How to Get Paid Every Sixty Seconds With Binary Options
Thinking of trading binary options to try and make some quick cash? Then you should be leery of scams like this one we just found on YouTube:
This scam promises that you can get paid every sixty seconds by trading binary options. Painfully enough, the first thing which you see in this video is a screenshot of TradeRush. TradeRush seems to actually be one of the better binary options brokers out there, and things like this are doubly misleading since the viewer then has to wonder whether the binary options broker they’re seeing is also a scam.
The scam here has nothing to do with the broker—it’s all to do with the claims in the video. In fact, the scam is already obvious from the title of the video. This idea that you can make money every sixty seconds is a scam because it doesn’t acknowledge the central, essential fact of trading which is that trading is always a venture of risk. You can make money every sixty seconds, sure, but you can also lose money every sixty seconds. You’ll probably lose some money and make some money, and given the house edge and your overconfidence and lack of knowledge, you’ll likely lose more than you make, and you’ll do it fast. That means that if you deposit 250 USD in a new trading account and think you can make money every sixty seconds with 60 Second binary options, you’ll probably blow your entire bankroll within a couple of hours or less!
To really succeed at binary options trading or any other business of risk, you will need to take the time to create or discover a trading method that is grounded in reasonable, provable rules and which can be used to make consistent profits. You can’t just choose “High” or “Low” on a whim or on instinct, and you can’t just agree or disagree arbitrarily with the majority of traders. You can’t trade “High” on oil because it’s your opinion that oil’s price will increase. To be successful you need to reach the point where you are only placing trades because you have a concrete, substantial reason to place a trade—because a method that has worked reliably in the past (you can test your method on historical data) tells you that price is probably going up or down.
While you can make money with 60 Second trades this way once you’ve become experienced and adept at what you’re doing, we suggest you start with longer expiry periods. Longer expiry periods give you more time to, well, lose money. Most traders have some stumbling blocks to overcome when they get started. If you’re doing 60 Second trades, you can blow through your money really quickly while you’re stumbling and messing up. If you use longer expiry periods, you literally have more time to work out problems and improve your trading. It is just way too easy to lose everything in the blink of an eye with 60 second expiry times, so try doing longer term trades first and then work your way up to the 60 Second trades later if you still want to try them.
After seeing that YouTube video you may want a review of Traderush to learn they are not a scam!