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  1. #1
    Rookie Member

    What am I doing wrong? !!!

    Hi,

    I hope I'm in the right forum space. I've been trading for only a week now although I used to work as a mutual funds investment broker, day trading is really different. I've registered with Stockpair after being lured in by a get money quick scam. Needless to say that I wished I've known about BOTS beforehand.

    So I'm login in everyday, trying to apply the 1-2-3 method or the Trend is your friend method and I can't seem to be consistent. When I spot a reversal and the option is falling I seem to overshoot the "put" option, either it's not falling low enough or the option regains upward momentum.Is there a sweetspot I should aim for as far as timing when I should not "put" or "call"? They have very basic trading tools which doesn't give a lot of information, is there a tool site that give access to trading tools? Also I've started trading currencies and at some point the market becomes "quiet", I don't know if it's a good time to trade when that happens or if I should wait for the next day.

    So, I'm wondering what I'm doing wrong. Should I trade on higher delays? Instead of 15-30 min intervals, determine an option to the end of the day?

    Thanks for your help, I really enjoy reading your articles and input.

  2. #2
    Master Member SeasaltMcFish's Avatar
    I assume you use at least a MT4 platform or so to setup your trades?

    BO trading is different. I would suggest you to demo trade first, to get a hang of it. Then start working out the strategy you want to use (read the articles) and demo trade more, until you know what you're doing.

    Wishing you good trades!

  3. #3
    Rookie Member
    I use the charts and technical analysis tool provided on the Stockpair website. Basically it has the bollinger band, and RSI chart underneath with the average line and support and resistance lines already charted. I just can't seem to be consistent. The same decision for two similar trends seem to be working for one, but not the other... I guess I should get myself more tools and better knowledge before getting into it.

  4. #4
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by Srollin View Post
    I use the charts and technical analysis tool provided on the Stockpair website. Basically it has the bollinger band, and RSI chart underneath with the average line and support and resistance lines already charted. I just can't seem to be consistent. The same decision for two similar trends seem to be working for one, but not the other... I guess I should get myself more tools and better knowledge before getting into it.
    you need to get a better chart to start with. there are some free charting websites available. we have some charts on CT but at this time they only have 3 days of info. You need to learn technical analysis, use better charts with a longer time frame and practice in a demo account. Communitraders (CT) is great for that.

    It sounds like you are using options with a 15-30 minute expiration? is that what I read above? time frames that short are incredibly difficult to predict, which is why the website wants you to trade that way. Try to movce out to at least end of day if not one week expirations to start out with until you get the feel for what you are doing. You are going to have to relearn what you know about the markets, mutual funds are about stocks but they are nothing to do with trading.

    The school section of the main website here at BOTS is also a good place to go. Let me know how you manage.

    TTFN

  5. #5
    Rookie Member
    Yes, that is what I'm doing, trading 30min or 15 min expiration.

    Thank you for your input I'll check for end of day trading and one week expirations. I'll continue my reading in the school section of the web site. Thanks again for your help! It's great to have a well knitted community.

    S. Rollin

  6. #6
    Legendry Member willyw's Avatar
    Quote Originally Posted by Srollin View Post
    I use the charts and technical analysis tool provided on the Stockpair website. Basically it has the bollinger band, and RSI chart underneath with the average line and support and resistance lines already charted. I just can't seem to be consistent. The same decision for two similar trends seem to be working for one, but not the other... I guess I should get myself more tools and better knowledge before getting into it.
    Srollin, I suggest that you get additional opinion on your analysis by double confiming them with secondary trading software outside your broker website, eg MT4 or other software.
    Last edited by willyw; 11-05-2013 at 03:36 AM.

  7. #7
    Active Member
    Quote Originally Posted by SeasaltMcFish View Post
    I assume you use at least a MT4 platform or so to setup your trades?

    BO trading is different. I would suggest you to demo trade first, to get a hang of it. Then start working out the strategy you want to use (read the articles) and demo trade more, until you know what you're doing.

    Wishing you good trades!
    Demo trading is a good way of understanding the intricacies of the market. However, above this, I would advise you start with a small capital and increase its level as you gain experience in dealing with the markets.

    If you trade using a demo account with virtual funds, you may lack the emotional bit of making decisions when placing orders in the market.

    So, gain start by gaining confidence with a small account and increasing its size progressively.

    All the best!

  8. #8
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by Jas_trader View Post
    Demo trading is a good way of understanding the intricacies of the market. However, above this, I would advise you start with a small capital and increase its level as you gain experience in dealing with the markets.

    If you trade using a demo account with virtual funds, you may lack the emotional bit of making decisions when placing orders in the market.

    So, gain start by gaining confidence with a small account and increasing its size progressively.

    All the best!
    yup real trading is the best teacher, use the demo to get comfortable with it, practice your strategy but then move on to a small account. Make trades that are only 1-5% of your total account so they have less impact and make as many trades as you can. When they close review them for winners and losers, taking note of what makes a winner and what makes a loser. using the % method will also allow your trades to grow as your account grows, 1% may only be $25 dollars today but soon it will grow into $250 and even $2500.

  9. #9
    Rookie Member
    Michael is right! Trading real money is much different and difficult at the beginning than trading on demo. So better to move to small account immediately after you feel comfortable with trading and you know you are able to control your risk. I started with 200$ and I lost them, but for me that was no problem, because I lost them after about three months of active trading and this was a big school for me and than my second account is still alive and steadily growing. You couldn’t learn to drive a car without real driving experience, trading is not much different.

  10. #10
    Solid Member Murphy13's Avatar
    Quote Originally Posted by Srollin View Post
    So I'm login in everyday, trying to apply the 1-2-3 method or the Trend is your friend method and I can't seem to be consistent. When I spot a reversal and the option is falling I seem to overshoot the "put" option, either it's not falling low enough or the option regains upward momentum.Is there a sweetspot I should aim for as far as timing when I should not "put" or "call"? They have very basic trading tools which doesn't give a lot of information, is there a tool site that give access to trading tools? Also I've started trading currencies and at some point the market becomes "quiet", I don't know if it's a good time to trade when that happens or if I should wait for the next day.

    So, I'm wondering what I'm doing wrong. Should I trade on higher delays? Instead of 15-30 min intervals, determine an option to the end of the day?

    Thanks for your help, I really enjoy reading your articles and input.
    Hi Srollin,

    Better to use Metatrader for your analysis and also to switch to longer term time frame i.e daily and weekly binary options. This way you won’t have problems with daily volatility changes. You already found that there are quieter and more dynamic market conditions. For example trading during the Asia trading session, when both Europe and USA markets are closed is most of the time very quiet and the markets are almost always ranging. In such low volatility conditions it is much easier to take decisions for longer time periods and I prefer to place my trades at the beginning of the Asia session. So I really could recommend you to switch to end of the day binary options expiry, than trading short term intraday options unless there is great opportunity with some strongly overbought/oversold conditions.

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