To be a successful professional e-Trader, you’ll need to possess four characteristics. Some of these traits may be taught and acquired over time, while others are some of us are just born with. This article describes each of the traits day traders need to be able to earn a salary trading Binary Options online.
Within a few minutes of surfing a Binary Option Trading Platform you’ll ‘Get it’. It’s pretty simple to make a trade once you have deposited money into your account on any Binary Option website. All you have to do is choose the asset, the time and the amount that you’re willing to invest.
Making a trade is one thing, earning a salary trading binary options is a whole other story. It takes dedication and the ability to handle stressful situations. It’s definitely not for everybody. If you can stay up late, only to turn around to wake up early, while possessing patience as you spend hours scouring the web for the next big tip, then you might have what it takes to become a full-time day trader.
There are four characteristics I’ve found that allow anyone to make a living by being a Binary Option e-Trader:
1. You have to be smart.
Let’s face it, if being a professional Binary Option trader were easy everyone would be doing it. To be able to call yourself a success story, you have to put in the time and effort to accomplish what it is that you want out of being a professional trader.
Doing your homework means reading articles and reviews about what is happening in the market then having the foresight to know what trades to make with the information you gathered.
I can’t emphasize how important it is to select the right broker. You may be the best Binary Option Trader in the world, but if you’re not working with a reputable broker then you’ll have a difficult time getting paid. The most important aspects of trading is having a strong relationship with your broker.
I encourage you to compare what each Binary Option broker offers as far as Bonuses, Risk Free Trades, and training programs before you register with any of them.
2. You have to have thick skin.
Making consistent winning trades is the only way that you’ll be able to make a steady income as an e-Trader. Losses are inevitable when making short term trades. It is impossible to be accurate 100% of the time when dealing with the financial markets. I don’t care who you are, or how strong your Trading Signals are, there are just too many variables that effect the markets, especially with short term options. When you enter a trade, either with a Call or Put option, consider that not every trade is going to be a winner and that’s ok; as long as you’re hitting the ratio where you’re winning trades pay for the losses.
When your win/loss ratio is below the profit line, then it’s time to cut your losses and move on to your next business venture. For those of you who have the financial flexibility and are strong minded enough to see through the rough patches, I promise you there is a light at the end of the tunnel that is both financially and emotionally rewarding.
3. Make sure your heart is in it.
You have to love what you do, especially if you are going to be an entrepreneur working for yourself. Nobody is going to make you rich. You have to want it. You’ll need to motivate yourself. If you don’t want to put in the work then you won’t be able to reap the benefits. Binary Options can be a profitable business, but make sure that you’re doing it for the right reasons.
4. It’s better to be lucky than good.
Binary Options are short term options. Short term options are very difficult to guess accurately on a consistent basis. I’m a strong believer in the saying “The harder you work, the luckier you are.” For me luck, can be generated by putting yourself in the right position at the right time. Was it “luck” that you saw an opening in the market then hopped on it, or was it the fact that you were prepared by doing your due diligence. No, it’s the work you put in which brought you to the point where you were able to recognize an opportunity and capitalize on it.
Varying factors influence an asset’s market value at any given time. When trading foreign currencies, which consists of two individual assets paired together, the currency pairs are constantly in motion.
Getting lucky, only happens when there are elements in play, that are out of owns control. Day traders must set themselves up as much as possible to make a profit, but have to keep in mind that short term options have many variables (economic data, government announcements, natural disasters….) which can create the slightest fluctuations in the markets.
Professional e-Traders must have a strong risk management plan as well as a diverse portfolio in order to handle times of distress. If you believe that you possess the ‘goods’ to go from a part-time day trader into a full blown, salary- earning professional e-Trader, then go for it.