Can binary options traders become millionaires
There have been individuals who have actually calculated what it would take to become a millionaire. Within the first month of trading, you will need to achieve a profit of 15 percent. If you wish to be a millionaire, you are going to have to ensure that you make a profit of 15 percent for every other month as well. Now, in this hypothetical situation, you cannot extract any of the funds from your account.
It must all remain there until you reach your goal. If you continue in this manner of making fifteen percent each month, you will be a millionaire in five years. There has been no veritable proof regarding a binary options millionaire. There have certainly been many ventures claiming to make individuals millionaires but they have all been revealed to be scams.
Therefore, there is no way of knowing if someone has set out to do what the above figures claim can be done. For now, it all remains to be a theory. Now, you can make significant amounts of money with binary options. Whether you can become a millionaire is another thing entirely. This is because there are many obstacles to this plan. The first being that it can be very difficult to guarantee that you will always a 15 percent profit every month. You may make this — or more — for one month.
However, there is no guarantee that you can continue to do so. This is because everyone has their winning and losing streaks. Sometimes, these outcomes are beyond the control of the trader and he or she must simply wait it out. Many traders do not mitigate their risk. They aim for home runs in their trade, looking for that one huge payday.
They look at the glamorous cars they can buy with the huge payout, or the things that money can buy and cannot deny themselves the lure of instant gratification. Slow and steady will always win the race when it comes to trading. The hidden principle to achieving what you see on the spreadsheet is compound interest.
Albert Einstein called it the 8 th wonder of the world, and he was right. Compounding means that a little can be turned into a lot, and the higher the amount you have to compound, the greater the corresponding percentage of increase that amount will bring. Look at the spreadsheet again. There are 20 trading days a month. Using the lowest possible risk will get you there. The key point here is risk control. You can become a binary options millionaire even with the lowest possible risk.
The first step is to start. You are free to customize the plan as you wish, but do not negate the principle of controlling your risk factor to the barest minimum.