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Thread: Another Noob

  1. #1
    Rookie Member

    Cool Another Noob !!!

    I'm an expat in Thailand now after losing my US business during the recent economic depression(s), basically a househusband, and wanting to bring in a few bucks online. I've been searching around for ways to make money online. I looked into SEO, and affiliate marketing. Ugh, I don't really want to do that. I don't have much to blog about lol...

    So I ran across this binary option somehow today. It sounded good, something I don't have to sell to my friends and family like Herbalife. I watched the guy on youtube make a bunch of money on the binary website, and I thought, "wow! can I do that???"

    But Forbes magazine says it's basically gambling--I don't know if you can post links here, so I'll just say google "Don't Gamble On Binary Options" and the Forbes article should come up. That article pretty much took the wind out of my sails, after having gotten a bit excited.

    So I'm hoping someone can give some good news, and tell me that it's still possible to do this. It seems to me that if something is trending, and 72% of the other traders believe it will go up... well those are decent odds, right? Look for those, right?

    Anyway, that's where I'm at, and thanks in advance for your thoughts.
    Last edited by Obsidian; 11-28-2013 at 01:39 PM. Reason: typo

  2. #2
    Master Member SeasaltMcFish's Avatar
    Well, for many people trading Binary Options is gambling, just like playing poker.

    Poker is not gambling if you're good at it, so it can be played as a game of knowledge and practice. If you play poker without taking time and discipline to learn the game, it's pure gambling with negative odds (since others do practice and study, you'll be an underdog)

    If you treat binary options as a gamble, it really is a gamble (and not even a good one, since you would be better off playing roulette). However, if you take time to study, develop discipline and get to know the markets, it surely is not gambling. The only thing I call a gamble with binary options, is to chose a trusted broker.

    Reason most traders lose their money, is because they are lazy and only follow signals from others or just gamble.
    Last edited by SeasaltMcFish; 11-28-2013 at 01:50 PM.

  3. #3
    Master Member Bogdan G's Avatar
    I would like to say something intelligent but McFish summed it up perfectly.
    BO is not gambling more than Forex/Stock/Futures trading is.

    I laugh every time I watch this video. Please watch it and tell me if it sheds some light:
    http://www.youtube.com/watch?v=4y6qD_2SQrs

  4. #4
    Administrator Martin Kay's Avatar
    That's an antique (2010 I think?) and here's another old article about it-

    http://voices.yahoo.com/why-shouldnt...-11826004.html

  5. #5
    Rookie Member

    Thanks !!!

    Thanks! (to all replies)

    I read the article from yahoo, and was reassured somewhat. He mentions "binary options tools and market analysis tools." Are these organic to most BO sites? Or do you do your research on your own, then log in and go to town?

    Also, is there a BO site that comes to mind as what you would consider "newbie friendly?" (or maybe you can't mention specific sites on the forum?) If not, I'll probably go with one of the top sites listed on bots.com.

    I owned and operated a business, so I'm -very- used to risk (the risk finally got me after 30 years as I didn't keep up with changing market conditions, and the economic crash of '07). Getting out of bed in the morning is a risk.

    So. I'll check this out further. I'll read this forum, research and check in again at some point in the future.

    Thanks again!

    (Oh, and the youtube video was hilarious!)



    Quote Originally Posted by Martin Kay View Post
    That's an antique (2010 I think?) and here's another old article about it-

    http://voices.yahoo.com/why-shouldnt...-11826004.html
    Last edited by Obsidian; 11-28-2013 at 06:02 PM.

  6. #6
    Senior Member linda_fx's Avatar
    Hi Obsidian and welcome to our community!

    Binary Options trading is really possible, it is not that easy that you stated just to follow the trend, but there are many ways to select and execute only the proper trades and to achieve significant edge on the market. I am doing trading for the last couple of years and it is absolutely successful venture for me. I am not multimillionaire but I had in the past and still have good income from trading. It is not a regular income, there are better and worse periods, but if you calculate the result at the end it is totally positive Check all the information here and ask everything you need and that way you will learn how to trade step by step. Don’t rush or go into the deep immediately. You looks wise man so I am pretty sure you will succeed

  7. #7
    Active Member jephry88's Avatar
    Welcome Obsidian!

    It always depends on the way you look at this. If you think you are really interested in BO Trading you could achieve some results that are consistent over time, but be prepared for significant learning curve. Binary options are not more gambling than trading all other different assets, ever not more than operating regular businesses. Everything depends on your risk aversion, your skills and approach. So it depends on you. If you need help we are here to find out answers to your questions.

  8. #8
    Specialist Member RCox's Avatar
    Quote Originally Posted by Obsidian View Post
    I'm an expat in Thailand now after losing my US business during the recent economic depression(s), basically a househusband, and wanting to bring in a few bucks online. I've been searching around for ways to make money online. I looked into SEO, and affiliate marketing. Ugh, I don't really want to do that. I don't have much to blog about lol...

    So I ran across this binary option somehow today. It sounded good, something I don't have to sell to my friends and family like Herbalife. I watched the guy on youtube make a bunch of money on the binary website, and I thought, "wow! can I do that???"

    But Forbes magazine says it's basically gambling--I don't know if you can post links here, so I'll just say google "Don't Gamble On Binary Options" and the Forbes article should come up. That article pretty much took the wind out of my sails, after having gotten a bit excited.

    So I'm hoping someone can give some good news, and tell me that it's still possible to do this. It seems to me that if something is trending, and 72% of the other traders believe it will go up... well those are decent odds, right? Look for those, right?

    Anyway, that's where I'm at, and thanks in advance for your thoughts.
    I've seen the article as well and the statistics that support its thesis are artificially skewed by the mistaken practices generally undertaken by new traders. This includes things like over-leveraging, not practicing with a demo account, basing trades on "gut decisions," and the worst one, which is failing to educate yourself before putting real money on the line. The fact is that most new binary options traders to approach the game as though it was being done in a casino. But it doesn't have to be that way and if you exercise some patience and do your homework, there is a much higher probability for success.

  9. #9
    Administrator Martin Kay's Avatar
    Quote Originally Posted by Obsidian View Post
    Also, is there a BO site that comes to mind as what you would consider "newbie friendly?" (or maybe you can't mention specific sites on the forum?) If not, I'll probably go with one of the top sites listed on bots.com.
    LOL. I see this question being asked so many times. Ofcourse you can mention the broker's name, even better if you do so. We are always in search for friendly brokers, ready to learn something new every day.

    I wish you a successful journey!

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