Trading is one of the most difficult professions. Without proper training, breaking into the trading sphere can be exceptionally challenging. To attain expertise in trading and become a qualified trader, we can learn from the experiences of those who have achieved remarkable results in the field and gain valuable insights.
Every stock market millionaire was a former novice who came into trading from ordinary life. No one was a born trader with a wealth of experience and the ability to succeed through years of working on themselves. To enter the list of those who made a fortune in trading, they had to go through a hard process of trial and error, learning, and forming their own trading strategy. Today, their names are known to almost every trader: Warren Buffett, George Soros, and Ray Dalio, among others. As such, we aim to delve deeper into the binary options market and gain valuable insights from experts within this niche.
First of all, what are binary options?
Binary options trading involves the payout depending on the outcome of a yes or no proposition. A trader will buy “options” of the asset with an expiration time. A trader would profit if their assumption was correct at the end of the time, which is known as when the option expires. This is different from other types of trading because, in binary options trading, you don’t buy the asset itself.
Trading platforms usually have the simplest interface that will allow buying an option literally in a few clicks.
All you have to do is:
- Choose the asset you are interested in;
- Predict whether the price is expected to rise or fall;
- Set the timeframe for when it is expected to go up or down;
- Choose the size of the bet.
Most traders tend to lose money because they trade without proven methods and strategies. Advanced traders know the functionalities of the market and practice their own methods. You have to study and gain a higher knowledge of the market.
One wrong prediction can lead to considerable losses. Therefore, it is important to develop certain strategies to manage risks and money or to work with experienced traders who share their experience, give free signals, and provide training.
Evelyn Morgan is the founder of her own YouTube channel with more than 21,600 subscribers dedicated to binary options trading. She has seven years of trading experience, three of which she has devoted to binary options trading. Morgan is also the author of a methodical manual on binary options trading and bears a vast community on Telegram – over 19,000 subscribers. Members of the community share important news, their own strategies, free signals, as well as their results, and more.
In this exclusive Coin Edition interview, we had the opportunity to speak with Morgan, who shared insightful views related to all things trading.
1. Good afternoon, Evelyn! We are glad to have you as our guest. Let’s meet you first and get to know you better! Can you tell us a little about yourself and how you started your career as a trader?
Good afternoon! Thank you for inviting me! I am 28 years old, originally from the Czech Republic, and a financier by education.
I have been trading for the last seven years, three of which are binary options trading. Lately, I have also been a mentor in the field of binary options trading. I help beginners achieve positive results in trading.
It all started with the fact that I just bought some shares of companies from the S&P500 list, and after their small growth, I closed my first trade and made a profit. But buying shares with a small deposit does not render a good income, and after some time I switched to trading oil and gold futures. It was day trading. At this point, I was more thoroughly immersed in the basics of trading and began to study technical analysis and test various strategies.
Later on, I switched to scalping. These are very fast trades, ranging from a few seconds to a few minutes. I made hundreds of trades a day, and most of them were profitable, but my earnings left much to be desired. That’s when I became more familiar with binary options trading. This is how the stage of my binary options trading career began. And I got a taste of real money.
2. Evelyn, can you tell me what trading is for you?
Trading used to be hard work for me. I used to spend all day and night on technical analysis of currency pair charts. I tested different strategies and studied the work of indicators. It was not an easy time, but it was worth it because now it is my favorite hobby! Thanks to it, I was able to find complete freedom in all aspects of my life.
First of all was financial freedom. I have covered all my needs, as well as the needs of my family so that all my loved ones can do only what they really like without thinking about how much money they will get for it.
The second is freedom of location. I can work from anywhere in the world; I only need a phone or laptop with internet access to work, so I can afford to travel and discover new beautiful places all the time instead of sitting in the office all day doing routine work.
The third is the freedom of time. I decide when and how many hours a day I will work because binary options are available around the clock. Now I can’t imagine life without trading. I really like trading and making money.
3. It is said that only 2% of traders earn a stable income. Do you agree with this?
Yes, it’s really true. If one trader made a profit, another trader lost money. This is how the world of trading works. You should always learn in order to make profits consistently. I lost money several times until I developed my own strategy for binary options.
Perseverance and courage always win, but a person also needs to have a stable psyche. These 2% of traders differ from the rest in that they have a cold approach. The rest are strongly exposed to a feeling called FOMO – Fear of Missing Out.
My advice is don’t compare yourself to anyone. Trade a specific pair at the beginning of your journey and immediately set yourself up with what percentage of your deposit you will enter the transaction.
Risk management is everything to us, don’t ignore this in any case.
