Sunday, September 8th, 2013 by Michael Freeman
It’s hard to ignore the myths about binary options spreading over the internet. It’s important to be cautious with claims that seem out of the ordinary and promises of easy and “fast success in just a few easy steps”. In this article I would like to set all the facts straight, like a good ole Watch Dog! Let’s get right to it.
Binary Options Myth #1 Becoming an Expert in Binary Options Over Night
Many of the videos and promotions are designed to make newbie traders believe that becoming an Expert in Binary Options is something that can be achieved in little to no time. I’ve seen binary options videos offering a “strategy” or a “Insider E-books” with guaranteed profits while in reality and from experience I know that there is a learning curve in every form of trade. It doesn’t matter if you’re buying stocks, trading Forex or any type of OTC, it takes longer than a few days to become professional and much longer to become an expert. There is a human side and some are more dedicated but even with dedication you can’t expect to become an expert at anything over night!
Binary Options Myth #2 Past Experience is not Required with Binary Options
“Knowledge and experience with the Financial Markets is not a prerequisite for Binary Options.” This is far from the truth. Unless you plan to trade using signals only or with the help of an account manager, there is no way to get around doing the necessary research and analysis of the markets with a focus on the asset/s you choose to trade. If you are not at all familiar with any type of trading, you need to seriously consider doing a little bit of homework before you proceed because binary options involves a high risk. If you really want to see success with Binary Options you must treat it seriously and “do your time” when it comes to homework! It’s worth it!
Binary Options Myth #3 Deposit More = Profit More ?
The first call you will get from a representative he/she will try to get you to deposit more in exchange for incentives, with promises that if you deposit more you will you have a better chance to succeed. I never really understood the logic behind this. Can someone explain this to me? I just don’t see how investing a $1,000 as oppose to $250 can make a difference if the trader is clueless about trading. If you can’t turn $250 into a $1,000 you won’t be able to turn $1,000 into $2,000 it’s simple math. I don’t think that the focus should be on how much you invest, the focus should be about how ready are you? Do you know what you are getting into?
Don’t be fooled by these ridiculous claims and follow the voice of common sense. Binary Options is a true opportunity and when a good opportunity comes we must treat it seriously. If you think you got it all down, think again. As an active trader, I can say that the learning process is continuous and since the Financial Markets are dynamic we must always keep our eyes open to sudden changes and trading opportunities. To learn more about Binary Options Trading visit the Strategy Guide and be sure to checkout the videos on the Binary Options Channel.