And while winning may not be your main motivation, it sure is better than losing! Ego-driven traders invest in binary options primarily because they enjoy the image of being an accomplished investor. Ego-driven traders have more of an incentive to win than those who are simply in it for fun, but may still enjoy investing even if they lose.

Some ego-driven traders are very serious, but others are not much more serious about investing than those who are in it for fun only. Being an ego-driven trader can cause problems for an investor who lacks self-awareness.

If you are investing because you want to feel smart, but you are not thinking carefully about your trading decisions, you may begin trading out of conceit. You might for example believe in your own mental projection of yourself as a top trader long before you become one.

You may find yourself trading on instinct, believing that is enough, and may end up losing a lot of money because of it. On the other hand, being an ego-driven trader can actually pan out very well if you have self-awareness. How so? It all depends on what you actually take pride in. If you take pride in really becoming a top trader, that can give you the motivation to do the hard work to get there.

You may find that the desire to better yourself is just as effective in helping you win as a desire for money. You do not have to win all the time to take pride in yourself either. You can take pride in all the improvements you make and the steps you take toward someday becoming more successful financially.

Whether you are investing seriously or not, if you can identify yourself as an ego-driven trader, you can take steps to keep your ego in line. In fact, doing so is a sign of mental health.

Traders in this category want to actually win their binary options trades, and may put more work into doing so than those who are trading exclusively for fun. This category may overlap with the category above. These traders are not aiming to become professionals and have no desire to quit their day jobs, or at least no expectation of it becoming a reality. Making money trading appeals to them, but the winnings are non-essential.

In other words, they will not be used to pay the rent or bills. Any money made trading will be used for more trading, put into savings, or used to finance personal luxuries. That percentage may be even larger. Most binary options traders are fairly casual, and there really is a huge crossover between binary options investors and gamblers.

If you are trading for fun but hope to make a little extra money on the side, it can really pay off to read some articles, watch some tutorials, and try to come up with a good trading method. Never mistake yourself for being more serious than you actually are. It is ultimately about doing more. If you are trading for a little extra and one day find yourself wanting more, you will need to take steps to become a serious investor. That means focusing even harder on your trading method and taking your wins and losses much more seriously.

Almost the entire remaining population of traders that does not fit into one of the three categories above fits somewhere in this pile. The semi-professional trader is not trading for fun. He or she may enjoy trading, but the primary motivation is financial.

Ego-driven traders are often semi-professionals. They want to see themselves as successful traders. People in this category are still making their primary income through some other means. They may be unemployed trading while unemployed is very unwise, but it is not uncommon. They may also be sitting on a residual income or a large pile of savings. They may be aiming for it, though, and may hope to eventually become successful professional traders, either part-time or full-time. It is not a question of income percentages.

It comes down to approach, consistency, and whether or not you are making enough money trading to actually support yourself in full or in part.

If you are still trading with an inconsistent approach, even if you want to be a professional, you are not a professional. The desire and the drive might be there, but until you start leveraging them fully and trading consistently , you will remain a semi-professional trader at best. If you are trading with a consistent method but still not achieving reliable results, you are also still a semi-professional, but you at least have a professional attitude, and you are probably on your way to becoming a pro.

Before listing the different binary option types for you— with details and a simple explanation of each — we must say few words regarding understanding them. Some of you might not be so eager to learn new things — especially if you are in the early phase of your trading education and the amount of information seems too much for you. Well, no, it is not.

On the contrary — there are many advantages of knowing the entire list of binary option types. And if you still have any doubt about it, read about them below:. And finally we have reached the main part of our binary option types theme. Are you ready? The key moment is the expiration date — aka the time, when your prediction is supposed to happen.

Note that in trading with these binaries the payout for each trade is predetermined in advance and it is always transparent to you. In most cases you are able to select to sell the option at any time before expiry, for a partial return.

This binary option type is highly popular amongst traders. So whatever term you see, the meaning and the explanation, as well as the binary trading philosophy remains the same. Another good type of options is 60 second binary option which is one of the most common instruments of the binary options traders. Once the trigger level has been reached, you will be able to get your final outcome — either a profit, or no return.

No touch binary option is the opposite of the previously mentioned one touch binary options. With no touch binary you decide whether the underlying asset will not be able to reach the particular value level. Though, just like one touch binary, the trader is supposed to choose the certain price amount above or below the present price through the market changes.

Your trade determines if the price will not reach the determined level during the mentioned expiry date. In both cases — no touch and touch — a double binary option type has the same philosophy as the previously two mentioned option types with the difference that there are two triggers here. Each trigger covers each side of the market price. The difference appears when the trader determines the direction and upper and lower limits of the price change, which is the suggested range.

