31 Jul Trading for a Living | Profitable Binary Option Trades
Trading for a Living | Introduction
Anyone can start trading for a living as you only require a few things to get all setup and trade profitably for a living. There are people out there that have literally made millions of dollars a year from trading, and there’s nothing stopping you from doing the same. Obviously, reaching those sort of numbers in profits requires a lot of time, skill, and knowledge, but if you are persistent in learning and improving your skills as a trader – you most certainly can become a trader for life.
In this article by Marketpotentials.com, we will take you through what you need to do to begin trading for a living, and how you can get there. This is mainly for beginners who want to get up and running in their trading careers and we would show you exactly how you too could get started to trade for a living below.
For a list of approved trading brokers that you could trading with today instantly online, check out the table below:
What You Need to Get Started | Trading for a Living
Not a whole lot is required to get up and running in trading online today. You can start by trading various types of instruments such as forex, binary options, commodities, cryptocurrencies, indices and various others. Quite simply, all you need is fast internet connection in order to keep up with the fluctuations of the instrument you’re trading with, and a working computer or smart phone that allows you to access a broker such as IQ Option.
There are numerous brokers out there so find one that suits you. If you’re just starting out, we do recommend IQ Option, where you can get your hands on a free demo trading account, whilst utilising a free and easy to use platform that is great for beginners. The IQ Option platform is available in over 200+ countries and trusted by over 40+ million traders worldwide. The platform is also super easy to use for beginners and intuitive in nature. It also offers a wide variety of instruments to trade with ranging from stocks, forex, indices, cryptocurrencies, commodious etc.
After signing up for your free demo account, you’d then need to formulate a trading strategy that you can use to start trading profitably. There’s no point in just taking punts in the market without thoroughly researching what you are planning on invest or trade in, so do take this into consideration. You may see some traders with huge monitors consisting of a range of charts and graphs, but this isn’t entirely necessary as you can be just as successful without uses these bits of equipment.
Binary Option trading offers some of the highest returns when it comes to trading today, with returns ranging from 70% to more than 90% in payouts. Check out this article titled “Can Binary Option trading make me Rich?”
Binary Option trading involves trading on an underlying assets, this asset can be anything from a forex pair, a cryptocurrency, commodities etc. Binary Option trading is also incredibly easy to understand, with a trader only having to choose whether the price of the underlying asset should be higher or lower. You can easily check out some of the LIVE Binary Option trades featured below.
When you begin trading though, we recommend that you try to designate a certain space in your house for this and this alone. This can be an office if you have one, or even just a desk and chair. It can be helpful to establish boundaries and when you are in your designated spot you can be focused without any distractions around. Trading profitably require a fair bit of concentration and emotional clarity to ensure that your trading decisions are sound and based on logical and methodical reasoning.
Why Trading for a Living is So Popular?
Trading binary option is becoming increasingly popular in Asia (check out why at IQ Option Malaysia) due to it being so easy to access. You can work from wherever you want and have no fixed times of working, so you’re effectively your own boss. Imagine the freedom and the thrill that comes with that!
You can do it in the luxury of your own home without having to commute anywhere. It enables you to fit other things you want to do in your life instead of having a 9-5 job where you have less freedom to do what you want. With just a few clicks of a few buttons you can make a lot of money (returns of more than 70% to 90% of capital invested), which is the main reason why it appeals to so many people today.
What Can You Trade? | Trading for a Living
There are plenty of alternatives to trading for a living today with the advent of internet based trading. From stock trading, forex trading, binary option trading, commodities and everything in between in today’s world.
For example, trading Forex, CFDs, Cryptocurrencies and Commodities are all popular ways of trading. Each of these will vary in volatility and all work differently, so make sure you do plenty of research before you dive deep into it. The instrument that you choose to trade with will obviously affect your return on invested capital, however do keep in mind that what you trade shouldn’t depend on your invested amount, nor should it be based on your target return to hit. In fact which instrument you should trade should be based on your risk appetite and your overall trading style.
