So for a while now I have heard about binary options and how great of an investment they are.  I decided that they would be the next internet money making option I would try.  There are many websites that offer different rates and minimal deposit amounts.  I tried iOption because of the low minimum deposit of $100.  (I just used the money I had earned from NeoBux)

Results:

Plain and simple, this was an extremely difficult way to make good money.  For me it felt a ton more like gambling then investing.  Actually less then gambling, it was essentially throwing money on red or black on a roulette table.  I do not recommend this system even though I came out on top by $50.  I'll explain how I did that in strategies.

Overview:

What are options?  Binary Options are a type of trading option that allow you to bet simply whether the price of the given commodity or stock is going to go up (call) or down (put).  While it can be more complicated then that, it simplifies the explanation to just focus on placing a "put or a call" bet.  On each trading website, there are many different charts given to the user and unless you are a professional broker, it feels completely useless.


My Experience:

I started out on iOptions with $100 and a complete loss at what to do.  I tried a few $10 trade, I lost two and won two.  This ended up with me losing money, I looked up the statistics for this and I have to win nearly 70% of all the trades I do in order to turn a profit.  I almost withdrew my money immediately because I knew I didn't have that kind of luck.  So I began to research ways in which to predict the market, everything pointed me to not investing in binary options.  After a ton of researching I found a website that would let you watch a professional trade options for a price.  At this point I was willing to do whatever I could to get my money back and withdraw.  So I opened up http://www.binaryoptions-live-signals.com/ and started the three day free trial.  Of the trades that I witnessed I copied the exact same thing and end up winning 4 out of the 5 trades I did, on the 6th trade I bet big and won some extra cash.  This resulted in being up $50 on the day.  I withdrew the money and quit the website because I am not one for such volatile investments.

Strategy for Success:

Set a limit for yourself.  Do not go into it with a link bank account thinking your going to be able to replenish your losses.  This is a bad idea, start out by writing a dollar amount you will be investing and do not go a cent beyond that.

Don't be afraid to watch other people's trading habits and copy them.  If your reading this then chances are you have little knowledge about options, follow a professional trader.

If you are ever uncomfortable with the trading system or the site you are investing in.  Leave.  There is no shame in keeping your money to yourself.

Conclusion:

For the time spent on iOptions, it was the second most profitable for me.  With that said, it was also the riskiest money I have earned online and I would not look forward to doing it again.  If you have nerves of steel and are willing to take risks with your money then using a professional trade for binary options may be a very profitable path for many.