After a person becomes a trader, they begin to look at the financial market and their life as a whole through completely different eyes. Not only does their financial condition improve, but they change their habits, worldview, and even their daily routine. However, you shouldn’t assume that the life of a person who has decided to go into financial trading is now a fairy tale. The trading process is sometimes accompanied by stress, and traders’ plans and even their personal lives begin to depend directly on their success and events in politics and the economy. So that you can better understand all the nuances of this profession, we will tell you about the everyday life of a binary options trader.

 

A stress vaccination or everyday life of the binary options trader

 

What is a trader? The pros and cons of the profession

A trader is a person who cooperates with a brokerage company and conducts trading operations on the financial market for profit. Those working on the official exchange are considered professionals, while all the rest can be called private traders or amateurs. That is, if you trade binary options on a home computer, you are an amateur, no matter how much money you earn from trading and even if it is your main source of income.

Moreover, the workday of a professional stock exchange player generally lasts from 9 to 6, but the private binary options trader can trade both day and night. After a day’s work, the professional returns home and tends to their own business that is absolutely unrelated to the stock exchange, because work is over. The amateur can choose any time of the day, even allocating just one hour to trading. In this way, amateur binary options trading does not resemble any other occupation that brings a person income.

Advantages and disadvantages for the trader

For the trading profession, as for any other occupation, there are both pros and cons. After all, there is no ideal job, and even billionaires who own large corporations sometimes pay a very high price for their success. Therefore, in order to better understand what the trader’s life consists of, we will first understand the positive and negative aspects of the profession itself as a way of generating income.

Advantages

Many people think that it’s easy to be a trader, especially when it comes to private trading of binary options on a company’s online terminal. Indeed, the private trader is their own boss and does not report to anyone else, they don’t have to hurry to be at work right at 9 a.m., and they can oversleep, take a day off, or even suddenly go on vacation. Their salary depends only on the time and effort spent on trading, and they don’t need to beg for it from a boss. The trader also does not owe anything to the government – the taxation of private traders is not regulated and fiscal authorities do not have the ability to track the sources and amounts of their income.

Traders can plan their days as they like by trading when they have free time after working out, for example, or dealing with personal issues. In fact, they can trade anywhere there is good internet – in their own apartment, when visiting relatives, or even on a chaise lounge outside a hotel somewhere in Goa.

And the main advantage is, of course, the size of their earnings. If your trading is successful, in just a few days you could earn your monthly salary from your previous job. Profitable trading at the professional level will make it possible for you to own your own house, car, and basically a lot of things and benefits that you could not afford previously due to a lack of money. Thus, trading opens up a person to freedom and financial independence, which people in the majority of other professions can only dream about, and this is what attracts a huge number of new clients to trading company websites every day.

Disadvantages

On the other hand, the advantages described above are only one side of the trading coin, and the minuses shouldn’t count any less than the pluses. The main disadvantage of this profession is the financial risk factor of trading – there are days when not only do you not earn anything, but you also lose a large portion of your capital. Also, a negative point is that the trader does not have a fixed monthly salary, which any other officially employed person does have, regardless of the number of tasks completed per day. Your earnings depend solely on how much time you spend trading, and how successful it is. If you have not worked for a whole month, having gone on vacation or on regular “sick leave,” you will not be paid by anyone – you are not a hired employee of a company, so you can pretty much forget about any of these benefits.

Moreover, the trader must constantly fight their own laziness and sloppiness – they have no place in financial trading. You must constantly be collected, attentive, and aware of developments on the financial market. In addition, you need to constantly work on yourself and engage in self-improvement, nurturing and nourishing in yourself the qualities of discipline and commitment. Self-education is something that a successful trader continuously engages in. You need to learn to see opportunities to earn money in different market situations and always be prepared for events developing in various ways, because the financial market will not be forgiving.

Another disadvantage is the constant psychological pressure on the trader. Trading is always accompanied by strong emotions, and if you cannot properly deal with such a psychological burden, you risk losing not only your money, but also damaging your health. Of course, sooner or later the trader will become accustomed to this and they’ll feel emotionally stable, so it looks like regular binary options trading could even be considered a kind of stress vaccination, which could prove useful in other aspects of life as well.