If the option expires without breaching this range, you will receive your profit, because you will be in the money. Trading with boundary binary option suggests the same methods as those from range binary option type. On the other side, the similarity to the touch binary option — one and no touch — is also very obvious.

Here, though, you define two levels of the asset price. A deeper explanation of boundary binary options is here. Though, here the periods of time are shorter than the previously mentioned 15 minutes. Short-term binary options can be the following types: Seconds, 2-minutes and 5-minutes. These binaries are very preferred by the trading community since they are very quick for trading and even quicker, when it comes to the expiration time and the payout execution.

Binary Option is the option wherein traders position, with simply yes or no, on an asset and the payoff can be just either zero or a fixed amount. It is basically a trade related service connected with price fluctuations on the stock brokering.

With everything going online, the trading platform is accessed easily and is not hard to be understood. It is in fact more of a flexible trading instrument, for short term investments. To Learn more about Binary Options, click here. A wide range of options are available to assess and understand which binary options are to be selected by traders.

They are as follows:. In this option, the trader tries to guess the position of the asset, whether it will stay above or just below the respective price, within a particular stipulated time. At the expiry of the time limit, the immediate result is simply displayed. Traders often select this very option as it has a dynamic trading range. In simple words, the traders just need to determine whether the option is to go high or would fall low with the rate, thus entered at the trade.

Often the time limit begins from a mere 60 seconds, 15 minutes and can reach up-to 1 hour or the end of the day. The notification in the form of e-mail is sent at the very closure of each trading, thus done.

The statuses of these are actually very easy to follow and can be monitored closely. The trader does not have to always log in and trade.

The automatic entry and exit of the trading platform does the needful. The Touch option is based on principles of Forex trading. The rates of the assets here are predetermined. Here options are only purchased at the weekend, when markets are closed down. During the week, it trades. Within the weekdays the rate fluctuates during the day. At the end of the day, it stops and results are announced of how much payoff is predefined for the trader.

Touch, No Touch and Double Touch are the varieties that this option offers. Difference between Forex and Binary Options. It is ideal for traders who know the underlying value of the asset but are unsure of how long it will hold and when to invest it in the near future to gain high returns.

The most popular option, nowadays in Binary Option trading system , is 60 Seconds option. A 60 second time frame is set up, in which the trade conducts maximum trades. If he sees the asset value going in one direction, he can speculate as to where the rates will end. It is a guaranteed option as it equally gives the trader, maximum profits for the trading done.

Basically this option is for traders who look forward for dynamic trading and can judge the market quickly and put the knowledge into effective use. The market trend is an important factor in deciding the rates of profit. A good knowledge is also ideal for the decision.

This option simply allows the trader to sell options that can give a little less profit than what earlier expected. It does not follow the expiration of time limit. Many a times it seems to be a good choice with a little deduction to the profit payoffs. Although it is a risk reducer, giving up on stocks when they are out of monetary value is advised. The amount obtained is accepted. As since it is rarely used, it is not always offered in the range of option by the traders.

This option is often referred to as Range Option or Tunnel Option. Here, two boundaries are set up: lower and upper. The rates either go inside or outside the boundary within the time span. The movement of rates stays within the boundary set up. Even if the prices cross the boundary, it needs to be within the boundary wall at the expiry of the time. The traders need to keep the asset value within the boundary to receive a payoff. It gives the high chance to be on the safe side of the profitable market strategies to be happy.

It is ideal to trade with own choices selected by the trader for a healthy return on the investment, probably a safe choice.

Many other prescribed options are there as Binary Option trading a whole wide range to invest in any asset, within any time frame. But these are solely dependent on the market trends. If want to gain small- go for Touch or seconds Option. With keeping in mind the factors, traders can master the Binary options and select with trading option will suit them, as not every day the market analysis and trends stays the same.

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To Learn more about Binary Options, click here A wide range of options are available to assess and understand which binary options are to be selected by traders. Difference between Forex and Binary Options It is ideal for traders who know the underlying value of the asset but are unsure of how long it will hold and when to invest it in the near future to gain high returns. Leave a Comment Cancel reply Comment Name Email Website Notify me of new posts by email.

Seasoned investors may not require these trading signals, but they will be extremely beneficial for beginners. The last account type is Gold, which offers you all the features of the previous two accounts. It allowed many traders to follow the pros and sharpen their skills. I am an experienced Binary Options trader for more than 10 years. They have been in the market since and follow a very simple and straightforward approach towards offering trading services.

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