Can I make a living out of
Binary Options or Forex?
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This is a question I have been asked hundreds of times. The answer is tricky. I am also asked about the way I work with Binary Options and Forex when it comes to payouts, withdrawals and amount of trades. In this article I am going to answer those questions and will give you some of the paths I have followed ever since I started trading.
Can I live from Binary Options or Forex?
Can you make a living out of Binary Options or Forex trading? The answer is yes. Regardless of what country you reside in, you will be able to make enough weekly or monthly earnings to live out of the trading industry. Obviously, wherever the life is more expensive, the higher you will need to invest, but also the higher your income must be. Although there are countries where $100 is a lot of money, there will be countries where $100 is just another trade. That does not make a difference in how much you can end up making at the end of the road.
I find really interesting when people ask me for help on their first time deposit and I ask how much is what they need and it is $10. I am not saying it is bad or good, but let me tell you my story; my first deposit was $200 and I lost it all. Then I deposited $100 more and I lost it again. Even though I was a little disappointed, I never gave up so I deposited $20 again. That $20 deposit turned out to be the best investment of my life, turning them into $3,000+ in 3 months. It was not easy at all but it clearly showed me that you don’t need a high first investment to make large amounts of money.
Now, $3K might seem very little money for some people, but in about a year my account was never less than $10K, making withdrawals every two weeks of at least $5K. I know it is not that impressive, however, it was a lesson I learned that no matter how much your first deposit is, if you follow the right path, you will get to your target sooner or later.
How to maintain a regular profit coming?
There is no specific magic trick to keep the money flowing into your account. You might think there is amillionaire-maker software that works, but that was not my case. I always recommend manual trading as the best option, although there are some good automated systems that can give you a decent profit. When people ask me how I managed to always have something to withdraw the answer is: “Because I always asked for withdrawal”. There are two ways to step up financially speaking: 1) You can make a large amount of money, save it and use it with a great deal of investment and retire, or 2) You can invest small amounts of money every day to slowly build passive income.
Both options can take you where your goal is, however, in Binary Options or Forex trading, it is not 100% wise to let our broker keep our capital in their power. What would happen to my money if the broker closes its doors? Surely, I will lose my money. If it is a $1,000 balance is fine, but if it is a $25K balance, then we might have a small crisis afterwards. I am not saying don’t trust the broker at all, I am just saying; try to withdraw regularly in order to have your earnings safe towards a worst case scenario.
Can I be sure I will get my withdrawal?
You might have read (or experienced) about some garbage brokers that all they did was steal money from people ever since they started operations. Well, there is no way to fight against a non-regulated broker. The only action you can take is with your credit card issuer and most likely you will only get the amount you deposited into your broker (which could be a very small first deposit) and not the earnings made throughout the time you traded with their platform. If you want to make a living out of Binary Options or Forex, I always recommend you with a regulated broker. There are many countries where trading is not allowed such as the US, but you should always go with the regulated broker. If the only Binary Options broker available in your country is not working well for you, then you should switch to Forex as there might be better opportunities for you there. Don’t ever go with a non-regulated broker regardless if you have read good reviews about them. This way you can rest assure that your withdrawals, as long as you comply with the requirement of your broker, will be safe.
What should I invest my earnings on?
This is a much more extended topic. When it comes to investing, there is a whole other world of education you need to look at. Binary Options and Forex are worlds where money comes in bigger amounts and sometimes in just a few minutes, while other types of investment such as real estate, the earnings are slower but more solid and consistent. When it comes to investing your earnings it is really a personal decision as to where you want to go. Although some people go with the star-up companies, other people start their own companies and the majority, like me, prefers to go with real estate.
Giving the fact that Binary Options and Forex are a home-based work, I tend to enjoy the freedom of not having bosses or superiors to deliver results to, enjoy time with family or do whatever I like to do, such as music. Therefore, the types of investments I look for are businesses that require the least effort possible from my end. Being real estate the strongest and easiest business to get passive income from, it is my first choice, though I look around all the time for investment opportunities.
Yes, you can make a living out of Binary Options or Forex. All you need is to be disciplined, have a plan and follow the path to it. In Binary Living Way we help you achieve that goal or retiring from a hated job and work from home. If you are willing to work hard and work smart, this is the type of business for you. Plus, remember to always have a target as to where your profit will go as soon as you get it. Make education a consistent task in your daily agenda and rest assure that your financial life will change in no time.
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