The Best Binary Options Traders
Best traders binary options - is a role model for beginners. Everyone can become one, everyone has a chance to become the best, but not everyone takes advantage of it. This article will talk about who the BO traders are, what it takes to become successful and get to know the best traders.
- 1. Who are binary options traders?
- 2. Types of BO traders
- 3. How to become a binary options trader?
- 4. What is the secret of successful trading?
- 5. Top 10 mistakes of beginner traders
- 5.1. Attitude and self-control
- 5.2. Knowledge and self-improvement
- 5.3. Risks and Understanding Losses
- 5.4. Strategy development
- 5.5. Failure to comply with trade discipline
- 5.6. Trading without a clear plan
- 5.7. Adapting to market changes
- 5.8. Trial and error market research
- 5.9. Unrealistic expectations
- 5.10. Lack of capital
- 6. How to avoid mistakes?
- 7. How do you know if a trader is successful?
- 8. Top binary options traders and their history
- 9. Conclusion
- 10. reviews
Who are binary options traders?
BOO traders are individuals who make money out of thin air. But behind this mystique lies the hard daily work of a trader, which leaves no time for other aspects of life. A successful trader is a professional who carefully analyzes the market, thinks through the trading strategy down to the last detail, studies the broker and evaluates every bet. But not everyone is like that, among those who call themselves binary options traders there are six main types, each following a particular style of trading.
Top 5 best binary options brokers: test their terminals
|Broker||Bonuses||Open an account|
Types of BO traders
Binary options are a good way to make money, but every beginner should understand that there is and can be no easy money in this profession. The illusion that it is easy to trade binary options prevents many from not only making money but also from trying to understand how to do it correctly. Only 5-7% of novice traders become successful traders, the rest of them just lose real money and get frustrated. Types of traders:
- Freebie lovers.
- Grail Seekers.
- Illusionary Millionaires.
- Stepping on the same rake.
In most cases traders belong to one of the first five categories, only 10% become successful, making very good profits. Let's look at each of these types.
This is the most numerous caste. Most of them participate in trading with the only goal - to get a quick free profit. A characteristic feature of these traders is participation in all free tournaments from brokerage companies, registration in shares with no deposit bonuses and free courses where you can get bonuses. They all try to cheat the system by creating multiple accounts, using free signals and other tricks. These actions lead to blocking the account or draining the budget. But these traders are usually protected from real ruin. They won't invest large sums, because their goal is to make a profit without cost. The only thing the freeloaders are right about is that all the information needed to trade options is online and there is no need to pay for it, you just need to find it.
They treat the trader's trading not as making money, but as a casino game. This attitude dictates their strategy. They are ready to give up everything for the sake of the momentary euphoria of winning. Such traders can be recognized by their trading style, they trade on Martingale, do not care about the choice of a binary options broker. Martingale Strategy often used in the game of roulette, its goal is to recover lost money by constantly doubling the bets.
Such a method does not bring results, because players do not stop at making a profit, and again and again lose, draining all the profits. A player's career ends quickly, as soon as he loses everything, he has no choice but to go underground, collecting money for a new game, at the same time distributing debts and repaying credits. Another problem for players is the choice of a dishonest broker, often they choose platforms from which it is impossible to withdraw earnings.
This is a special caste who spend their lives searching for the perfect trading schemes and strategies. Grail seekers are not content with profits less than 100%. They question the most successful trades and analyze the top binary options. It is easy to recognize them, they are regular visitors of forums, thematic sites or blogs, they have registration on many platforms. Surprisingly, with all their technical knowledge and trading experience, they rarely get results, because they just can't choose the trading system that can bring profit. They come to profitable trading after they get disappointed and understand that there are no strategies with 100% profit. At that point, they can set aside their illusions and apply their knowledge to good trading with a reliable broker.
It's harmless, but annoying. They know everything about everything, point out everyone's mistakes and give out free advice. At the same time they themselves are trading on demo accountswithout opening even a minimum deposit. They sincerely believe that as soon as they have a real trading account they will immediately become millionaires, but their dream remains a dream. Such traders stop trading with the first financial loss, blaming their broker or colleagues. The problem with illusory millionaires is that the first financial loss crushes their dream. They do not want to try again, because their knowledge is theoretical, and to become successful you need practice, which is impossible without mistakes and losses.
