I do not know day trading, but I know Binary Option trading
OK, let's be clear right off the bat. I am not a day trader, nor have I ever been one. I did what some people would call dabble in the stock market, to quickly find out that;
- I was way out of my element
- It's a lot more stressful than people think
- It's harder to follow than a map of spaghetti if you do not know what your doing
- It is not something you dabble in, It's an IN or OUT thing
OK, so we have established that I am not an expert on the art of day trading, or on the stock market. What I want to talk about today is something that may need to be brought to the SEC as a crime against unsuspecting schmoe's who are trying to earn a quick living onilne. This new, well sort of new craze sweeping the internet is called Binary Option Trading . They fool you right from the get go. They tell you that if you go to this website it has trend indicators and signals and all of the right buzz words that I have heard stock market people say, and if you just trade a ton of money quickly .
OK, what I have discovered after losing a fair share of change, is that this is nothing more than betting on a horse race. Yes, you read that correctly. My friends here in the day trading niche and those of you looking to score in day trading, beware of binary options, as they are being hailed as a form of day trading.This could not be further from the truth.
Binary option trading is NOT a form of trading, and in fact, I believe should be considered criminal. The promises and the lies that these sites spew are sickening, and then when you are so frustrated with losing they tell you if you invest 2000 dollars they will give you one on one coaching. If these were people that were making so much money doing this, then why would you have to invest such a high amount to get the proper training?
I'll tell you why, because if I want to hire a broker to make me money in the stock market, first I would want the best, and to do that, well, they are going to charge me a brokerage fee. Now in the interest of borrowing those who know this market, let me put forth my incredibly limited knowledge, the brokerage fee only comes in when the investor makes money I believe. I mean there are fees for trading and that sort of thing, but if you hire someone to make you money, they get paid, when YOU get paid. A symbiotic relationship if you will.
In binary option trading as I have learned today, when you lose, the house gets paid. When you win, YOU get paid. Sound familiar? If you drop twenty on red in a casino and it comes up black, the house gets paid, if it comes up red, YOU get paid. Binary option trading works exactly the same way.
Next time you are surfing for ways to make money online, heed this article, avoid binary options. If you have money to invest, please hire someone that knows what they are doing! I am a fairly smart guy and I can read trends and I can read charts, and I can follow what's happening on the news, and I still lose money in an attempt to do day trading and it got worse when I tried binary options.
Save your money friends, build it up, and then research stock brokers and let them invest for you, because it is in their interest to make you money, and they are experts at it. You are not.
I hope you have enjoyed this blurb on Binary Options, and I hope you will avoid them unless you are ready to part with some hard earned cash! Please share this article on your social networks and let people know to avoid this horrible form of gambling!