- It seems to be a silly comparison at first. Oanda is the market leader in Forex trading. The best Forex broker where it’s actually possible to make money. There is only one thing. Trader psychology. How often did you not have or change your exit strategy? You allowed to cut your profit and run losses. Here we have Binary Options. You have to have exit and take profit strategies at the start. If you put it in a decent money management strategy and have a good trading system you follow and it agrees with your ‘Psyche” you have a chance of making good money.
I strongly believe that both types of trading can be profitable. Forex can be good for some people and Binary Trading for others. My personal opinion is that Binary Trading is much more fun than Forex trading. The problem is you can get carried away quite quickly and lose capital even quicker. That is why Binary Trading is quite often compared to gambling. Both Forex and Binary Options are recommended to professional traders only.
I can’t disagree with that comparison. Professional punters and poker players are gamblers? Yes, they are to some extent. Isn’t life choices a gamble? They are. There is a one big difference’ between who is a winning gambler and who’s a real gambler. Real gamblers actually play for excitement and do not make enough learning to beat the system. Theylosing money over time. Winning gamblers learn, develop, have patience and play to be ‘in the money’. I think that successful poker players would be decent Binary Options traders as they know how to deal with ’tilt’. That a losing streak. You have to take a break from playing poker otherwise you are making disastrous decisions to your wallet and yourself. They know when is a time to come back stronger and learn from previous experience.
The same with Binary Options. Please check what is being on a ‘Tilt’ and how to deal with it.
I hope that IQ Option aspirations are to become the “Oanda of Binary Options”. High payouts and a unique, state-of-the-art platform bring it closer to that.