On “earning money online,” curb your enthusiasm. It’s not that binary options can’t provide a good income, it certainly can. With good market knowledge and a useful strategy, you can make profits in this business. The question harder to answer is whether or not you can make money in binary options trading. We need to consider several factors before reaching any conclusions.
Binary trading is most active during UK and US trading sessions. During this time, the binary options platform offers all available assets and instruments to traders. This is because the volume of liquidity during this time is higher if compared to Australian and Japanese trade-sessions. Many strategies work only if we use them in UK or US trading hours. Apart from the fact that liquidity is higher, the release of important economic news reports makes the market alive and helps the prices to make sharp and big moves.
If you live in a country, where you are doing your full-time job during this time then you will find it hard to earn money from binary options trading. This is because you have to spend most of your time doing your full-time job during the US and UK trade sessions.
Binary trading is a ruthless venture. Successfully and consistently earning money in this business is very difficult. The only possible way to do it is to use an effective trading strategy. You can get free as well as paid strategies on the internet or you can make one yourself. You need a lot of Forex trading experience if you want to build an efficient binary trading strategy, one that can help you make consistent profits on a weekly basis [this isn’t something most people are capable of doing.]
No matter which binary trading strategy you use, something you built yourself or the one that you got from the internet, the most important requirement in all of them is monitoring, or watching the Forex market. You are required to observe currency charts for several hours. More importantly, you need to do this during UK or US trade sessions.
You spend more than eight hours doing your full-time job and you sleep for approximately the same amount of time. This leaves you with less than eight other hours. You will spend some of this time in other necessary activities such as, travelling to your office, eating dinner etc. In the end, you aren’t left with as much time as you need to efficiently trade binary options. Point being that if you want to make money in binary options trading, then you must have time to trade during UK and US trading sessions; additionally, you need an effective trading strategy to make profits in this business.
Forex markets remain closed on weekends, so you can only trade binary options on weekdays. Making money in this business when doing it along with a full-time office job [during US and UK trade sessions] is not a feasible setup. The only way I see this setup work is if you are using a binary trading signals service. This makes it possible because you don’t need to monitor the market and you can enter a trade using your mobile phone from anywhere. This means you can trade even if you are in your office.