Forex trading in Malaysia for example is made so much easier today thanks to the advent of internet accessible forex brokers that make trading really simple and easy to sign up and trade on at all times.
In addition, when it comes to capital the amount you will need will vary in terms of what you are trading. For instance, Forex will require a higher initial base than Penny stocks.
How to Learn to Trade Binary Option | Trading for a Living
Everywhere you look you probably see Forex and trading courses that are extremely overpriced which makes it hard to find the right place to learn. You never know if the person that is allegedly teaching you is experienced in trading or is just looking to take commission from your losses.
This happens a lot so make sure not to be naïve and fall into the trap of one of these scams. You can learn through reading a range of books, joining forums with similar people in, reading study guides and many more. There is no best way to learn how to trade because everyone likes to learn in different ways and styles, so pick a way where you can enjoy it.
You need to be aware of what time the stock market opens in your country. If you are trading American stocks and live on the other side of the world, then the market will only be open in the middle of the night for you, so you may have to stay up if you have chosen this route.
Which is why we are Marketpotentials.com are big on providing the information you need to become a successful and profitable trader at ZERO COST to you – simply check out our website here at Marketpotentials.com, as well as our Youtube channel here.
Precautions you Should Take Before you Trade for a Living
You’re never guaranteed to make money through trading. Unfortunately, you won’t have the luxury of having a consistent reliable income that comes into your bank account every month or so. Your profits come from the trades that you make, and you need to be aware that not every trade will be a successful one, so expect to see some losses sometimes as well as the victories.
In addition, there is no form of career progression in the world of trading. All you have is your knowledge and you need to make sure that it is strong enough in order for this to be for full time way of making a living. There’s no such thing as a promotion in trading, only learning and staying profitable in your trades.
If you are staying in your home everyday trading, your social life is more than likely going to become shattered. Make sure that you are willing to make some sacrifices to become the trader you want to be as it isn’t easy by any stretch of the imagination. It can also become lonely if you are stuck indoors all day looking at screen. This is why it is important to maintain a good work-life balance, even though you are working for yourself.
The Mental Battles | Trading for a Living
Trading is undoubtedly a mentally challenging way of making a living so you must remember to stay patient and disciplined in order to succeed. Essentially, it isn’t down to intelligent or wits, it all comes down to dealing with the psychological challenges it brings.
If you are trading in the long run and are checking the market several times a day, then you are not following the disciplined mindset that is so crucial when it comes to trading. It can be hard to instantly transform your mindset which is why getting experience under your belt can be such a valuable asset.
Avoiding Risk and Trading for a Living
Ultimately, it is impossible to trade with a 0% risk as nobody on earth can predict the market to the most accurate degree possible. Analysts and stock forecasters generally will be right about the movement of the markets but will never be spot on.
There are several processes and strategies you can do to limit the risk factor of your trades. For instance, you can use the take profit method which consists of you taking profit at the earliest point available, meaning that you can’t lose. Another way of reducing risk is the stop loss method. This is where you sell a stock as soon as it starts falling in price in order to reduce the further damage it could cause to. These two methods are practical approaches that many traders tend to use, so it is important to consider them.
How Much You Need to Start With to Trade for a Living
It really depends on what you are trading and which broker you are using however, we recommend that if you are just starting out you shouldn’t invest more than $1000 as beginners are more likely to take some losses when they first start out.
If you’re going to take these initial losses that help you learn, then we want them to be as small as possible. Quite simply though, the more your invest the more you will win/lose, therefore you need to know what you are dealing with before you throw your big bucks into this.
Summary | Trading for a Living
In essence, trading for a living is a great opportunity to make a lot of money and can be taken up by anyone who is willing to put the time, money, and effort into learning what they need to know about it.
Though forex trading or binary option trading may come with many benefits, it is still good to be aware of the downsides and evaluate whether trading is the right path for you before you begin depositing your own funds.
Trading is a broad term as there are so many different ways and styles of doing it, leaving you with plenty of choice and opportunities to select from. As long as you carry out your trades in a conservative and safe manner, whilst staying patient, then you will be well on your way to becoming a professional trader.