Many know the stories of successful financiers who have formed their first capitals in the stock market business. Most of these lucky ones went through real training at an economic college before they started trading.
But the world is changing and the opportunities to earn are becoming more and more accessible. Twenty years ago you needed to have at least ten thousand dollars (or even more!) to start trading. The entry threshold has been lowered and now it has become possible to try to make money on the first deal with ten dollars.
We would like to better detail how those who have heard about this possibility for the first time can do it. There are a number of trading instruments available now, including options with fixed gains or so-called “binary options”.
What are Binary Options? Olymp Trade
- To make it easier to explain, we’ll take the Olymp Trade binary options trading process as an example (we’ll explain why we refer to them later).
- To begin with you must select the asset you are going to trade. Let’s say you want to make money on the difference in the buy and sell price of the Euro and the Dollar.
- Then you should select only three trading parameters.
- The first is the time the trade will take (from 1 minute to 23 hours).
- The second is to indicate the value of the trade (it depends directly on how much you will earn).
- The third is to predict where the price will be at the end of the trade (above the initial value or below)
- When the parameters are decided, you can start. All that remains is to wait for the operation to be closed.
If everything is done correctly and the forecast has come true, then profits can reach up to 90% of the trade price. For example, with a $50 trade the profit will be about $40. Next time you can open a trade with a larger amount to earn even more and then gradually increase the value of the trade along with the capital growth in the account. However, you should not forget about the risks and trade with a small amount.
How do you determine which way to open a trade?
Everything we have described refers to the technical aspect of the issue. It is more important to correctly understand how to set the trading parameters under specific market conditions. And that is why Olymp Trade is mentioned. On their website there is a lot of training material available for both beginners and advanced traders, where it is possible to take proven trading strategies and modify them to one’s own trading style.
Moreover, in the same browser there is a possibility to test all the strategies and new knowledge learned. For this there is a training account where it is possible to trade with a training currency. There is no need to rush into real money trading if you are inexperienced, it is better to practice more on a training account and develop a clearer ability to predict market trends (rather than entering unprepared and losing on the first few trades). So, with this approach winning binary options is a real thing. The important thing is not to take it as if it were a casino, as the only thing they are similar to each other in is their emotions. Such emotions are positive when the price moves in the right direction and the trade closes in profit, which is priceless.