok, so you want to know if it is possible to make a living trading binary options and how much you could make per day.
The answer is a big round YES, you can! I would advise newcomers like yourself to have some kind of job on the side to pay all your bills and so on. This way you won’t feel pressured to make money on a daily basis. Pressure is a good thing, but not in the trading world. How much you make per day will depend on your account size, the amount of trades you take and your winning percentage. So lets take a look at what you could expect to make trading binary options:
A beginner with a small account of $500 could expect to make anything from say $10-$50 a day depending on the percentage risk and the minimum trade size of the broker. Most new traders make no more than $100 per day. So lets take $50 average per day and multiply it with the amount of trading days in a month(20).
$50 x 20 = $1000
So as you can see if you make a profit each day you could make round about $1000 per month.
Now if you have a bigger account and you take trades with say $500 per trade, you can make roundabout $10 000 per month if you ONLY took one successful trade per day. ($500 x 20 = $10 000)
These are only rough guidelines to what you can expect when you are a successful trader. You will have some losing days or some days you would just be connected to the market and feel you want to take more trades. I know a few other traders that are making a killing by just trading binary options and taking only 1 to 2 trades per day.
Now that you can see what is possible, you be the judge if you could make a living of trading binary options.
Keep those questions coming!
September 3, 2015 at 8:58 am
Cecil, the earlier you start the better mate! I also started with Binary Options when I was your age. Unfortunately the legal trading age is 18. Don’t let this get you down… This is the perfect time for you to demo trade or even better yet trade with our Trading Simulator. The more practice you put in the more you will get out. Experience can never be taken away from you.
So my advice would be that you start going at it. And then when you turn 18 and you feel you are ready, fund your live account and smash it!
September 3, 2015 at 9:07 am
I have no prior trading experience but am willing to take the time to learn. I just do not know where to start. What will be a good starting point?
Hope to get a response so I can get pointed in the right direction.
September 3, 2015 at 9:09 am
Fabian, I know that a lot of people in the US have the same problem as you are. The best ones that I can refer you to are GOptions and CherryTrade. Most traders seem to be very happy with their trade executions, payouts, withdrawal times and their customer service. Give them a try and let us know what you think. Here are the links to the brokers:
September 3, 2015 at 9:53 am
Good Day Jon, very important question indeed.
The answer is, there is no specific strategy that will work for everyone. The important thing to do is to stick to the more basic stuff like support and resistance, Fibonacci levels, trend lines, big round numbers. Make sure you have a good understanding of all of these strategies. Take a look at our strategies for some examples of how to use them.
Once you have taken a few trades with each of them, you should start looking at levels of confluence. This is where more than one of these strategies line up at the same level. For example a resistance level and Fibonacci 61.8% retracement. These trades have a higher probability of working out. Stick with these for a while.
The best strategy in my opinion would have to be price action combined with supply and demand zones. This is where all the strategies basically fit in together. Screen time will also have a huge effect on your success.
Play around with the above-mentioned strategies and find what works best for you. Please refrain from using lots of different indicators on your chart as this will only confuse and mislead you to what is really going on on the chart.
September 3, 2015 at 10:36 am
Hey, Efrain good to have you here.
The first thing you should do is to learn all the basic trading terms. Take a look at our Binary Options Glossary Of Terms.
Then you need to download Metatrader 4 in order to get charts to look at. Play around with it for a while so that you get the hang of it.
When you have done this find yourself a strategy that you like. Open a Demo account with a broker or use our Trading Simulator to practice with. After being consistently profitable for a few months with paper money, you can move over to real live trading.
It is important to read up on proper money management and psychology as it plays a big part in any trader’s success. Do not rush things. I am sure you will succeed if you put all the required time and effort in. If you feel lost along the way, don’t be afraid to ask any further questions.
September 3, 2015 at 12:35 pm
Has anyone here heard of or currently trades Nadex? Apparently they are regulated in United States now but I already have a few binary accounts and would like some feedback before requesting any withdrawals.
September 3, 2015 at 1:01 pm
Hey, have a question. I keep getting calls on my phone from random brokers at random times in the night/day. This is very frustrating and when I told them to stop one of them even swore at me! Is this normal and why is happening? Where do they get my information?
Happy Trading from Canada!
September 3, 2015 at 3:14 pm
From what I understand, the options don’t have much in common with traditional binary options. You buy contracts at different prices. This means that the amount that you win or lose could be different each time. The options product just lets you ‘bet’ with limited risk and limited capital. Options expire daily, weekly and even intraday.
Trading with Nadex is a whole different ballgame compared to normal binary options trading. I think that Nadex would benefit people trying to hedge their futures positions. This is very advanced stuff and not for the average trader.
The bad thing about them is that they only accept US customers. So, if you want to you can play around with their demo account, but personally I would just stay with the normal binary options. It is much easier to trade and less hassle.
Let us know what you decided.
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