I like Simple

If I have a choice I want it to be easy to make.

So why complicate things? Take the restaurant I went to last week. My wife, Jean, had pleaded with me for ages to take her there as her buddies gave it rave reviews. Michelin star, celebrity chef, the works.

So, we roll up in our slightly shabby saloon and sidle into a space next to a row of high end luxury motors. At the table our waiter smoothly slides the menu in front of us. And what a menu!

Enough choice to satisfy even the pickiest diner. Yet, for me, there was just too much choice! Where do I start? And Jean, she was just as confused!

It just shows that sometimes less really is more.

And so it is with Binary Options.

You get to choose whether something will rise in value or fall in value over a pre-determined period. Sounds simple. Is simple and that’s why I like it.

So how is this possible? Well in what is still a relatively young market companies are recognising that not everyone wants to spend time and effort poring over charts for hours at a time trying to spot a potential trade.

And this applies to both newcomers and old hands. Recognising the demand companies are quickly providing a solution. You are now able to trade a whole host of shares, indices or currencies by simply deciding on whether they will rise or fall in the next hour.

And to make it even simpler the trading platforms provide simple green (if you think it will rise) and red (if you think it will fall) buttons to use.

Okay, so it’s simple to use but what could you earn? This will vary somewhat depending on market conditions although returns of 70%+ are fairly typical. As an example if you place a $100 trade and it is a winner you would receive around $170 back to your account (and all in the space of an hour).

Of course winning 100% of the time is unlikely and you do need to appreciate that but this is typical of any trading and whilst you hope it doesn’t happen often your disappointment can be somewhat blunted knowing that even if you lose you can expect to get back around $10 in your account.

Even though operating Binary Options is simple us fickle humans still need to apply sound money management if we want to be successful. Be sure to create a plan and stick to it. Know how much to risk on each trade and keep a record of your trading.

Clearly you’ll need a platform to trade on and I recommend you take a look at StartOptions. This echoes the simple theme I’ve been talking about and opening an account is really easy.

Once signed up they’ll give you a call to make sure you are comfortable with using the site and explain how to use it. You can deposit from $100 up to a maximum of $5,000. Currently they’re running a promotion where you can get a 25% bonus on the money you deposit. This could help boost your bank very quickly.

Now whilst I’ve shown that Binary Options is simple that doesn’t mean it’s easy to make a profit. I hope you appreciate that any form of trading carries risk and you should learn how to trade correctly.

For this I’d recommend a book by John Piper, Binary Betting: An Introductory Guide to Making Money with Binary Bets who has immersed himself in Binary Options for some time. He has made the mistakes that you hopefully won’t if you follow his advice.

It would be great to know if you see Binary Options as a way to earn some extra income and you’re welcome to share your experience here. Just don’t make your comments too complicated!