The phenomenon of trading binary options has grown exponentially across the globe and Canada is not left behind. With hedge fund managers filling the top spots for people living large in the USA and Europe, it’s only logical that interest in binary trading should be on an all-time high. Although there is no proper legislation on binary options trading in the country, it is a legally acceptable enterprise.
Why Binary Trading
First, options have very high rewards and quick payouts. Returns can be in a few minutes, hours, days or even weeks depending on the trader. Second, trading in options does not necessarily require one to have an educational background in finance or economics. Anyone who can learn how the system works can be a good or excellent trader. Third, unlike stock trading, options allow you to generate returns when prices are both rising and falling. If you can predict a rise in the market, you purchase a call option and put option for a fall in the market. Also, you have quite a variety of assets to trade in. Fourth, you are not limited by demographic barriers. Being a fairly new concept, there are currently no set regulations on binary options trading. This allows you to trade freely. Canadians can trade with both internal and international brokers.Fifth, binary options trading is a global concept. Canadians can benefit from the volatility of international markets like the Asian and European markets. If one market is not doing well, traders can shift to the other increasing profitability.Sixth, most sites offer advanced technologically innovative features like the availability of trading binary options online. This further makes it easy to keep track of your trades even when in motion.Seven, you have bonuses. Most brokers give their clients bonuses at the end of a given trading period. This increases the profitability of the venture. Some of the best binary options sites in Canada include RBoptions which allows you to make a midsized deposit, AnyOption, 24option and Banc de Binary amongst others. Last, it happens within the comfort of a trader’s home. You are your own boss. You have full control of when and how to work.
What are the attributes of a good trader?
The most important quality of a good trader is self-discipline. You should have a clearly defined strategy that you should adhere to. Write it down. You should exercise patience. Don’t rush to make a trade because you have gone too long without making a trade. Wait to make the perfect one. Second, you should have control over emotions. Avoid emotional attachment to a trade. Don’t trade out of excitement or boredom. Third, you should be a moderate risk taker. Trade only what you can afford to lose. Split your capital. Do not put all your capital in one trade. Last, you should be ready to research extensively. This gives you a feel of the market. Go back over the years and get a general idea of what cycle the market is in.
Conclusion
Canadians are especially at an advantage due to the closeness in value between the US and the Canadian dollar. Like any other business, immediate success is not guaranteed. However, one need not be a mathematical genius to excel in the trade. Traders are living large, buying expensive yachts and traveling the world over. It could only mean one thing: the returns on binary options trading are big.