Always stepping on the same rake
This is the most toxic kind of binary options trader, failing miserably. They constantly ask for advice, but don't even think about following it. They are like gamblers who trade on the principle of doubling their bets and when the next time they lose their deposit they ask for help, and then they step on the same rake. Their pushiness and unwillingness to follow advice end up ignored by more experienced traders. You can recognize them by their frequent posts on forums. They are always complaining, asking for advice. They are ready to admit their mistakes, but they make them over and over again. In their opinion, their method is the most correct and profitable, but as soon as the deposit goes in the red, they return to the same forums with the same complaints. This is a favorite type of broker.
Professionals are the smallest part of binary options traders. They don't just become professionals overnight. These guys achieve success by many years of work and continuous training. They are characterized by a cold mind, nerves of steel, and little wordiness. A professional will not complain about losses or make the same mistakes. They know the price of strategies, they are not looking for easy money. Unlike other categories the professional knows how to avoid risks, what to do and where to get the stable income, how to choose the broker. He can suffer losses, but a pro never goes down, because his every step is a part of a verified strategy. He knows how to learn lessons from failures. Professional binary options traders can really become millionaires, but behind their millions there is a titanic work.
How to become a binary options trader?
Anyone can become a binary options trader, regardless of age and education. History knows traders who got into this business without any knowledge and became successful after only 2-3 years. Watching the successful binary options traders, many people do not understand the reason behind their success. Behind it there is a long learning curve, hundreds of failures, frustrations, pains and an unwavering desire to achieve results in trading. To become a good binary options trader, it is not only a matter of persistence and desire, but also of choosing a training program and the ability to admit one's mistakes. The first problem that beginners face is trading education.
There are a lot of videos and literature on the Internet, how to start trading binary options, how to reach profit, but 90% of them are created by non-professionals and teach only to double bets and to lose deposits. To seek information on binary options trading, not on YouTube, but on the forums and brokers' official websites, ask successful traders for advices, pay attention to the English-language thematic resources and work out your own trading method. One more component of successful trading - is the ability to take responsibility for your actions, admit your mistakes. You cannot blame your mistakes on a broker or other market participants. You have to understand that in order not to step on the same rake, and have a cool head for a thorough analysis of your actions. An interesting fact. Beginner girls are more successful than men. This is due to the fact that girls listen to advice more often and are not so impulsive in choosing a strategy. They approach trading more deliberately and cautiously, and choose their broker carefully.
What is the secret of successful trading?
Trading binary options is a profitable occupation. You can make millions here, but you can lose everything. First of all, the secret of success in trading is to belong to a caste. Successful traders earn on losses of other market participants and it is necessary to be the one who earns, but not loses. At the same time the earnings of a successful trader are stable. It is not a one-time accidental enrichment, it is a daily systematic profit, which entails even greater earnings.
Where do I start in trading?
You should start your journey as a binary options trader by learning and practicing on demo accounts with an honest broker. Knowledge and experience will help you determine the future profitable strategy, learn the subtleties and pitfalls of the profession. When choosing educational programs, avoid ads promising safe methods, the absence of risks and the rapid profits. In addition to self-training, you need to get advice from professionals. Register on thematic forums, analyze information, try the strategies, and do not be afraid of failures. After you have understood the general principles of trading, mechanics of deals and money management, move over to opening a real deposit. But there is still a long way to go before you become a successful binary options trader.
The main thing is not to rush and not to spend large sums. Rule #1 - "Trade an amount not exceeding 5% of capital. Even on losing trades, do not exceed these 5%, otherwise you will very quickly lose your deposit and stay in the red. After the first 2-3 trades, think about the choice of strategy. You can apply several techniques or choose one and bring it to perfection. Experienced traders advise newbies not to stop on one technique. Try different techniques, and choose the one that is closer to you. When choosing a strategy, pay attention to signalsKeep up with important economic news. Hone your technique and follow it faithfully, it will keep you from making fatal mistakes.
Top 10 mistakes of beginner traders
The main, the most dangerous mistake of a beginner is the desire for quick enrichment. From the desire for quick money a beginner ignores the laws, market rules, which leads to losing the deposit and disappointment, to the pleasure of the broker. It is impossible to gain successful experience without mistakes, but knowing the most frequent mistakes, they can be avoided.
