Friday, November 25, 2011

Binary Options - the joy of victory and the Agony of Defeat

On Monday I learned about something called Binary Options. In an ad I saw someone say that you could earn over 70% returns in Binary Options. If you could pick the right direction of a stock within a given time period you would get a 70% plus return on your money.

In order open an account with a Binary Options Broker it would require a 200 dollars investment. I had 200 dollars and decided to give it a shot. It was easy to set up. On Tuesday November 22nd, 2011 I did my 1st Binary Options Trade with 100 dollars. I won. I made 78 dollars in less than an hour by picking the right direction. I was jacked out of my mind. It was a scary process though. I had picked the right direction by 45 cent.

I saw another Opportunity to make a trade a couple of hours later. I only had 5 minutes before the trade would close out. I pulled the trigger. This time I only risked 50 dollars. I won again! That was 117 dollar earned in less than an hour and 5 minutes. That's more than I make in an 8 hour shift at my job. I went to work that day feeling a little bit better than usual due to the win.

On Wednesday November 23rd, 2011 I was excited about making my next trade. Would I lose this trade? Or, Would I win? The Answer... Neither. It was a tie. A Tie? Yes, A tie. The trade ended exactly where I had opened my trade. No gain no loss.

I did my 4th Binary trade for 78 dollars. I took my 1st loss. I didn't want to back down in fear. I did a 200 dollar trade. As time ticked down the trade was on the edge. I was nervous as H.E. double Hockey Sticks... I had taken a BIG HIT.
I loss. My 317 dollar account was now down to 67 dollars. "Oh Crap!" That is two and a half days of work down the tube. That hurt, but I can win. I'm all in with 67 dollars. 5 minutes left again. The time ticks down. I have lost it all. That's terrible. I'm out the game. I was only able to last in the Binary options game for 6 trades before losing it all.

WTF was I thinking? I know better than that. I am supposed to be trading for cash flow, Not Gambling. I got drawn into the GRQ's (Get Rich Quick ) again. It took me 5 months just to build up a passive income of 11 dollars a month and I threw away 317 dollars in less that 10 minutes of trading.

I'm writing this Blog post to remember the pain and embarrassment of my own stupid greed. Maybe I'll learn from my mistake and do better next time.

Oh yeah, the Proof
EZTRADER trade results.

LOL... EZ Trader. Don't believe it. The only reason I am laughing now is that my only other alternative would be to cry.