Is it possible to win consistently with Binary Options?

Feb 22

Is it possible to win consistently with Binary Options?

I it’s now exactly one year ago that I asked this question in this very blog. One year ago I could not give you an answer. In fact I told you in that post from February last year (2013) that I didn’t know, but promised to tell you if I ever did know. Now, one year on, I am ready to give you the answer to this all-important question.

Is it possible to win consistently with Binary Options?

Before I say another word, I have been to hell and back. But I remembered the words that someone told me over a year ago now. I cannot recall who. But he said, ”
“Would you expect a guy who had been studying brain surgery for several months to be able to perform a procedure on a live patient?”

“Of course not!” I replied.

“Would you expect an attorney to be any good defending a client within a year of studying law?”

“Not likely,” I answered.

“Then how do you expect to be any good as a binary options trader with just a few months practice? What makes you think it is any different?”

The words stand out for me now. Because it is only now that I understand this properly. In fact I would take it further and say that even some of those people studying law or brain surgery, even if they studied for years, might still be no good at their job.

Trading Forex is a craft. Trading binary options is a craft. It takes many months of practice and even after that time you might still not have the aptitude for it. HOWEVER, if you were to ask me, is it possible for someone, ANYONE, to pull consistent profit out of binary options trading?

Now, I can answer. The answer is yes.

I am the first person to yell ‘Scam’ – I am the first person to accuse the broker platforms of cheating, of screwing me over, of being in a game that I thought, until recently, was impossible to beat. But I now realise, finally, I was wrong.

The reason I am making such a big deal of this post and playing it out so dramatically is because this question, this very question, “Is it possible to win consistently with Binary Options” is possibly the biggest question I have had at the back of my mind since I started trading Binary Options some 18 months ago. Sure, there was no shortage of people bragging that they were pulling regular profit out of the markets. However, I have learnt that most people are (excuse my tongue here), full of shit. I didn’t believe anyone who was telling me they were making profit. Because although I was having some winning streaks, I was also having many losing streaks – To be honest with myself, I was losing much more than I was winning. This was the problem – I wasn’t pulling consistent profits out of Binary Options. My capital was forever dwindling.

I have put hours, days, weeks, months into Binary Options. I have studied strategy after strategy, danced with the robot trading schemes, deposited with over a dozen different brokers and made multiple deposits with those same brokers after losing the original deposits… I’ve been angry, I’ve chased trades, I’ve shouted at my computer, I’ve punched my desk in fury… I’ve done all those things and more. But there was one thing I did in abundance also – I persevered. I have ploughed a full-time effort into finding a strategy that works for me consistently.

Hand on heart, I am now in my sixth month pulling a profit out of binary options. I am currently making around £1,000 GBP per week. I know this may be little for many of you, but I still trade very conservatively… And you should to, as you learn your craft. I have invested in myself and now my previously sliding capital is finally on the climb.

I’ve written this post in the hope that all of you trying binary options might find some solace in relating to my struggles. It’s been worth the struggle.

Of course I still have my bad days, and weeks! But at the end of every month, I’m withdrawing from my broker, not depositing. I’ve learnt to control my emotions (which was probably the hardest part), I have learnt to read the markets – I have learnt when to stay out and when to change my trading size to be of most benefit. But no matter how many articles I read, or strategies I tried, or advice I took from other seasoned traders… The one thing I needed most of all but could never buy… Was time.

Time and experience is what you need to become a great trader. Because even if I told you what to avoid, or what not to do, or what to try… All of that is just words. You will still need to experience it for yourself and take the time to become a seasoned binary options trader. But know that with hard work and perseverance, light does exist at the end of that tunnel.

Good luck to you all!

 

 

4 comments

  1. Thanks for your insighful post. I can relate exactly with your struggles and I need this post to continue trading.Can you please share your strategy?Is it the 15 minutes strategy mentioned on this post?Thanks

    • admin /

      Hi DOI,

      Before I say, there is no right or wrong way, but the best way is the way that works for you.

      I tried 15M trades, and I got pretty good at it – But not good enough. I’d have good weeks and bad weeks, but in the end, I wasn’t making enough and my capital would never be consistently winning month after month.

      For *me*, the profit started coming in consistently after I mastered 60-second trades. I wish I could provide you with a simple A-Z on how to do it, but it doesn’t exist. My charts are bare except for Bollinger bands – Not a single indicator. Even the Bolly bands are only there as a general guide, I don’t count on them as being the signal for a trade.

      Quite simply, after watching these charts for months and months, I can ‘see’ the price action and can work out the best moments to take a trade.

      Most importantly, I’ve learnt when to trade and when to look at the markets when I sit down to them and say, ‘What a crappy market day, I’m going to play golf instead!’ – When you can learn how to do that, it will help you not to give your profits back to the broker!

      Again, I stress that the ‘right’ way to trade, is the way that is right for YOU. I happen to have mastered 60-seconds, but you could be fantastic at the 1-hour timeframe, but I suck at that – If there’s one thing I’ve learnt, is that you and only YOU have to make sense of the market to pull consistent profit from it… Whatever timeframe or strategy you find.

  2. Thanks, this is actually very good advice. Sometimes find written/videos strategy instructions hard to follow. Will continue learning the skills!

  3. Douglas Whitehead /

    Good Sound advice, yeah thats right everyone has different strategies one thing i can advise against IMO is using any Martingale like system as they eventually lose it might be after a few months but when you are chasing your losses by increasing your bet size its a recipe for disaster.
    I like using the EURUSD as it has the lowest spread (IG Spint market 20 mins), I like trading out of hours as I live in Thailand and the market is less volatile. I like using two timeframes and a bollinger bands the larger to get the direction and the lesser to initiate trades. I like using the 38% retracement level of a move to to enter as it often reacts even if only a short period. I still need time to fully develop my strategy but I am slowly getting there. Good luck all.

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