Everyday life of the binary options trader

Now let’s describe a sample workday of a person who earns a living on binary options trading.

So, if options trading isn’t just a hobby that a person does during their free time but it’s their main way of earning money, then they also have their own workday with their own schedule. A real trader never sleeps until lunch, because they can miss out on a lot of favorable conditions for earning. Moreover, a trader often trades at night or early in the morning to take advantage of market situations characteristic of those times of the day and on which you can make a profit. Therefore, private trading is not an eternal holiday, but a complex and intense process of earning, where you need to work hard and be constantly on the alert. Let’s consider the standard everyday routine of the options trader.

Generally, the trader’s workday begins early in the morning by looking at the economic calendar and reading financial news and analyst forecasts. Firstly, this makes it possible to conclude profitable trades during the day on important news publications. Secondly, when knowing the timing of releases of macroeconomic statistics which affect various trading assets, the trader can make a plan for the day and adjust certain trading strategies when the market becomes very impulsive and the usual patterns of technical analysis cease to work. Thirdly, it will help in choosing the right time, assets, and strategies for trading, so that you can still have breaks for personal matters. Simply put, the trader seldom sits down for no rhyme or reason to trade simply because they have a few free minutes to spare. The good thing is that you can make your trading plan over a cup of coffee in bed.

Moreover, the most interesting part is when it’s time to trade. This is when the trader disconnects from the outside world and concentrates on the trading process. The high degree of concentration and mental stress, which is accompanied by worries and constant controlling of emotions, is the most stressful aspect for the options trader. Here it is worth noting that the success of trading is also influenced by the company and platform chosen for it, which must be of a professional level. By choosing a reliable company with a high-tech trading terminal, you will significantly simplify the trading process for yourself and increase the chances of closing your trades with profits. The optimal trading platform should look something like top rated binary options trading platforms from our rating.

Without fail, the trader will also take breaks, even if there are favorable trading conditions on the market. First, they are necessary for relaxation, food intake, and just not to go crazy from stress and flow of information. Secondly, if a trader does not take breaks, they will not be able to adequately and objectively assess the market situation, and therefore they will not be able to trade profitably.

Also, in the everyday life of a trader for whom trading has become a daily routine, there is always a place for ordinary rest and relaxation in the form of banal TV watching or some other hobby, and for sports as well. After all, “home” trading leads to a decrease in physical activity, which means deteriorating health, therefore, as a rule, the trader always has days during the work week, for example, for jogging, cycling, or exercising at the gym. Outings with friends and other aspects of private life are also planned out for a disciplined trader. They depend not only on the size of their earnings or the current conditions for concluding trades, but also on factors such as fatigue and mood. However, in terms of psychological factors, options trading does not differ from other professions, so if successes and failures at work have influenced your personal life before, you will not notice a particular difference here.

Options trading — impact on life

For a person who has become a real binary options trader, as we mentioned before, life will change drastically. And even if you’ve considered the many negative nuances involved in this way of earning, it certainly affects a person positively in terms of development and lifestyle. First of all, successful trading allows you to improve the quality of your life – you will stop constantly thinking about the fact that you do not have enough money, because you know a proven way to earn it. A certain level of financial freedom allows you to make better purchases, as well as better spend your leisure time.

Psychologically, you will get used to always being in good shape – attentive and keeping everything under control. The development of discipline and purposefulness during the course of trading speaks to the fact that you are beginning to set new, bold goals in life and you are achieving them rather than giving up after the first, or even tenth, failure.

You are also becoming more resistant to various stresses in your life, because you are now accustomed to stress and emotions during trading. You’ve begun to look at most problems more calmly, knowing that failure, as well as success, is temporary. The habit of controlling your emotions in trading makes you a well-balanced person, saving you from making the many bad impulsive mistakes that overly emotional people often make.

Thus, the impact of trading on a person is uniquely positive, both financially and psychologically. Of course, it’s up to you to decide what profession is best for you. However, no successful options trader has ever wanted to return to a normal profession after trading.

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“General Risk Warning: Binary options and cryptocurrency trading carry a high level of risk and can result in the loss of all your funds.”

A stress vaccination or everyday life of the binary options trader
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