If you are not happy working as a full-time employee or if you are a student who cannot afford to have a job because of a lack of time, the only alternative is to start your own online business. Well, how do you start growing a business? Having a good idea is not enough to run a business. What you need is some upfront capital which is often minimal. Let me show you a way to kick off a life-long business with one buck in your pocket.
Capital is not a must; all you actually need in order to start exploring the vast world of finance and trading is any amount of money. One dollar is enough to start trading with binary options. Traders always clearly know the risks as well as the potential profit or loss up front.
What are binary options?
Binary options are a financial tool in which you use to speculate for growth or decline of some asset in some expiry time (chosen by you).
For example: you choose that the price of gold in 6 months (or 6 hours) will be higher than it is now. If your prediction comes true you get a profit (clearly known to you at the time of opening the trade). If not, you will lose your money. The profit is usually around 85%. So if your bet was 100 USD, you will get 185 USD back.
But it’s not all about gold; you can choose other commodities, shares of companies such as Facebook or Apple or currency pairs (EUR/USD). There are hundreds of assets one can trade with, so each investor may take what he or she prefers.
Why just binary options?
There are several reasons to choose binary options for trading. Students will surely appreciate time flexibility offered by this type of business. During a business day, you can trade at any time. Travelling, one of the modern trends, is not an obstacle either. Binary options trading requires one thing only: Internet access. That’s all.
Traditional forex trading has the same advantages. However, compared with FX, binary options trading comes out as a winner: With binary options you see the maximum profit or loss before closing a trade.
This is an advantage that FX trading cannot offer. Wins and losses are unlimited and to close a loss-making trade is a frustrating experience, in particular for novices. After a long time spent waiting for success, you make one wrong move and all money in your trading account is gone.
When trading binary options, in which you know the loss and profit before the game begins, this cannot happen. The risk is much easier to control. We daresay that binary options are much safer and offer more scenarios. Binary options are seen by all traders, not only novices, as a good option.
Financial requirements for binary options
As said above, you can start off this business with one buck in your pocket. Binary options trading will never be easier. Capital requirements are minimal. Once not going to a party with your friends or economising on other parts of your budget will provide you with sufficient upfront capital.
If you do not trust binary options you can easily test your skills on a demo account offering trading with virtual money. You can test whatever you want without any risk of losing money. However, the goal of the demo account is to purely test the platform and the entering of orders. For deeper engagement, including psychology, we recommend you trade with a real account (Don’t worry, a small amount of money will do).
How to start binary options trading
Binary options trading requires a middle man, a broker. Broker is a business partner, your extended arm. Broker is someone who you choose. For example, IQ Option is now offering trades with just $1, that’s awesome!
There are scores of brokers so one must be cautious and naturally suspicious. You should look for various discussions in which traders share experiences with specific brokers to make sure that your choice is correct.
When looking for a broker, you can create the aforementioned demo account to test all elements of real trading. Then, step by step, you will easily create a real account. In the end you will be prompted to make your first deposit (obviously you can take the money back into your account).
We are living in an era when everybody can easily find information over the internet. If you search Google for, let’s say, binary options strategies, you will surely find tips to make your trades a profitable undertaking. There are scores of websites, communities, forums and other places where you can learn efficient trading strategies. All that needs to be done after reading them is to draw up your business plan for binary options trading, stick to the plan and make money.
Why am I not part of this business yet?
This is a question everybody must answer individually. Big potential, low risk and minimal capital requirements make for a unique combination. At the worst, you will not get ruined by losing a few dollars. This combination could be a useful opportunity to learn lessons for your future trading. We strongly believe that you will be on the bright side making money like plenty of other traders do (…some may even live in your neighbourhood). If you are interested and want to know more about this financial tool, search online for tips for binary beginners where you will find everything you need to know. It’s your choice if you wish to start trading. If it has not peaked your interest, try a different option to make money and be independent!