When people don’t know something or haven’t tried it, they collect rumors and believe things that aren’t really there. Binary options are not the most popular topic. Many people simply do not understand what options are, why binary options and how you can make money on them.
Those who are accustomed to not trusting anyone and relying on their own opinions study trading materials, master technical analysis and fundamental analysis , and try to develop their own strategy for successful trading . These traders don’t read myths; they simply don’t have time for that.
Not everyone likes to study in a disciplined and selfless manner. Some people don't have the patience for this. Users in this category usually search for information on the Internet, take phrases out of context, collect rumors and believe conjectures. Why? More often, to justify one’s own helplessness, laziness and unwillingness to act correctly. Partly due to character and increased suggestibility.
One way or another, if you don’t yet know anything about what binary options are, how they work and what the financial market is in general, we are ready to conduct a little educational program. And so that you don’t get bored, we’ll simultaneously debunk the main myths about binary options wandering around the web.
Binaries work like roulette!
This is an absolutely unsubstantiated misconception of those who know nothing about real fundamental analysis and, accordingly, have not tried to make money by trading with their mind and work.
Online roulettes, casinos, slot machines, etc. have nothing to do with what happens on the binary options trading platform. Everything that can vaguely remind you of roulette is the “Up” or “Down” buttons. It seems that all you have to do is select the expiration date, the amount and press the button to become a winner and get 18 instead of the same 10 dollars! But it's not that simple.
You won't be able to guess price movements. It’s better to do this all the time and be a winner. To generate income and achieve a ratio of profitable to unprofitable trades of 10:6, you need to work a lot, first of all, on analysis. Correct forecasts are the result of painstaking analytics. It won’t work out any other way, despite the apparent simplicity of the terminal.
Demo account is misleading
Everything regarding the training account is not as clear as it seems. On the one hand, experienced traders do not recommend using the demo version for a long time. On the other hand, this is the only way for beginners to learn how to work with charts, choose the right time frames and indicators corresponding to them.
In fact, you need a demo account . That's why it's called educational because it was created for beginners. You can practice a lot of things on it, get used to the terminal, trading sessions, learn to follow the rules of risk management , in a word, practice.
The main thing here is not to get carried away. Training should not drag on for too long. The longer you trade with virtual money, the wider the gap between you and real trading in the market will become. That is why a demo account should be perceived as a short prelude before the real start.
Brokers are cheating!
There are so many scammers on the Internet now that it would be strange to say that binary options brokers are not one of them. Yes, companies really deceive, moreover, there are hundreds and even thousands of those who want to make money from gullible newcomers drowned in their own dreams and easy money. They all work according to the same scheme:
- create a fake website;
- order false reviews;
- draw the license and awards in Photoshop;
- come up with favorable trading conditions;
- launch advertising and wait for clients.
What's next is known. Gullible newcomers, not bothering to check, fall into the traps of scammers , voluntarily give money, without having time to taste the delights of trading earnings, they lose everything.
There have been, are and will be scammers. The task of investors is to learn to distinguish an honest company from a deceiver. There are many signs that indicate a reliable company:
- regulation;
- date of registration;
- presence of a real office;
- reviews and recommendations from experienced traders;
- adequate support service, etc.
All this is easy to check before registering a new account on the site and replenishing the deposit. Do this and do not fall into the traps of scammers.
There are not many honest brokers on the CIS market. Many have appeared recently and are not yet worthy of trust. If you invest money, then in “oldies”, such as Binarium , for example. The broker has been on the market for 8 years, and this is a significant argument in his favor.
You can make money on binary options without analysis
The myth was invented by fraudulent brokers or their accomplices, the so-called “traders,” to promote thoughtless investments and bets. In fact, you won’t be able to earn consistently and a lot without analysis, even if you use indicators, proven strategies, and “goodies” from the company. It doesn't happen that way. One-time earnings are possible if you are lucky, but no more.
Binary options are not roulette . Here you cannot guess when and in what direction the price of an asset will move. But anyone can calculate this based on analytics data. You just need to devote time to studying the principles of analysis, and don’t be afraid to try to gain practical experience. Over time, the result will come, and with it a stable profit.
See also:
How to verify an account with Binarium
How to open a new account with Binarium?
Mobile application for binary options broker Bianrium
What are the benefits of a VIP account with the Binarium broker?
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