Binary options trading is an interesting way of attempting to make money based of the changes in price on the markets for things like commodities (like gold, petroleum and coffee beans), business stocks, and foreign exchange currencies (generally known in investing as ‘Forex pairs’). Unlike playing the stock market or trading Forex normally, binary options trading doesn’t actually involve buying or selling any of the underlying asset – you don’t actually buy shares or currency and sell them, instead you gamble on whether their prices will go up or down within a fixed time.
Binary Options Trading
Binary options trading is given this name because the outcomes of each action are binary – you either win a fixed amount or lose your original investment, depending on whether you were right or wrong about the direction the price would move in. It is a lot more like betting on whether a team will win or lose in a game of football – if you picked the right winner you know how much you will win, if you picked the wrong one you can only lose your stake. Binary options trading is not true ‘investing’, as you don’t own any assets – what you buy is effectively a bet, so it is much better to think of it in terms of betting on something binary in a bookmakers, or putting money on red or black in roulette (if there were no green zero).
According to our branding specialists, because it is quite easy to understand, and is much more similar to leisure betting than most things you can do on the financial markets, binary options trading can be very appealing. Where you only have to predict which direction something will move in, it can be much easier to make sense of than investing.
Understanding the Markets
To do well in binary options trading, you need to follow the markets enough to be able to make sensible predictions. You can do this by following market news in the same way an investor would, especially if you choose just one thing to focus on, like one Forex pair or to only look at commodities rather than currencies and stocks. Otherwise, you can do fairly well sometimes on blind luck – after all a binary option has only two outcomes. The payout when you win is always less than the loss if you are wrong, however, so to profit you need to be right far more often than wrong; relying on luck is a bad strategy.
How Copyop Makes It Easy for New Traders to Copy Successful Traders
Copyop is an Android app that allows you to trade binary options socially. You can join and deposit money to invest with, and can do all the options trading you want 24 hours a day (with binary options you can trade when the relevant markets are closed, as long as the expiry on your option is after they have opened again – some binary options have expiries months away).
What makes Copyop unique, and very appealing to ‘noobs’ to binary options trading, is the fact that it also allows you to copy in real time the trades the most successful traders are making. You can see who of the other users is doing really well, and you can then go on and copy the things they do. Because nobody is actually buying assets, this is perfectly legitimate and does not affect the prices of the assets themselves.
Does It Work?
There is always risk involved in gambling, so we don’t want to say that Copyop will guarantee you a profit – it won’t. However, if you are interested in playing with binary options but lack confidence or don’t have the time or inclination to study markets, then this easy to use app will allow you to learn from experienced, successful binary options traders, or just outright copy their trades!
The developers of the Copyop social trading app promise that all of the traders you see on the platform are real users and there are no trading bots, so if you want to place your confidence in other traders, or simply watch what they do and learn, it is a good thing to download for your Android device!