Posted In: Forex Trading Posted On: 2020/05/06 03:01 AM Posted By: ituglobal
Our Binary Options (BO) needs no introduction again.
I started using it in 2016 on Zulutrade.com platform. Zulutrade.com and AAAfx.com are owned by the same company. They had been offering Forex (FX) trading services many years before 2016.
Then they announced they had started offering BO on the2 websites. I joined the platform. My ranking was worse initially (around 35,000th) but within one year, I reached 7th on that platform.
That was interesting and my BO career was about to start…
Suddenly Zulutrade announced that they would stop supporting BO. Some traders tried to beg them not to stop, but they said it was a business decision. Needless, to say, they stopped doing BO on AAAfx.com as well.
Since then, till now, they’ve been supporting only FX. They have no intention of offering BO. 24Options is also another broker who stopped doing BO and offers only FX and CFD.
This pained me because Zulutrade is a honest broker. I stopped trading that strategy because I found it difficult to trust other binary brokers. There are too many horror stories of BO brokers.
Most BO brokers are scammers
The world of BO is full of brokers who scam. They make it easy for traders to deposit money, but very difficult for them to withdraw money; some steal clients’ funds right away; some lured them into HYIPs (high-yield investment programs) that are guaranteed to lose money; and so on and so forth. And these criminals target potential customers through aggressive marketing and cold calling.
Why most brokers don’t do BO
That’s the real point of this article. Most brokers don’t do BO because it’s easier to make money with BO than FX. FX seems easier, but in reality, BO is easier.
When most clients are making too much profits, brokers lose money to them and are not happy. They’re happy only when most clients are making losses. You know these big names in the FX industry.
There are big names in the financial industry - very popular and extremely rich brokers who refuse to offer BO trading. They offer only FX, Cryptos, CFDs etc, only because they know most traders will eventually lose their capital no matter what they do.
I know what I’m saying. I have 13 years of full-time experience trading FX and only 5 years of experience trading BO.
I started trading BO again
After more than one year of break, I resumed trading BO on Binary.com (our customers encouraged me to do this). This is an honest broker. There are other good BO brokers out there, like Iqoption and Olyptrade.
Yes BO is good, if you find an honest broker and it’s easier to make money with it than FX. The only problem is that, you must work on your timing and have at least around 70% accuracy to move ahead always. If you can do this, you’re already a winner.
I’m not saying BO is the Holy Grail, though it’s easier than FX. Those who don’t agree with me, will eventually agree after months or years of experience. If I win 7 trades out of 10, then I’m a winner. The only downside is that, there are weeks in which I would keep losing 15 trades in a row, win 10 trades and lose another 10 trades in a row (25 losses and 10 wins). Later, I will win 15, lose 3, win another 20 (28 losses and 45 wins). Whereas, in the long run, I’ll win 70 trades out of 100. A successful trader is known in the long run.
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