How I lost in binary options

For those who are new to Binary options, it is one of the newest form of investment invented by the United States just a few years back. After the advent of such new investment, it comes with a booming industry in the recent years. More and more brokers set up binary options platform online to attract more people to join and to deposit their funds.

Of all the other kind of investments, binary options seem to be one of the most easiest platform to bet as it only involves with either a call or a put option.However, it is often neglected by new traders that it is often a highly risky investment.

If your forecast with regards to the price level above or below the line is right, then you would get the profit on top of your initial bet size. Conversely if your prediction is wrong, you would lose all your initial bet. The probability of winning is 50%. Some people however sees binary options as a platform for gambling as there is an element of luck here. Studies have also shown that between 85%-95% of the traders would ultimately lose their money.I am in fact one of the victims here.

My story of losing in binary trading:

Initially, I am captivated by the testimonials from other shady binary platform(in fact 99% are scams) where they claimed that they had earn around 176,000 USD in just a month and that had made them become a millionaire from them. As great as it seems, it is often too good to be true.

Fake testimonials found on scam binary trading platform:

Adapted from http://brokerscamalert.com/blazing-trader-review/

I have to say that I am quite fortunate to have read a lot on the binary options scams online and have not fell to all those unregulated binary trading platforms. But this does not spare me from losing the money. No matter how high is the payoff, the odds of winning is always against the traders. It is easy to use martingale strategy to recoup your losses provided that your deposit is high enough to cover all the incurred losses. There are lots of factors that a trader would lose money. Personally, I prefer to trade in IQ option, where I can get to withdraw my funds back to the bank cards; but still, I lost all of my deposit of 1000 USD in total. When I started trading, I deposit 1000 USD. For the first day, I can count myself to be lucky and I have won around 350USD in total.

Snapshot of how I won for the first nine out of ten matches. In total, I had traded for 25 matches for the first day:

That gave me confidence and I thought that I could multiply my deposit by 2 times as I trade more. Nevertheless, I am wrong. By the next day, I tried to increase the bet size to 100USD as I thought that I had found an invincible strategy that could help me to double my investment. But, everything just happened oppositely to what I had expected. I started losing money and my account is finally left with only 12 USD.

Guess what? The image would show you the ugly side of binary options:

And finally, I have lost literally everything. I tried to put in more money and I had lost everything. It is my hard-earned money and I should not have in the first place believe to the unrealistic promises offered by a group of affiliate marketers like (King Delwar) that binary option is easy to earn a living.

Lesson learnt:

In fact, I have tried to trade with the major currency pairs(Euro vs USD Otc) with a high payoff of 91% of the bet size and I found out that it’s very difficult to trade due to the low volatility of the market and side-way pattern of the charts.  If you lose and your bet size remains constant, you will actually have to trade more to recoup the losses. Again, over-trading would in fact cause you to lose more. Technical strategies are just merely a guide but it may not help one to win the trade all the time. Martingale is the worst strategy when it comes to low deposits. You can still possibly win after 8 consecutive losses but make sure, your deposit is huge. Despite that, there is a danger for people who deposit a lot of money and had problems withdrawing out. It is rather unwise to put in a lot of money into binary option platform unless you are very sure of the credibility of the broker.

To add on, I am considered quite lucky here. There is a real story of how binary options had destroyed one’s future:

Some good articles to read:

– Police warn about Binary Options investment scams
– Don’t Fall for Get-Rich-Quick Scams 

Of course, there are more articles on government constituencies advising people to stop investing in binary options:  MAS issues warning on trading of binary options with unregulated platforms

Final thoughts:

My point here is not to stop those affiliate marketers from promoting that binary options can allow one to earn a living. But, the true fact is that it is very hard to be a successful trader. Even being a successful trader, binary option can be addictive as you expect that binary options can help to grow wealth.However, this leads to over-trading and usually, people lose due to a change in the market.

If I am given a chance to be an affiliate marketer, I would rather first test out on the item and then promote on items that are worthwhile trying before recommending to people. That’s what are the qualities should a real affiliate marketer have. I would not recommend anything that is gambling just by earning the commission at the expense of other trader’s loss of money.

Affiliate marketing is indeed booming and it is indeed a highly profitable business. To become a successful affiliate marketer, you can visit WA (the fees are cheap: first month 19USD, followed by 49 USD per month) that would equip you with the necessary skills needed to earn living as a marketer.In fact, this is a more down-to-earth method of earning money. Depending on how successful are your niches, there are top-earning affiliate marketers who can earn around 8k to 10k per month. Even better, there are rarely few of them who can earn above 15k per month.

https://my.wealthyaffiliate.com/createaccount?a_aid=6ade19b2

On the last note, there is a link to the video to summarize on the above,

http://www.dailymotion.com/video/x5vhug6

http://www.dailymotion.com/video/x5w3n3r

Please watch the video on the Dailymotion till the end and you're advised to change the quality to 720p. Your help is appreciated to educate people who are not aware fully about binary options.

I hope that you enjoy reading this post and if you had any queries, please feel free to drop a comment below. I’ll reply to you a.s.a.p. Thank you.

Additional reading:

Police advise caution on binary options trading