Many books will tell you that there are a lot of scams involved in binary options trading.
I have read about the stories of many people, who lose a lot of money, because they got scammed by fake brokers, signal services and trading software.They thought they could become what they call a binary option trader millionaire and they failed.
Every single trader will surely encounter various types of scams during their journey of seeking success in binary options trading. Many people who entered into the market misunderstood that binary options is a way of making quick money and they were too eager in investing all their money and end up huge losses.
Can A Binary Option Trader Become A Millionaire?
Have you ever think about becoming a millionaire? Maybe you can do it with binary options trading.
In my opinion it’s possible to have a trading profit of $1 Million. Here is what you need exactly:
- Strategy: Find a binary options trading strategy that works for you
- Consistency: Obviously you won’t become a millionaire with only a few trades. You will have to trade for years or make a big initial deposit (not recommended)
- Luck: There are things that you can control, but sometimes all that you need is a bit of luck
There you have it. This is all you need to become a millionaire in binary options.
PLEASE don’t get scammed. This is the main purpose of this website. We will recommend only trusted brokers on this website.
Most traders who lose a large sum of money will decide to quit but there is only a small number of traders who are persistent. Those who are patient and persistent will continue to improve their trading skills by practicing trading often and spending many hours on studying the tutorials.
Binary Options Success Story
Here is the story of one of our readers. If you have a similar story let us know by contacting us.
I am happy to have reached the skill level, that I am now in and I trade regularly to profit, so I am going to tell you how I succeed. My Australian income is above average. I know that there are a lot of scams around but I don’t care and I just keep on moving forward (I read scam reports/reviews before signing up).
The profits I made in binary trading (under AU$500k) are great but I can’t say that I am rich, and I haven’t owned a sports car or luxury yacht to show off yet. But I am just proud that I can at least rely on binary options trading as a way of making an extra income to help pay for my living expenses and some semi-luxury things.
I am current successful with Highlow, a broker recommended by BinaryOptionsAustralia.com. My friends are trading on IQ option but that broker is not available in Australia.
|AU$50||+ AU$50 CASHBACK|
I feel that I should be sharing this success story about my binary options trading journey with everyone. I have not yet succeeded at becoming a millionaire from binary trading. In truth, I was suspicious about anyone that have become a millionaire by binary options trading but the most important thing is that it provides the path for me to become involved in legitimate trading. This may be the strangest binary options success story you have come across on the web.
I started with a scam broker
I entered into the market at a time when binary options trading has just been introduced online. Being unhappy with my office job, I was hoping that I could earn more. I was very wary about get rich quick scheme and done a lot of research to get educated on the online binary options trading. Ultimately, I signed up with an anonymous offshore broker.
I was persuaded by a senior broker to invest all my capital into the binary options trading.
It was a mistake that I trusted in the senior broker and my advice is that you quickly move away from anyone that is trying to persuade you to invest money from your trading account. The first deposit that I put in my trading account was USD $3,000. The account manager just kept on helping and my initial deposit quickly rise from $3000 to $7100. The one thing that I notice he was trying to do is to prevent me from withdrawing the funds.
Eventually, the broker did allow me to withdraw only $2500, which is much lesser than my initial deposit.
The reason why he let me withdraw some money is just so that I could continue to build trust in him and invest more money in the trading. The signals that this broker provided was quite accurate and he gave clear instruction as to when I should place a call/put and the amount I should invest. The broker would also explained the reason why I should place the call/put option. I naively put my trust on the broker and use my credit cards to deposit more funds for the second and third time. In the end, we lost almost everything except for $1000. I ended up having to pay back the outstanding balance of the credit cards plus the interest rates.
After this encounter, I’ve learned my lesson not to trust anonymous brokers. These managers are skilled at using lengthy tall to trick you into investing more but they will do some tricks to make you lose all your money in the end. I only realize that I was actually scammed after reading books and tutorials. Since then I only trade on regulated brokers (preferably ones that are based in Australia) like Highlow.
My success started when I moved from “noname” brokers to trusted brokers. Currently my profits are over AU$230k.
Are there any millionaires in binary options? Probably yes, but only a few. Most people will lose money because they either sign up with one of the scam brokers or they have no strategy at all and lose their money on the first trade.