4 Binary Options Myths That Are Holding You Back

Binary Options Myths

Binary Options MythsTrading binaries can be a challenge, even when you understand how much potential they represent. One reason people often struggle with these trades is because of how many binary options myths are out there. Here’s a look at four of the most common ones you’ll want to be aware of.

Bonuses Go Hand-in-Hand with Trading

Just about every broker out there offers some type of bonus for signing up with them. To some degree, this is to be expected. It’s a cutthroat market at the moment, so every broker out there is doing their best to outsell their competitors. Maybe someday this will slow down a bit, but it’s not going to be any time soon.

Accepting a bonus isn’t a big deal, but it cannot be allowed to cloud your vision. Never pick a broker solely because of the bonuses they offer. In fact, you should ignore the bonuses altogether. Look for brokers with experience, solid reputations, good software and who are the right fit for where you are right now in your binary options trading journey.

Above all, never keep your money tied up with a broker because they’re giving you bonuses to do so. There is a long list of traders who have lost their shirts because they didn’t withdraw any money—to ensure they received attractive bonuses—and eventually it was too late.

Experience in the Stock Market Carries Over

Of all the binary options myths, this one may be one of the hardest for people to accept. Being a successful trader on the stock market can definitely help you succeed when you try your hand at binaries.

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The Pros and Cons of Trading Forex

Trading ForexEvery good investor knows that before you take on a new investment, you need to weigh your options carefully.  It isn’t enough to just do good research on the market.  You really need to make an active decision about whether the foreign exchange market for currency is right for you.  To help you make that decision, consider these important points.

Understand That You Are Speculating When Trading Forex

In a sense, you are selling one currency against another and betting that the currency you buy is going to increase in value while you hold it so that you can sell it for a profit.  That’s the basic principle.  But that means one of two things.

Either you have to have a watchful eye on your investments and pay close attention to the markets as they move, or you need to become familiar with the stop loss order so that you don’t lose more than you bargained for in the end.  If you do not understand the risk associated with Forex trading and only focus on the potential payout, you are making a grave mistake.

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