Last Thursday, when i concluded my trading for the pre-Lunar New Year, a bunch of traders in our Binary Lab traders’ mastermind chat asked me about how long it took me to become a good binary options trader and a bunch of other questions. In case you’ve been trading binary for a while, or looking into doing it, would this be helpful information for you? Well, I think so, so here we go…
How Long It Took Me To Be Profitable in Binary Options
It took me 9 months since i first got exposed to binary options to become consistently profitable. May I add, along the way I blew 4 small accounts of between $100-250 in size, because of improper discipline (trading to kill boredom and not staying out when conditions aren’t good), improper strategy (or switching too frequently before being able to observe a result), improper money management, improper mindset (“get rich quick”), and ultimately because all of the accounts I opened back then had too large minimum trade sizes ($10-25) for the balance I had. You guys are really lucky now that several brokers Binary Lab deals with offer sizes as low as $1, $5!
If you’re blowing less accounts than me, and making consistent profit sooner than me, you’re doing not bad at all! As a matter of fact, I think people in Binary Lab are really fortunate to be able to feed off my experiences, which really cuts short the learning curve I took months, into as little as weeks.
Did I Have Professional Education or Prior Knowledge in Trading?
No! If i had, i’d probably have done better! However, I did have some prior knowledge about the importance of using moving averages, previous days’ daily range, support resistances, fibonacci retracements, and waves theory. I didn’t know exactly how to use them when I started out, but I knew that they were important things I need to learn how to apply. My mom brokered stocks while my dad brokered forex (actually that’s how they met, in the same firm). Since I was 12, when mom went from full-time to part-time, I noticed her bringing dot-matrix printed stock and forex charts home, and with a mechanical pencil, high-lighters, calculator, and ruler, be manually plotting moving averages on D1 and W1 charts, drawing support resistances based on previous day’s High, Low and Close data, highlighting zones of Fibonacci retracement in different colors… – if only I cared more to take a picture of the stuff she did by hand back then, it was truly quite impressive! In comparison, these days we have it so easy, with just about every charting tool offering us all these capabilities without any need for mathematical formulas or calculations.
I couldn’t make sense of any of the detailed charts she made, something she would do as a daily ritual, and would often tell me about, possibly in the hope of interesting me to make up for the lack of attention I should have been getting as a growing teenager. She wasn’t much of the teacher, but she would try to impress me with her calculations and methods of doing so, as if to expect me to say “wow!”
Nonetheless, for those who’re currently in the Binary Lab, or who have seen some of my Live Demonstrations on FB Live would see that these experiences finally became useful not just for me, but for those I teach.
Most importantly, seeing the preparations that my mom often did, tells me that any form of trading isn’t just gambling or guesswork or a mix of the two, but trading in fact, should be a very strategic, methodical way of speculation.
I really wished back then, that there was a detailed course on Binary Options trading, but there hasn’t been, even today, that encompasses all the ins and outs of what every good binary trader SHOULD KNOW, as what I have shared, and continue to share to members of the Binary Lab Trading Community.
So Let’s Trade Binary Options!
I personally believe that trading profitably is about keeping a constant understanding relationship with the markets, and making the necessary changes to the ways we analyse and the strategies we use to harvest profits from it. Like human beings, the FX market too, develops and evolves with time. Through the 4 years of running webinars in this trading community, and long-time members can surely testify, that there is no “One-Size-Fits-All” trading approach. Something I often say during my sessions is that, “the plan may change, but the goal of profiting, always remains the same”.
If you’re already in the Binary Lab, good on you! You’re definitely in the right place. If not, you know where to Start Now.
FYI, our live Binary Webinars resume Tuesday this week after the Lunar New Year Break. Look out for my weekly analysis and webinar schedule post coming soon!
Founder, Binary Lab
P.S. Have you seen my video review on Olymp Trade (Regulated, In-built Charting, Trades from $1) yet? Watch it here.
P.P.S. For those already trading binary options and looking for a good broker to upgrade to, watch this video on Why I Choose To Trade With IQ Option
*Profits in binary options are gained on correct prediction. We can only increase our probability in making a gain through knowledge and practicing sensible money management in cases where things run against expectation. Binary Lab was setup to empower traders through knowledge and shared experiences.
General Risk Warning: Binary options trading carries a high level of risk and can result in the loss of all your funds.