The $100K Binary Options Challenge : A Welcome 20 Days Late.

Hello there traders! It’s been about two weeks since I’ve started this challenge, and I’ve decided to start documenting this journey, of starting with a humble $1000 trading deposit, and turning it into $100,000. Yes, no typos… I AM going for a hundred-fold profit. Just yesterday, my students witnessed LIVE on webinar as I hit $3,000 exactly and it was quite an emotional payoff.

I decided to embark on this $100K Binary Challenge for a couple of reasons:

1. Many students of The Binary Lab said they could not relate to the big trading account that I have been using on Webinar sessions.
2. Frankly I was getting “bored of profiting” with my large account, because, as a primarily 2-min trader, I was already maxing out the $500 trade size cap for short timeframes (Spotoption-based platforms are typically capped at $500)
3. I felt like I needed to prove to myself that I can handle a small account again, because previously when attempted to trade $500-$5000, I failed 2 times out of 3.
4. My latest trading method seems to be the most logical and reliable in terms of money management, thus far, and wanted to see why is it that students could be blowing their accounts still.

Broker of Choice: Binary8

I chose Binary 8 broker because they offer 2min and 10min options – the most commonly used expiry times in my current method, their pricing is ALMOST the same as MT4, and they offer super high payouts of 75-80% on the main pairs like USDJPY, EURUSD, GBPUSD – even on 30s (on 30s, most brokers only pay 56-64%, so 80% I get on EURUSD is HUGE!).

Starting Balance: $1000

The big success I had… i.e. the account I took to over a million in profits after a year, started with $30,000 last July. Having tried to trade with $500 accounts, I just don’t feel comfortable with it, and so far… I’m liking $1000 a lot better. Not to mention.. Plus a trading bonus.

Trading Bonus Taken: 40% – $400.

I don’t know why everyone out there takes trading deposit bonuses to be a bad thing. Sure, until you clear your bonus trading requirements, you can’t withdraw anything, but at the same time, it doesn’t take forever. Binary 8, like several other brokers out there, requires you to trade 10x of your initial deposit before you can make a withdrawal. Some simple maths here… if I had to trade $1000×10 = $10000, before I can make a withdrawal, I’d might as well take a bonus that i’d automatically qualify for, INSIDE of that compulsory volume, right?

Well i went a little more than that. Before this broker offered us a concessionary trading requirement of 35x for 100% bonus, I already accepted a 40% bonus ($400 on my $1000 deposit), for a 40x trading requirement. So, I’d have to trade 40x 400= US$16,000.

Most people start panicking about that, but regardless of your deposit size, even if yours is a $10k deposit, it’s really no sweat. I traded very normally, using Binary Lab trading method, did about 4 hours over 2 days, and already hit $5.8k in trade volume. So by now, I’m presumably well over $20k trade volume. I think it’s actually very easy to accomplish 30-40x 100% bonus within a month, if not a month and half.

20 Day 100K Challenge Update!

Anyway, as of now, the account is already at $4346.25. It shows $2846.25 as I’ve taken a $1500 withdrawal last Friday. Best part, because I’ve already done more volume than my trading requirement, I get to keep my $400 bonus too! So that’s a $3346.25 Profit! A 334.6% Gain!

More about my Binary 8 Broker withdrawal experience in the next post.

Bye for now!

Julian,
Founder
The Binary Lab