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But that doesnt mean its easy. It takes work, patience, and the ability to evaluate risks and jump on opportunities. If youre willing to put in the time and effort, and able to control your emotions while trading, you can learn the rest. In short, with dedication and focus, it is possible to make a comfortable living trading binary options.If youre thinking about making a career as a full-time trader, you need to have realistic expectations. A lot of folks lose money with binary options over the long run. They stumble across sites advertising returns of 70, 80, and 90 (or higher), and figure they can quit their jobs. The fact that they can generate these returns in minutes by trading short-term binary options makes the promise doubly sweet.Below, were going to try to burst that bubble. Our goal is to dispel a lot of the marketing hype surrounding binary options and inject a healthy dose of practical sense. You can definitely earn a full-time income in this business. But get ready to put your nose to the grindstone.You probably know about up/down binary options. They are sometimes called high/low trades. These options are the simplest of the bunch. You make a prediction on whether the price of an asset will end up higher or lower than the options strike price by the time the trade expires. If youre correct, you win. If youre wrong, you lose. Very simple.Next, there are touch/no touch binary options. Here, youre predicting whether an assets price will reach a certain level before expiry. You can arrange your trade on either side. You can also enter a double touch trade. This is an option for which you pick two price levels. If the assets price hits either level before the trade expires, you win.Its also worth mentioning short time frame trades, especially since theyre becoming increasingly popular. In this category youll find 60-second binary options (they expire in one minute). The fast pace at which you move in and out of these trades adds an extra level of risk. If you know how to manage that risk, you can make an impressive return in a short period.Full-time trading requires a system. The absolute worst thing you can do when trying to make a living as a binary options trader is to jump into trades without having predefined guidelines. You need to identify actionable criteria ahead of time that signal whether you should execute trades or close your positions.It doesnt matter how you come up with a trading system. All that really matters is that it works consistently. You can borrow a system from a reputable source, and apply it as is. You can also make changes to it based on the assets youre trading, your trading activity, and your personal observations of the assets past price action.Fundamental analysis and technical analysis both have a place in evaluating potential trades. But its important to realize theyre flip sides of the same coin. The former is built on the premise that markets have assigned improper prices to assets (or companies). As a result, prices can be influenced by external forces as those forces bring them into alignment with the underlying assets intrinsic values.Technical analysis is built on the premise that markets have assigned the correct prices to assets (or companies). Because prices are correct, the assumption is that their future movements can be forecasted accurately by examining past price data. This is the cornerstone on which chart analysis, pivot points, and numerous other trading tools are designed. Learn more on charts hereWe highly recommend that you become familiar with both fundamental and technical analysis. But realize that much of your time and effort in evaluating trading opportunities will be based on the latter. Learn how to analyze candlestick charts and look for breakouts. Learn how to identify pivot points, and figure out how to leverage them in your short-term trades. Study price patterns, and try to pinpoint trends.One of the most important skills you can learn as a binary options trader is how to manage your cash. This is especially true if you plan to make a living in this business. If you dont know how to control your bankroll, youll eventually put too much money in play at one time.Some experienced traders recommend putting no more than 5 percent of your bankroll at risk on any one trade. Thats good advice, but well go even further. If youre just getting started, limit your first trades to 1 percent of your bankroll. As you gain some experience, move up to 1.5 percent. Then, commit 2 percent.Its also worth noting that many of the top binary options brokers will let you close out your trades before they expire.
