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I must make sure that the broker I am using is well regulated in reputable countries plus I must have no problem withdrawing my profits from trading. Before are some feedback from readers about their brokers. I have heard from one reader that he has a very reliable binary option strategy on the gold binary trading and after making a number of profitable trades, he realize that he no longer have the option to trade gold on his platform anymore.
This is a sign that the broker is stopping him from trading gold as he is making profits in it. This is to me an unfair way as they only allow him to lose money but do not allow him to make money. However I have never had this problem before even when my strategies are profitable for me for years and I guess this is the difference between a well regulated and poor regulated brokers.
In order to activate his bonus, he will have to trade 30 to 50 times the amount he had now. His money is now stuck until he is able to survive 30 to 50 times the amount he had.
That is why he took my binary option mastery course hoping to help him survive the trades. For me, this is very weird as I have never heard of such broker. Suddenly, the broker disappear and he no longer can log into his platform nor able to contact that person.
I know that there are always people calling from the broker firm giving you trading advice or signals, but I have never heard of any who will trade for you. So please do not fall into such scam.
The purpose of this post is to share with my readers what I have heard from the other readers and my students. This is to warn you to be more alert when picking a binary option broker to use. If you pick a wrong broker, you will find that you will never be able to withdraw the profits you have made. They think that this is a get rich quick scheme as there are only 2 outcome for binary trade. Therefore they rely on guessing the direction of the market to enter their trades and in the end they usually got their account wiped out.
For binary trading, you do not need to worry where to place your stop loss and where to take the profit like what you did in forex trading. As long as the price is 0. Trust me, binary option is like any sort of trading which is profitable and proper. Therefore stop treating it like a get rich quick scheme and you will start to make profit from it.
Since I get to know about binary option, I find that scalping the currency on binary platform is much much more easier than forex platform and best of all very quick and effective. Each binary trade takes about 2 or 5 minutes depending on which option you take. As you need to look at the chart when trading forex, if you see a binary trading opportunity occurring, you can then enter the binary trade and then continue to wait for your forex trade to come.
Therefore to me, binary option helps me to increase my income as I have 2 trading income sources now.