By Joe O Orosco
Can you making a living daytrading? Some people ask themselves this question when thinking about other ways to make money. When you ask yourself this, you might be thinking about your financial security. Like many, you want to live a comfortable life style, but at the same time, save enough for retirement. Supplementing your income is common, so don’t think you are alone. Trading binary options is an alternative, but you have to educate yourself, practice trading, and be disciplined with your strategy.
Trading on markets such as indices, Forex, currencies, commodities, and stocks lures thousands of people with huge profits, but you have to know what you are doing. Trading seems so simple because only two things can happen. Market is either going to be up or it is going to be down from the point you entered the trade and on which way you predicted the outcome to be. Simple, right? Unfortunately people fail because they have been misinformed and didn’t take time to teach themselves about the financial industry.
Lets start out by asking yourself, where did you get your training from?
If you been getting wrong results, you might have to accept the fact that the information you have been receiving is false or misleading.
Here are some examples of what some non-seasoned traders experience when trading binary options.
1. Market reversed the very minute you entered the trade.
2. Entered the wrong trade by mistake and made profit.
3. Many trades that were profitable, turned into losses.
4. Strong trading signal, but you procrastinated and missed the perfect trade.
If you experienced any of these, you are not alone.
To help you along the way as a new trader, I want to tell you about some common indicators that will help you predict your outcome and have a higher winning ratio. These indicators are available to anyone, but you have to practice your strategy and learn how to use them.
1. EMA- Exponential Moving Average
2. MACD- Moving Average Convergence/Divergence
3. CCI- Commodity Channel Index
Along with learning how to use these indicators, you also need to learn how to read a chart. Some traders lean on converting their charts to Heiken Ashi charts which smooths out your graphic lines and allows you to see the flow of the market for better entry’s.
So, can you make a living day trading binary options? Many believe if you practice and learn a strategy, and stick to it, you will have great results. Make sure to always do your research before doing anything. Risk is involved, and you have to figure out how much risk you want to take on.
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