Attitude and self-control
The right psychological mindset is the main key to successful trading. In any situation, the trader of binary options must possess cold-bloodedness and not give in to the temptation to win back. A confident trader devoid of emotions is invulnerable to the broker. You can't force a pro trader to make a mistake and put a large sum on a questionable trade. Only cold mind will allow seeing the risks, stop trading in time without losses. This mindset is lacking for beginners. They give in to emotions and lose everything.
Knowledge and self-improvement
Many beginners, due to their ambitiousness, after the first trading courses from the broker consider themselves gurus and do not continue training. This is a major mistake, because trading without knowledge and self-improvement is a direct path to failure. You have to learn how to trade constantly, constantly improving your skills and learning new aspects of the market. It is impossible to study all the subtleties of trading in 2-3 weeks. You can become a successful trader after studying for 2-3 years.
Risks and Understanding Losses
Beginners are characterized by a lack of understanding of risks. An experienced trader doesn't think about earnings, he thinks about losses. The lack of understanding of risks makes a beginner vulnerable to a broker. A professional knows that there are no risks in his strategy and even with losing periods he will make profit. To make as few mistakes as possible, think about risks, not profits.
Many beginners do not think about developing a strategy. They use ready-made schemes from the Internet, which do not bring profit. It is not easy to create a trading technique, but having taken a ready-made plan as a basis, it is necessary to finalize it for oneself, to do technical analysis. It takes a lot of time, there will be victories and failures along the way, but this is the only way for a beginner to achieve stable results, not a one-time profit. Many factors must be taken into account when developing it, including market changes, risks, options trading tools and the choice of a reliable broker.
Failure to comply with trade discipline
Following a working trading strategy is the basis for successful trading. Experienced traders should resist the temptation to open a trade against the rules. This mistake often arises from a wrong attitude and lack of cold calculation. Such deals are opened under the influence of emotions, from the desire to get the quick money. It leads to chaotic trading and losing the deposit. Always follow your strategy, even if you are tempted to open a trade against the rules.
Trading without a clear plan
A plan is an algorithm of actions. Making a plan is the first step to successful trading. The plan should reflect: broker, trading time, trading methodology, risks for the current day, desired profit, number of deals per day, trading conditions. You have to follow this trading plan rigorously, and if you have already spent the pledged part of the capital, you have to stop trading and start only the next day. The same applies to profit. Having received the desired profit, stop trading, because further trading can bring losses.
Adapting to market changes
Having created and perfected a strategy, many beginners think that it will always work with any broker. But the market is changing and what worked today may not work tomorrow. An experienced trader should always have several techniques for quick reaction on market changes. Options trader must be flexible, instantly catching all changes, correcting the trading plan according to them. Over time, by carefully monitoring market changes, it is possible to learn accurate forecasting and quickly change the strategy to profit.
Trial and error market research
Ignoring all the advice, beginners open a deposit with the first broker they find and go straight into battle, losing all their money. It is not wise to study the market by your own trial and error, because until you get the knowledge you can lose all your capital. You should study the market and trading principles on demo accounts. It is also necessary to listen to the advices of experienced traders, in order to avoid gross mistakes. You can open a deposit only after you have prepared a strategy, a good understanding of the market changes and risks.
Beginners come to binary options traders for a quick enrichment. Each of them is sure that it is possible to make millions quickly at the broker, but it is not so. Trading binary options requires constant development, continuous effort and training. Without realizing it, many people are disappointed when they lose their first deposit. Only few people showing persistence can become successful in this business, so do not have illusions and do not hope for fast millions, it does not happen. Only daily work and continuous training will bring results and stable income.
Lack of capital
Successful trading requires initial capital. With a minimum deposit one can face such problems as high cost of options at the broker, minimal number of transactions, missing possible profits. Also, a small initial capital provokes a beginner to dubious trades to maximize profits quickly. The result of lack of capital is one - the deposit is lost. Experienced traders advise beginners to replenish the deposit with an amount sufficient for at least 50 trades, in which case it will be more difficult to drain the deposit when trading competently.
How to avoid mistakes?
To avoid most mistakes, beginners need to take a closer look at how the best binary options traders trade. Successful traders have not come to their success at once and their every move is the result of painstaking work and analysis. Learning from the best traders you can save time in strategizing and avoid fatal mistakes. And the most important thing is that trading binary options is not a game, but a serious business and it needs to be treated as such. Let's see how the best traders trade and what a beginner can take note of.
