Making money online is gaining immense popularity due to the convenience and ability to work at any time right from home. Numerous users have access to financial markets, comfortable conditions have been created for making a profit on the Forex market and successful trading in binary options . Brokers offer their services to traders with any level of training; they have the opportunity to undergo additional training if you feel there are “gaps” in your knowledge.
Despite the abundance of information, many people have the wrong impression about binary options; some “legends” are very persistent, the main one being that binary options are a scam ; such myths and legends have to be constantly refuted. In addition to this myth, you can also find such myths as:
- Trading binary options cannot be profitable;
- All brokers deceive traders;
- To trade binary options you need a huge deposit;
- Trading takes a lot of time;
- Binary options are prohibited in Russia.
Next, we will take a closer look at each of these myths and try to dispel them.
“Options trading cannot bring good profits”
This phrase may be heard from some failed traders, but numerous success stories demonstrate that it is inherently untrue. If most of your trades are closed with a loss, it means that you have not fully mastered the training material or are trading without clearly applying a specific strategy . It is important to get ready for serious work; to get a good result in any business you need to make efforts, binary options are no exception. Deep market analysis, a profitable trading system tested on a demo account - these are your assistants in the binary options market. Communicate more often with more experienced colleagues, ask about unclear points, this is how true professionals who have achieved financial freedom become.
“There are no decent brokers”
Having been “burnt” by working with one broker, it is stupid to accuse absolutely everyone else of fraud . In any industry that is recognized as promising, there are dishonest players and scammers trying to profit from clients. In order not to suffer from cunning businessmen, do not contact the first one you come across. Experts on specialized websites compile trustworthy ratings describing trading conditions; a trader always has the opportunity to read reviews and consult with clients of certain companies that interest him.
“You need too much money to start trading”
This phrase was really relevant ten years ago. Previously, Forex market brokers required at least $1,000 as a deposit transfer to start, but nowadays the situation has changed dramatically. You can feel like a financial genius for just $10; this is the minimum account size requirement for many binary options brokers. Such a small amount is enough to decide whether this type of income is suitable for you and to test your skills. By working hard, there is a chance to significantly increase your deposit in order to start handling solid money on a par with professionals.
“You will have to devote a lot of time to trading”
There is some truth in this statement. To figure it out, beginners will have to work hard: trainings, webinars, studying strategies, recommendations, tutorials . But then, when all the basics are learned and the actions are worked out, two to three hours a day is enough for a stable income.
“Binary options are illegal in Russia”
This is obvious manipulation. Legislation in the field of binary options and the Forex market is gradually being brought into line with international standards; there are government regulators that issue licenses to conduct such activities. Brokers officially pay taxes, register their employees and publish performance reports, so the risk of fraud is significantly reduced.
The misconceptions described above are the most common, so I had to dwell on each of them separately. It is important to remember that binary options allow only persistent and hardworking investors who are actively engaged in self-education to reach the heights of success.
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