It is easy to see why this is attractive. Who, given the choice, would continue to go to work for 40 hours a week when they could earn, at the very least, a living wage and similar sum from perhaps a quarter of that time, and perhaps even shorter depending on what they were tradingDue to the high returns that can be achieved, binary options are a popular thing to explore among those who want to discover if trading options for a living is a realistic proposition. One of the biggest challenges when making a decision is that any form of financial trading should always be looked at over the largest possible period. If you have been trading on a casual basis for six months, and have enjoyed success, is this a long enough period to use as an example when justifying a decision to quit your regular job, especially if you have a mortgage, children, and various other responsibilities to meetIf you are serious about exploring the possibilities of options trading for a living you need to know the steps you have to take to get started. Everything you need is accessible and easy to use, enabling you to get started as soon as you wish. While you can get all of these resources from BankOfTrade, we have laid them all out individually so you have a full understanding of the process before you consider trading binary options full-time.Remember that when you trade binary options you are trading against whether the price will rise or fall. As the price of a stock or commodity does not directly affect you, the opportunities for making large profits with binary trading are much better, making the chance to trade options for a living a very real and potentially lucrative one.Because binary option trading offers an all or nothing outcome, while the potential for greater profits is exciting, trading these options can also lead to fast losses if you get too emotional with your trading. If you are options trading for a living the last thing you want is to be in a situation where you risk future revenues because you have been careless with certain trades.The biggest thing you can do to experience trading before doing it for real is to use an options trading simulator. This will enable you to replicate the choosing of an asset and placing a call or put trade, as well as the wait to see whether you succeeded.Depending on how you want to trade binary options, you should also look at the various types of trades on offer, such as 60-second trades and one-touch trades. These are usually better for experienced traders, but they are worth knowing, so they can act as a work-towards within your personal trading career.As important as learning various strategy tips and training yourself to become a smart trader and investor is, so is having the knowledge when you can sell options that are out of the money. This is critical for managing losses, as you may be able to sell a call or put option prior to expiry to another trader who is willing to take a chance.At the same time, the fact that binary trading is easy to get started with does not mean you should think it is an easy way to make a living. Treating options trading for a living as a get rich quick scheme will only lead to you being too hasty and not learning everything you need to know about binary trading before you get started, and ultimately you will be likelier to make bad decisions and endure potentially heavy losses.You will also need to build at least a basic knowledge of the finance industry, particularly around dates when markets are likely to be volatile, such as economic announcements by governments and the release of business results from across various industries. These have the potential to impact on a wide variety of areas, and if you are well-informed you can take advantage of the trends and maximise your returns.Let us break this question down into two parts. The first part will look at how much money you need to get started. The answer is you do not need much at all, but if you see heavy losses when you first start trading and are getting used to doing it full-time, you could easily see your funds quickly running out. If you do have a small amount of money to trade with, use this on smart, likely to be safe and profitable trades, so that you can build up your funds for when you do start trading options for a living.Secondly, you will need to consider how much money you need to make to live, plus what amount of disposable income you would be happy with. You can break this down annually, monthly, daily, or whatever works best for you. Whatever you do, you need to land at a figure that would deliver the lifestyle you desire, as well as enabling you to save for retirement, pay for any health insurance, and other expenditure, and then analyse whether earning this sum is realistic from options trading alone.Given the sums of money you can make from options trading are almost unlimited, especially when you consider one-touch trades can deliver up to a 500 return on investment, your biggest consideration will be the level of risk you are happy to take to achieve such an income. If the risk exceeds what you are comfortable with, what is your plan for carrying on You also should think about whether you want to skim some of your early profits to reinvest back into trading to grow your capital fund. Over time, this will allow you to take more risk and potentially target options that are more lucrative.There is nothing wrong with being a risk taker. However, when you are trading options for a living, it is not the same as having a few trades during your downtime at work.