The best binary options traders are always on the lookout. They study new market trends, develop new patterns, follow economic news and experiment with betting. An experienced trader advises beginners to learn from the basics. Study the principles of trading, delve into working with live charts, and analyze broker ratings. After mastering the material move on to the study of signals, strategies, psychology, risks and money management. If at any stage you have something not working out, do not leave it without attention, analyze the nuances, look for and correct errors.
Every binary options trader has his/her own set of tools, schemes, trading indicators in stock. A set of tools is needed to quickly react to market changes, it allows the trader to start making profit in any situation, regardless of what happens on the market. It is recommended to start forming your own set of binary options tools during training on a demo account, updating and supplementing it regularly. Failure to adapt to the realities of the market leads to ruin.
For an experienced trader the time expirations It doesn't matter anymore, but beginners should choose trades with an expiration time of at least 60 minutes. It will allow making a thorough analysis. With a long exposure by the time of closing the deal the price will move away from the entry point and with a correct forecast a trader will make a profit and a mistake will result in minimal losses. The price movement is not much different on any timeframe, because Japanese candlesticks are everywhere.
Choosing a broker
Binary Options Broker should fit the trading style and the strategy used. When choosing a broker, pay attention to the amount of the minimum deposit, online reviews, the stability of payments, the regulator, the verification procedure and the quotation provider. Also choose a broker with adequate fast support and different communication channel options. Note that registration by name and e-mail is not verification, you need to provide the broker with personal identification documents to confirm the account. At the first stages try to use one of the brokers of successful traders. Familiarize yourself with the broker's black list in order not to become a victim of swindlers.
Principle of first trades
Once the trading strategy has been tested on a demo account with a reliable broker, you can move on to your first trades. Even if your methodology showed results during training, you should start trading with minimum bets. If you see after a few trades that the trading is not going well, stop and postpone the trades to the next day. Don't exceed the betting limit 5% of the account amount, otherwise you can go into deficit.
Experienced binary options traders know that money management is a guarantee not to be left with a zero balance. Before each trade, think about how your account will be affected if the trade closes at a loss. Do not risk large sums, stick to the plan to trade an amount 1-3% of the balance. Do not use schemes for doubling bets, they lead to the loss of the deposit.
Communication with traders
As soon as you decide to try your hand at trading binary options, register on thematic forums, add comments, this is the easiest way to meet experienced colleagues. Traders share their tips here, discuss new strategies and tools, help newbies to see and sort out mistakes. Watch how professionals trade. Pay attention to the broker's choice, the size of bets, the reaction to profitable and loss-making deals, attitude to the trade, the emotional mood. You can watch the professionals' work on the streams, in recordings, or in real time. Study the trader's behavior, note all the details, copy trades and try their strategies in your own trades.
How do you know if a trader is successful?
Newcomers often face a situation where it is difficult to understand how successful a trader is and whether it is worth listening to him or not. It's easy to identify a successful trader if you know the signs.
They never double the bets.
The trading of a good trader is not based on the Martingale system, he does not use long runs. It is these methods of trading that lead to the loss of the deposit.
Observe the rules of risk management
A successful trader starts trading with small bets, he will not put on a deal an amount exceeding 5% of the deposit. This is the golden rule to avoid large losses.
Never trade the entire balance
Even if the profit seems obvious, experienced traders will not bet all of their money on it. In binary options trading, there is a great risk of going into a loss, even with seeming gains.
Doesn't change broker
An experienced trader does not change the broker, during his activity he tries several brokers and chooses one. A professional treats the choice of a broker scrupulously, because the result of trading depends on the reliability of the partner. Good brokers:
- PocketOption (online).
- Olymp Trade (go online).
- Quotex (to the broker's website).
- Binarium (site).
- Grand Capital (online).
Never show emotion
A true professional is not subject to emotion, he has no desire to win back, no fear. He is confident in his actions and follows the strategy. After several losing trades he stops trading, sometimes even before the end of the day.
Not tied to one strategy
A pro is able to show trades using several schemes in different markets. If you see that the trader teaches only one strategy and calls it unique and super profitable, close the channel.
A professional trader will not give signals. He will advise to trade independently, gain personal experience and analyze his mistakes.
Not lacking in capital
Professionals have no problems with the lack of capital. Their minimum balance is sufficient for at least 50 trades. Beginners lose their balance in 5-10 trades.
