Hey guys I’m a pretty new trader and just doing ok so far but I’m see more and more stuff pop up about binary options and I’m wondering if you guys think it will sort of over take normal forex trading the future?
Binary options is small fry compared to other forms of foreign exchange trading. They are really aimed at retail investors and are just a different way for brokers to try and get their hands on your money. In essence no I don’t believe they are the future.
I do actually have a binary account they I purely use for entertainment as a form of gambling and mucking around on. For that it is fine but as a serious alternative to spot, futures or options trading I don’t think that is likely to happen.
Your talk of using binary options for entertainment purposes is dead on. A couple of guys at our trading office mess around with $20 binary bets here and there. As long as people realize, as you said that binary options are small potatoes compared to other markets, it’s a quick fun way to toss around a few bucks.
They may not be the future, but can be a great addition to your trading as long as you understand them. The advertisements are very misleading and it is not as simple as brokers want you to think. Most retail clients will lose their funds rather fast and there are plenty of brokers who do not give you real market prices. Then there are the good ones and if you have a good strategy it can be a nice and different way to generate profits.
First of all, Binary is more like gambling and it is very different from Forex. Well, there are lots of brokers out there, but you have to choose wisely. Brokers like Profiforex.com are good to deal with, same as others. Do not choose a broker because of its attractive adverts or website design. When choosing broker, I think you should follow the crowd, if you know what that means. If you are not a good gambler, then stay away from Binary option.
It has nothing to do with gambling. I have been trading binary options for over a year. Your response just shows that you have either been burned or have not had a strategy that allows you to profit from binary options.