Thank you all for the comments, it is good to know and know a little more
Sure, binary option trading is nothing but an outright gambling.
Binary options has a very bad reputation.
Completely agreed. There is no solid financial base backing them.
Binary option seems so appealing because they offer traders a cap in terms of the risk which they financially expose themselves. The significant feature of binary option is the fixed return offered. When the option expires, the trader will either receive or lose the fixed return regardless of how much movement there was. Itâs entirely based on the binary result, not the degree to which the outcome was correct or incorrect. Hence the quantitive risk and reward is known. Because of high risk itâs recommended to master risk management in order not to lose all your money and what is more important from time to time BO can be turned into a gamble, which isnât attractive activity.
There are some situations when novices face binary options and lose lots of money there. Then they accuse brokers of their losses because they were promised by someone that itâs a hundred percent way to gain lots of money. However, the fact is that every trade who has decided to start a traing activity should know that there are no ways in trading whuch can help you to make big money right away, hence every activity should be properly treated and every trade must have know all the details about it. Plus, people actually tend to share their negative emotions with other people on forums or stuff like that, because when everything is okay with them, they have no wish to share it with people on forums.
Theyâre not bad, theyâre confusing a bit. So, if youâre fond of investing for example it will be kinda difficult for you to try binary options because it will be very confusing for you. Those traders who are fond of scalping, they have an idea what are binaries, nevertheless they also can take lots of risks. In my opinion, binary options is such a phenomenon where is unclear whether you will earn money or not. Itsâ also difficult to create strategy for binaries because sometimes your strategy canât work at all. Traders pick binaries as their main trading style mainly because it brings good money, but also it brings lots of risk.
Theyâre not bad, they can be dangerous for novices. Binary options is just a trading instrument, and trading style, like scalping or intraday trading. There is a fake belief that binaries are just a true scam. However, I canât state like that. There are enough differences between binaries and other trading styles, nevertheless we should understand that until this style is in demand, then people shouldnât be afraid of them. If youâre experienced enough in trading and you feel that you gained enough knowledge, you can try your strengths in binaries. There is nothing difficult in them, the main is to comply with a system.
Personally, Iâd avoid binary options. Not only are they risky, but the industry is full of scammers. Even with law enforcement focusing on them more in recent years, even with their banning in so many jurisdictions, the scammer problem seems to remain as strong as ever. Take Israel, for example - they banned binary options a while ago, since they had become a global hub of such scams, and yet the problem persists to the point where itâs still necessary to form international taskforces to bring the scammers to justice. Binary options are just not worth the risk, I think.
I was told to avoid synthetics like the plague. I did some googling on it and read about many scams.
I personally donât think binary options are bad, they just require special approach. Binary options can be even profitable for you in case yo understand the mechanics of binaries. Itâs pretty difficul to sort out in this mechanics, because it differs from forex trading for example. Nevertheless, the market is the same, so if you believe that the price goes high, then you can open upward position, and vice versa.
To my mind, traders are afraid of binaries only because it brings much more risks and there is no right for mistake. If the position closes in another direction, then you lose your money.
Well, I canât claim that binary options are bad. Everything depends your personal relation to them. In my opinion, traders are tend to make uncoscious withdrawals. The main idea here is to understand that there are no activities inthe world which will generate you free and easy money. All of them require special attitude and time which you will dedicate o them. In this cas you will be able to understand this activity and make it profitable. The same thing is with binary options. If you will treat them seriously then perhaps you will not be disappointed by them. I believe that everything depends o nthe personality and his/her worldview.
Nahh⌠they arenât bad they just have another mechanism. Thatâs why many traders who come to binaries from fx trading claim that itâs bad.
i got the same situation when I started trading binaries, i thought that itâs bad because i wasnât successful at binaries at all. however when the time passed, i started to sort out in various peculiarities of this activity and it helped me to understand the regularities happening to the binary options market. So, the only thing i can advise you to do is just to learn more information about it and practice, practice and once again practice ! This is the only way to reach the success.
I also moved from binary options completely to trade CFDs at Hotforex. I think risk-reward are better there and you have more tools to control risk and profit you are expecting to get.
Most people who enter binary options are desperate for quick cash or looking for a get-rich-quick scheme because they are allured by Instagram videos and reels showcasing someone who claims to have bought a Lamborghini in just a week. Secondly, the risk factor is very high when you are bound by a time frame where you need to win or lose within.
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