I happened to stumble upon binary options quite by chance. A couple of years ago, my brother went through a phase where he fancied himself as a bit of a financial trader. He bought all sorts of books, attended numerous seminars and was hooked on to Bloomberg news day and night. How I Turned $150 into $15k in 10 Months. He was a pretty average kind of a trader; lacked discipline and got easily carried away. Anyway, he didn’t lose an awful lot of money, but didn’t make much either. When he finally decided to quit, he had $150 left in his account. It was at this point that I asked him if I could try my hand at binary options trading. Being the bully that he always has been, he quickly dismissed my prospects of succeeding as an online day trader. How could the kid brother grasp the myriad complexities of the world’s financial markets better than the much smarter big brother?
Well, to cut the long story short, I ended up proving Steve wrong. In the following 6 months, I had taken that $150 to $1,400; nothing spectacular I guess; but considering that I was completely new to the field, I think I did a fair job. The learning curve was steep, and I suffered quite a few loss making trades. During the first few months, I had stressed too much on strategy, without realizing that controlling ones emotions was as important, if not more, to succeeding in day trading. And once I recognized that, the returns zoomed. From months 6 to 10, I took the trading balance from $1400 to $15,500! You can imagine how much this annoyed my brother, but I guess, deep down, even he was actually proud of me.
The key to my success was identifying one very specific trading technique that suited my temperament. From the very beginning, without even knowing what support and resistance lines were, I had instinctively begun drawing them on the asset price charts. I realized that I had this natural flair for identifying points from which prices often seemed to reverse. Basically, after drawing these lines, I would monitor them over the course of the next hour to see how the underlying asset performed in relation to them. Only when I was satisfied about the validity of these lines, would I enter into a trade. Though I did not have any favourite underlying assets, I always used to look for markets with greater volatility; the higher the volatility, the more opportunities there were to lock in profitable trades. Initially, I didn’t use any technical indicators because I found them too cluttering. Although later, I noticed that Stochastic was quite complementary to my style of range trading. Using it in conjunction with my own trading strategy, helped me avoid quite a few loss making trades.
Trading binary options can be highly rewarding. However, to profit in the long-run, besides a robust strategy and sound risk management, one needs a reliable broker, who is fair and transparent in his dealings. Since the number of binary options brokers has increased exponentially, choosing a broker can become a rather difficult job. I was lucky that my brother did one thing right, and opted for 24Option. 24Option is among the most popular binary brokers around, with a wide variety of trading assets, available on a simple yet intuitive trading platform that responds immediately to your orders. Everything you need to start trading is right in front of you. I found their early closure tool particularly useful, because, on a number of occasions, when the markets were about to change direction, I was able to redeem my profits immediately without having to wait for the option expiry. Payouts are among the best in the industry, ranging from 70% to 85%.And the best part for a new trader like me was the vast amounts of educative tools that were available. I made my small fortune trading at 24Option. And I thank my brother for making that choice for me!