Statistics indicate that the chances of getting rich through Binary Options, Forex and other forms of online trading are a little bleak.
Now, with such low profitability rates, why would you want to free yourself from debt through online trading?
Well, your ability to profit through online trading depends on your ability to build and maintain a successful trading strategy. Online trading profitability ultimately comes down to discipline and your willingness to adapt to market changes.
In any case, we have seen paupers, deep into debt, turn into millionaires, and so it’s possible to turn your fortune.
What many people lack is the dedication needed to get rich from trading, or the failure to use the right tools and strategies.
Making money and getting from debt are two different things. Those indebted often face double challenges of first getting out from debt and then making money.
With pressure mounting on their finances, they often make the wrong trading choices, sinking them deeper into debt.
The good news is, we’ve prepared a detailed guide that will help you free yourself from the debt curse through trading binary options at IQ Option.
But before then, let’s look at what IQ Option Binary Option is.
IQ Option Binary Options
Binary Options are a type of financial assets among the many offered by IQ Options.
Binary Options allows you to profit by predicting the price movement of various assets such as stocks, commodities (i.e., oil) and other financial assets.
Binary options work on a simple yes/no approach, which will allow you to either make or lose money.
Can You Make Money from IQ Option Binary Trading?
Yes, you can.
However, as simple as it sounds, you’ll need to follow a winning strategy, which we shall show you below.
Getting Out of Debt Through IQ Option Binary Trading
Get to Know Your Debt
The very first step of talking any problem is to understand it fully.
And when it comes to your debt, you should be aware of everything from the amount, terms and conditions of payment.
Ideally, we recommend making a list of all your debts, before recording it somewhere on your computer or personal finance software.
If you have a partner, it’s essential that you involve them in the entire process. While it is not uncommon for one spouse to take the lead of the finances, always ensure that you’re both on board.
Outlining your debt is a great way to allow you to develop a winning strategy.
Developing a Strategy- Open an IQ Option Binary Trading Demo Account
Once you’ve outlined all your debt, it’s time to determine how you will go about the whole process.
A solid plan should not be complicated, and given that you want to indebt yourself through trading, the first action should be registering with IQ Option.
Once you have an account, we strongly advise that you start with a demo account.
It’s vital that every trader, regardless of their purpose of trading, starts with a demo account.
An IQ Option demo account, filled with 1,000 dollars will allow you to test and build strategies in a sandbox environment.
With a demo account, you can experiment on a virtual environment without the risk of losing money.
Here, you can use this probation period to develop a winning strategy that will guarantee you consistent profits.
Now, if you are new to trading, IQ Option has a resource center that will guide you on how to trade and make profits consistently.
There’s are no set rules of developing a winning strategy, and we always recommend our readers to customize their strategy, or rather develop a strategy that is in line with their trading needs.
As a rule of thumb, however, when developing a winning strategy, you should follow the below pointers:
Read the market: Analyze the share inventories, while reading the direction of the prominent order flow and the way a market trades each particular day.
Use Technical Indicators: Analytical tools will provide you with the much-needed insights on how to go about the trade. They provide you with the third-eye, which you cannot comprehend easily. Whatever tool you use, ensure that it’s up to date and you apply it in a market where it’s a good fit.
Use Trade Indicator Tools: Like indicators, trade tools will provide you with a hassle and hands-free trading experience. Though we don’t recommend relying on them at all times, IQ Option has highly efficient software that will always guarantee you of profits.
It’s only that you make consistent wins and feel confident that you move to an IQ Options live account.
Start Small and Scale-up Your Size Steadily
A majority of the beginners make the mistake of starting big looking forward to a colossal amount, only to end up crying.
Remember that Binary Option is just like any other business model, and regardless of how good or think you are, you can make losses. And there’s nothing more fraught than making huge losses when you are still in debt.
To avoid a shock loss, we advise that you start small; while it’s quite subjective depending on your financial strength and status, start with something you are willing to lose.
And if you can exploit a profitable strategy and start to make profits, you can now start increasing the size of your trades steadily.
While at it, it’s crucial that we point out that no strategy is foolproof, and if you have one that is making money at the moment, you need to exploit it as much as possible.
Again, do not let fear drive you by limiting your trades: you will not get rich by placing small trades, so if you can increase your trading size, take a leap of faith and increase it.
Take your Losses Positively
As we had mentioned earlier, Binary Options is like any other business model, and time will come when you will experience some loses. We just hope it won’t happen during your novice days.
However, when it does happen, it’s critical that you maintain a positive attitude to avoid reckless trading.
Will I Get Out Of Debt?
You can, but it’s entirely up to you.
Hard work and systematic approach will increase your chances of succeeding.
The key is to exploit a winning strategy, maintaining discipline, and a positive attitude through the ups and downs.