I am Joel. I am retired now and enjoying my life. I am enjoying my retirement fund. But still it is good to supplement my retirement income. When I learnt about binary options, I decided to dabble it. Now after a period of seven month, I am certainly glad I tried it. I had plenty of free time and some money to invest. But online binary options trading do not require me to spend for hours before the computer. I still have a lot of time to spend my free time in doing the thing I love.
In essence, a binary option trading is similar to buying stock, but there are some significant differences. You need to choose a particular asset and decide whether its price will go up or down for a specific period of time, which may be as short as five minutes. When I came to know about all these, I felt trading binary option is extremely simple. However, the positions are small and timeframes are short, so we need to predict the price movement of an asset accurately. As a beginner, I had no technical knowledge. I felt there is only 50:50 chance of guessing the price movement correctly. However, I happened to visit a website binaryoptionstreet.com, where I found a lot of useful information. They guided me on how to choose the best broker and trade binary options for a few hours and make a lot of extra money.
In my experience, I realized choosing a good binary options platform is important for your success. There are many scams out there and it is very important to learn how to distinguish good platforms from the bad ones. In my opinion, a good platform is the one that is certified by a reputable organization and allows you to trade with a minimum deposit. I recommend reading reviews available in binaryoptionstreet.com to come to a conclusion about a platform. Always start with a demo account and practice trading and experiment binary options trading tools offered by the platform.
Though there are lots of things to learn about binary options trading, I believe learning two things are more important. One is technical analysis and the other one is speculation. Technical analysis is the method of analyzing the financial market scientifically. It makes use of technical indicators, moving averages, chart patterns and trend lines to gauge the market direction. There are numerous ways to use technical analysis. I recommend to least at least 4 or 5 and create a system that suits your trading style. Speculation is the practice of leveraging market movements. Binary options trading are based on speculation. Trades range from a few seconds to one week or month. Understanding the speculative nature of the binary options market is the key to increase your success rate.