To begin with, it is better to start with a conservative model, where the risk of losing funds is 2-3% of your deposit. Mathematically, this is the most optimal way to earn steadily over a long period.
And forget about aggressive strategies until you are definitely sure you are ready for them.
4. I have to agree about persistence and cold approach, by the way, why binary options?
I am always trying to optimize my life in general, and binary options have allowed me to take a simpler approach to trading and spend less time working.
An option is simply a contract that stipulates the future price of an asset within the timeframe we have chosen and has a fixed return. In addition, I get a faster and easier entry into the trade, which allows me to catch all the movement of the chart and have a good income from the trade. This financial instrument is quite old.
The concept of binary options originated between 1973-74 at the Chicago Chamber of Commerce. In 1973, the Chicago Board Options Exchange (CBOE) was formed as the first structured platform for trading them. Transactions on the platform were not standardized at the time, and self-regulation became the main rule for coordinating transactions between participants and brokers. Only institutional traders and select investors could participate in OTC transactions. Because the market was illiquid, it required a lot of money to be able to hold positions. But the market, like its tools, is always improving, attracting more traders and investors to buy and hold options.
5. Looking at your progress, it seems like you come from a hereditary family of financiers and…
I’m sorry to interrupt, but that’s not true at all.
My family moved to the outskirts of the Czech Republic before I was born and lived poorly. My father had to work three jobs to support me and my sister’s future. So no, I achieved everything on my own through bitter experiences, losing everything several times!
6. Hmm, thank you for the clarification, and did you manage to work on education or did you devote yourself to trading right away?
After graduating from university, I couldn’t find a job without experience for a long time, until I got into a construction company. I worked there, but at some point, I realized that I was living my father’s dreams, not my own. After all, he wanted me to become a financier and get a job in a large company, and the lack of freedom weighed heavily on me.
7. Did you quit?
No, I still worked there for a while, but at the same time I was looking for other ways of earning money, and that’s what led me to the stock market; I came across a video in which a trader earned about $1000 in one trading session, which is my monthly salary.
I accumulated about $1,000 and even took some training, but in pursuit of quick money, I lost everything… Any trader goes through this.
But the bankruptcy of the company hit me hard. I was transferred to remote work, and then I was fired. Then, I decided that trading was my only way out of the situation, and it was time to take it more seriously.
I plunged into intraday trading and tested different strategies, but could not overcome the barrier.
Later, I decided to try trading on binary options, and then everything changed, as it seemed to me.
The strategy worked, trades were successfully closed one after another, and I lost my guard.
This led to the loss of the entire fortune that I had at that moment, which was about $50,000 in one week.
8. Many people would stop at such a loss, but what helped you get back on your feet and move on?
I didn’t trade after that for about a week, and I asked myself the question: “Why would you do that, Evelyn?”
The answer was my family and wanting to help them. The goal was not money, but wanting the best for my family. This set me on the right path, and I began to learn discipline, and self-control, and I developed a cold approach to every trade. In trading, analysis is only 20% of success; the other 80% is psychology.
This was the beginning of my path, which everyone knows about.
Having returned to trading on binary options with $100, I overcame the mark of $10,000 on the balance in two months.
9. Do you think the binary options market is a promising market or not?
Absolutely! If this financial instrument has existed since 1973-74 and is still constantly improving, of course, it is promising.
The industry is growing and improving in terms of software. Development companies appear, providing signals and other high-tech products that will help in trading with binary options. There is a high probability that in 10 years, the history of binary options will be rewritten to include a huge amount of innovation and additions to the industry that exists today.
And as I said before, binary options are a great tool for making fast and steady money. What’s more, you don’t need to have a large deposit to start earning large sums of money. If you have at least 10 dollars on your balance, with proper experience and knowledge of a competent strategy, you can turn it into 10,000 dollars in just one day. You will not be able to do this using any other financial instrument.
10. I’m aware that you have gathered a large community around this topic. Is that true?
Yes, I created a Telegram channel where I have more than 19,000 subscribers who also trade binary options. We share working strategies, and I also help beginners understand the platform, indicators, and much more. Remembering my path, I decided to help other people more easily pass this road to a stable income.
11. It sounds like a global mission! I have one final question for you: What is your advice for newbies?
They need perseverance first and foremost, continuous learning, as well as finding the right mentors and staying on course! And I also recommend subscribing to my Telegram channel to maximize the learning process.
You can find out more information about Evelyn Morgan on her social networks:
YouTube channel: https://www.youtube.com/@TradewithEvelyn
Telegram channel: https://t.me/EvelynOptionsTrader
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
