Binary options is really earnings
So while all the strategy posts, and articles on money management, trading psychology, brokers, trading software options, indicators, and so forth might provide the foundation to getting yourself personally set up in the trading business, the main question that everybody should be applying to themselves is, can I actually trade binary options for a living? Can I log on to my computer every weekday morning, pull up my charts, my trusted broker, and do this as my form of work for years on end without having to return to my day job ever again and retire comfortably?
For one, yes, it is mathematically possible to do this for a living if you are good at it. You can turn very small sums into large sums by trading lower volume, but this would entail very risky money management practices, basically where your trade size is equal to or nearly equal to the sum from your previous winning trade.
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This would allow you to continue trading in lower volume and only take the best set-ups. But the main issue with this form of money management is that once you lose — which is inevitable because everybody loses trades — you would wipe out your account completely.
I am a big proponent of fixed-investment money management, where a single amount of money is invested into each trade. This amount remains fixed until your profit returns and trading skill dictate that you can increase your trade size.
The truth of the matter is that trading is very difficult even if you do have a lot of start-up capital to begin with. The scary thing about the trading profession is that no salary is ever guaranteed to you.
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Your profit is dictated entirely and directly by your trading results. This can be pretty unnerving when your entire financial future is contingent on getting profitable trading results.
It can be a very, very precarious profession for those reasons. Here is my opinion. Even I have become receptive to the idea of having a regular income stream after college although trading full-time is my desired path.
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