TALKING BINARY: Uche Paragon gives a run down explaining binary options trade
Binary option is a unique type of trading Forex and other assets. Anyone who has enough knowledge and money to invest can start trading binary options in order to turn their knowledge into profit. Many of you have probably heard of the term ‘binary options trading’ At this point I am going to make you familiar with the basics of binary options
Keep in mind that binary options trading is a job and you must be prepared to spend a lot of time reading, improving your skills, mastering your strategies and most importantly, learning how to control your money and emotions in order to make profit.
What is Binary Options?
Binary options are estimates of underlying assets performance during a given time frame.
Binary options are based on asset price prediction. If you have traded Forex, then you know that the Forex market is all about precision,you must predict the direction in which the price will change, but you must also predict the amplitude of the change.
On the other hand, when you trade binary options, all you need to do is predict the direction of the price’s movement. This makes the task much easier and the best part is that the amplitude of change doesn’t matter, so the risk you take is reduced to some extent.
Although many people say that Forex trading and binary options trading are very much alike, you should know that there are major differences between them and this lecture will cover some of them.
First of all, binary options are transparent you get detailed information about your eventual profits and losses, so you can easily make up your mind and decide whether it is worth placing a trade or not.
The opportunity to see the amount of money you’ll make from the trade is very attractive and many people prefer binary options trading exactly for of this reason.
When you want to place a trade on Binary, you will see what profit percentage the broker offers. Depending on the type of binary options you’ll trade, the percentage will vary between 60-80%, but in some cases it may go up to 600%. However, this only applies to certain types of binary options.
