Everybody knows that binary options can be highly profitable. But most new traders wonder, How much money do I need to trade binary options? With conventional concepts, you need at least $2,000 or more. With the trick you will learn in this article, however, you can start for free and send yourself on a path that will automatically lead you to binary options success.
In this article, How much money do I need to trade binary options? you will learn:
- How much money you need to start trading binary options.
- How to create your own autopilot to binary options success.
- How to get enough money to start trading.
How much money do I need to trade binary options?
There are two answers to the question how much money you need to start trading binary options.
- The factual answer is that it depends on the minimum deposit requirements of your broker. Each broker sets their own minimum requirement for how much money they want you to deposit before they allow you to start your trading career. With some brokers, this minimum requirement is $10, with some it is $500. The most common value, however, is $250.
- The well-meaning answer is at least $500. While some brokers allow you to start trading for much less, a trading career started with a budget of $10 is usually short lived. One or two lost trades can ruin you, and without a cushion, you should never start a trading career with any type of asset.
- The genius answer is that you can start trading for free and create an autopilot that leads you to success. Since you probably have not yet saved any money to invest, this is the answer we will focus on in this post. If you already have some money, you can follow the same process, but in an accelerated form.
How can I start trading binary options with as little money as possible?
To help you start trading binary options with as little money as possible, we will follow a 3 step approach:
- We will help you become a master trader for free.
- We will help you save enough money to invest big.
- We will help you create your autopilot for trading success.
Let’s work through these steps one by one.
1. How to become a master trader for free
The most important tool to becoming a master trader for free is a binary options demo account. With a demo account, you can try all aspects of binary options trading with play money instead of real money. You can learn how to make money and how to trade well without risking a single Cent. Once you have become good enough, you can switch to real money trading and start earning a profit from the start.
To our plan of getting you to start trading binary options with as little money as possible, a demo account is crucial. It frees you from the need of having a cushion to compensate for initial rookie mistakes and the losses they generate. Consequently, you can start trading with much less money.
2. How to save enough money to invest big
We recommend starting your trading career with at least $500. If you do not have this much money right now, there is no need to worry. With your demo, you can start anyway. While you master the basics of binary options trading with your demo, you can simultaneously start saving some money.
At the moment, you might think that you have no money to save. As soon as your demo proofs to you that you can make money with binary options, this process will be much easier. Once you understand that binary options can be your way to financial freedom, you will see every expense in a much different light. Some of them will seem unnecessary to you, and you will be able to save at least some money.
Even if you only save $1.50 a day, it will only take you one year to get to $500. What is one year if it leads you to financial freedom?
While you are saving, you can use them time to perfect your trading skills with your demo. In a year, you will have enough money, and you will have learned how to trade successfully. What’s not to like?
3. How to create your autopilot to success
One year is a long time. To hold course during that time, you will need to form habits and automate your process.
The thing you can automate is your saving. We suggest you create a standing order to save $45 to $50 at the beginning of each month. This way, you can simply wait a year, and you will have enough money. Chances are, you will not even miss the $45 a month.
To keep yourself practicing and improving, you need to create a habit. We suggest you set a fixed time for trading each day, for example after you come home from work or after you get up in the morning. Invest at least 15 minutes a day, and within a year, you will have become a good trader. It’s better to invest a small amount of time continually than to invest large amounts irregularly.
The key to start trading with as little as $500 is a demo account and thorough preparation. To get the best demo for you, we suggest you take a look at our top list of the best available binary options demos.