The short answer is yes. Consider Warren Buffet who made his fortune from trading financial instruments. It’s a short answer but not necessarily a simple one.
Theoretically, it is possible to become a binary options millionaire, however putting into practice maybe more difficult to achieve than what it looks like on paper.
Creating your fortune from binary options trading, or any form of trading, is not something you will achieve in a day – if at all.
It will take time, bucket-loads of patience and a well-structured trading plan to reach your goal. If you take a look at the picture below, which shows how it is possible to go from $500 to over $2 million in five years.
So if it’s this easy why are so many traders not there? The answer to that is simple. Many, many traders do not minimise their risk. They are looking for that one big win, the paydirt. They look at the all the things they can buy with the huge payout – the mansion, fast cars and glamorous lifestyle – and they give in to 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 chart above is compounding. Albert Einstein called it the 8th wonder of the world, and he was so right. Compounding means that a little can be turned into a lot, and the higher the amount you have, the greater the increase that amount will bring.
Let’s take a look at that chart again. The starting capital is $500, and the rate of return per month is 15% which is $75 for the first month. I know, it’s not much you say. The key point here is risk control. Keeping your risk low is trading smarter. Work out how much you need to make each day and STOP TRADING when you have reached that target. Conversely, if you reach the maximum amount you are prepared to lose in a day STOP TRADING.
Always follow your trading plan.
You can become a binary options millionaire using the lowest possible risk. But only if you start. Take your $500 and start compounding it for the next 5 years and see how far you can go with this plan. Be patient, be disciplined. Obviously you can adjust the plan as you wish, but by keeping your risk low, you have a much better chance of reaching your goal of millionaire status.