Family memeber wants to do trading and signed up to http://www.gtoptions.com (he already deposited $250 to them). I don't know crap about trading but I'm guessing it's a scam. What are your thoughts on said website?
In addition, if you know of any legit trading sites to learn from I can point him in that direction.
edit for clarification: referring to website being a scam, not trading
edit2: yeah scam site
Well, it is pretty much similar to gambling in a casino. Sometime you may win, but more often than not, you will lose.
I thought Binary Options is just gambling, but with a 'stock trading' angle. Is this correct?
Yea it is.
ProgramTrader commented on binary options over on the Stocks Vs AM thread - his exact words were
If he's serious, have him go to http://www.tradethemarkets.com/ and follow John Carter. I've known John for many years (he lives here in Austin) and he's one of the few guys who actually makes money trading options...the government even comes in and audits him once a year. Really good guy, and a friend of mine, Craig Perrine is doing his email copy and strategy for him. Worth paying attention to for both the marketing and the trading if you're into it (I'm not).