They do not take someone else's deposit
Proven binary options traders, unless they work for an investment company, will not offer to trade your deposit. A professional does not seek to make money on others, he is in business for himself. These signs will help distinguish a successful trader from a scammer trying to make money on newbies. Closely monitor the trading style and do not give your deposit to strangers to increase profits. Look up to the best binary options traders and you will be successful.
Top binary options traders and their history
When dreaming of starting a business in the financial market, many beginners doubt their success. Making a profit in binary options trading is real and this is proved by the stories of the best traders, let's get acquainted with them.
Maxim Akelov's average earnings are $1 million per year. Maxim lives and works in Odessa and never thought he would become a successful trader. Maxim started his way with trading on the market forex. He worked on this market for 5 years and then switched to binary options trading. In one of the interviews, the millionaire said that his first trades turned out to be a disappointment and loss of a large sum. After the failure Maxim decided not to tempt fate and returned to forex trading.
But the young man's curiosity and persistence got the upper hand, and he decided to look into his mistakes. Maxim chose the broker uTrader as his partner, with whom he cooperates to this day. His way to success was long and difficult. Failures were followed by victories, and finally he realized the main mistake - he treated trading as a casino game, not feeling the risks and wanting to win back.
Having analyzed his mistakes, the trader began to study the principles of trading and the market. He realized that without understanding the basics it is impossible to succeed. After spending 2 years on the training, Maxim went to earn $500 per day. According to the millionaire, the success he achieved through persistence, continuous learning and self-discipline. Maksim Akelov has a personal blog where he shares his experience with newbies, answers questions, helps to understand mistakes and publishes useful articles on trading.
Andrey Oliveira is a well-known coach, founder of the "Trader's Class" school, millionaire, managing partner of the investment company "KSG INVEST". Andrey started his way in trading in 2006. His first experience was unsuccessful and resulted in loss of money. But the failure didn't stop the inquisitive mind, and Andrew plunged into the study of trading from scratch. Over two years of training, the trader read 200 books, attended dozens of webinars and seminars. The studies were not in vain, in 2011 Andriy became a successful trader and opened a school.
Today Andrey Oliveira's activity is closely connected with trading. The trader continues to trade himself and teaches everyone who wants to do so. He helps to understand the principles of the market, to distinguish a bad broker from a reliable one, to make a successful methodology and teaches financial management. His course with training materials on trading became a bestseller and earned positive feedback and gratitude from his listeners.
Alexander is an example of how an ordinary person can become a trader. The millionaire was educated as a psychologist and was sent to practice in a bank. Here he realized that finance was more interesting to him than psychology and started searching for an interesting profession and chose the specialty of analyst in the financial institute. But after a few years, Andrew realized that the profession does not satisfy his desires and his search continued. That's when he got a job with a broker, then switched to another broker and started to learn trading. Today Alexander admits that his path was not an easy one, but the lack of excitement and cold calculation helped him become successful.
Nikolai Kokar's success story proves that any beginner can succeed in trading. Nikolai began to study trading from scratch. At first he traded on PAMM accounts, then on the forex market, and then he started option trading. Nikolai spent 5 years for studying the market, brokers and trading principles. Nikolai Kokar is known for his successes in trading. He chose Verum Option trading platform as his permanent broker. Unlike many traders, Nikolai prefers aggressive trading with high risk and often doubles his bets. In spite of that, he carefully analyzes every deal and can boast of earning $10,000 per month.
Alexander Arshansky is a successful binary options trader. He started his way from scratch with no capital, his story shows why a trader should learn. He started by opening a demo account. After a few months of training and strategizing, Andrey opened a minimum deposit with a reliable broker, but the real money was melting like snow. Real trading was much different from demo trading, so he decided to study.
In the process of training he changed his trading methodology and was able to understand and correct his mistakes and learn to control his own emotions. Today he trades according to the "Binary Gambit" scheme and was able to achieve good results. Andrey achieved his success by hard work, constant search and optimism. Today he is a fairly well-to-do person who is financially independent of employers, creditors and relatives.
Having learned the stories of the best binary options traders, we can conclude that this business is available to everyone, but not everyone can succeed here. A beginner can become a good trader, the main thing is to believe in your strength, put aside emotions, study a lot and listen to the advice of successful traders. The choice of the broker also plays a very important role, on our website you can get acquainted with the rating of good brokers of binary options, reviews on them and tools for traders, read reviews, comments and choose the reliable partner with an impeccable reputation.