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Entry Levels, Stop Loss Levels and Profit Target Levels are the three key elements in Forex trading. Binary Options are made up of only two elements. In Binary Options, you spend all your focus on Entry Levels and the Expiry Time of a trade.
Trading is like running a business. You will have expenses i.e. losses and you won’t always be profitable. Some months will be stronger than others. It is possible to end a month with a slight loss. Long term thinking is crucial when trading Forex as well as Binary Options.
Your broker is not your friend. Despite what they may tell you, binary options brokers benefit from your losses. When you lose, they win. It’s you against the broker. Unlike an exchange where when you buy an option there’s always another person on the other end of the trade selling the same option.
The Binary Options Industry is unfortunately littered with scams. The most obvious scam award goes to Automated Binary Options Robots claiming to make you hundreds if not thousands of dollars per day every day.