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  1. #1
    Rookie Member

    Tired of getting scammed and losing. Please help! !!!

    Hello dear friends whom I have yet to meet.

    Briefly about myself, I started out with forex trading, lost $16k due to terrible signal providers, fraudulent brokers and having a gambling mindset in my trading. Another $6k in binary options due to scammy signal providers and managers and of course, myself blowing my accounts time after time. I've always relied on BOTS.com to find a reliable broker, but I never noticed that there was a forum in the midst of these pages. I came in and found myself a heap of gold!(and fellow gold miners) I really hope to stop losing my hard-earned money. I'm left with less than $500 of risk capital after all those people who promised a ton but delivered nothing. Tired and penniless from trusting others, I decided to trade for myself and only answer to myself.

    That being said, these heaps of gold are difficult to navigate. Can the more experienced traders here show me the ropes? What strategy should I start with, what kind of money management should I use and such. I'll really appreciate any kind of help that is offered. Thank you.

    p.s. I find the way you guys put down the scammers in the business section extremely funny. Thanks for protecting us newbies out here!

  2. #2
    Master Member SeasaltMcFish's Avatar
    Hi Harthr,

    Auch, that's a lot of money... My trading account is less than what you've got left.

    I will try to help you, but maybe you'll not like it!

    The biggest problem in your trading is not scammers! It's YOU! Losing soooo much money is more than being scammed. It's probably due to tilt, losing control and looking for the easy way to get rich. Trust me, I don't want to hurt your feelings or call you a fool. I only speak out what I think your problem is and hope I'll help you with that. It may sound hard, but you've got to wake up! You seem to realize this now, but don't forget it!

    You still can become profitable in trading, but first will have to find your balance and base. Stop trusting account managers, signal providers and people who say they'll do the trading for you. Start learning yourself and trade yourself, with your own money. If you lose it then, you can only blame yourself.

    It has been an expensive lesson for you and you may have only a few hundreds left, but it's still enough to start all over. This time learn, learn more and then start learning. After that you'll see why we advice people to learn trading themselves.

    I really hope you get your things right!
    Last edited by SeasaltMcFish; 01-07-2014 at 07:00 PM.

  3. #3
    Specialist Member marvel's Avatar
    Hi Hartr and Welcome to our trading community! Listen to SeaSalt!

    The things he said are very true and you have to listen to him. You started with painful experience, but I am sure that’s only because of your inexperience, not because of gambling mentality. If you listen to the more experienced traders here you will learn very fast how to mine binary options gold and how to become profitable. The first and the most important thing you have to do is to stop risky and leveraged trading. Start trading with the smallest possible risk per trade, for example 20$ per options is good and trade no more than 2-3 trades per day, even only one. This way you will never lose again serious sums of money. Next – stop following gurus, signal providers and scammy broker advises. Follow only your strategy and your perception of the market. You will find so many strategies in the BOTS School and some of them are really good starting point. They are not very advanced and probably at the beginning you will have break even results, but if you improve your skills you will improve your wining rate too. And don’t forget the Rule Number One in binary options trading – If you want to survive in these markets do not risk more than 1% of your capital in a single trade. This way you will build your profit slowly but consistently. I hope you will listen to that words and won’t lose again a bunch of money. If you have any questions we are always here to help!
    Last edited by marvel; 01-07-2014 at 07:35 PM.

  4. #4
    Rookie Member
    Thank you SeaSalt and Marvel!!!

    I do appreciate both your kindness and your words of truth. Seasalt, I like your approach in your advice and have always preferred "tough love" to tender loving care in regards to help in any aspect of my life. I understand that the main blame falls on me for having lost all that money. However, I don't really understand what you mean by balance and base. I have promised myself to not trust anyone anymore but trade myself but I need a clear route map on how to start anew.

    Marvel, I'm currently going through the school as per your advice. Some things I have learnt from your post is that I should risk either the minimum trade or 1%, stick with high quality and low quantity. I have a question though, there are so many strategies out there, how do I know which is good and profitable? Do I have to try all of them to find a profitable one? What does it mean by improving my skills when a strategy is a particular way of doing things(I have never understood when people mention this)? I have so many questions but I think these will suffice for now. Please advice me as you would to a total newbie without an ounce of trading experience. Thanks!

  5. #5
    Master Member Bogdan G's Avatar
    Quote Originally Posted by Harthr View Post
    I have a question though, there are so many strategies out there, how do I know which is good and profitable? Do I have to try all of them to find a profitable one? What does it mean by improving my skills when a strategy is a particular way of doing things(I have never understood when people mention this)? I have so many questions but I think these will suffice for now. Please advice me as you would to a total newbie without an ounce of trading experience. Thanks!
    Welcome! Before we go any further, please STOP reaching for your wallet!

    Now about your questions: yes, you have to test for yourself the strategies available in our School. Also, pay attention to the opinion of the author but dont trust it blindly. Although a lot of those articles are written by me, I dont want you to trust my judgement and risk your money on a strategy which I consider good because each trader is different and even if we are both using the same strategy, the results may differ (this is also the reason why I cannot recommend a specific strategy). And this brings me to your question about improving your skills:

    It is true that a strategy has clear rules which must be followed but in time, once you improve your skills, you will learn to see the quality of each trade before you enter it. It will become easier for you to compare two trades and realize that even if both fit the rules of the strategy, one is better than the other and has a higher probability of success. I suggest you take the time to read some strategy articles on our website, pick one that you understand and feel comfortable with and then backtest it. Once that is done and the results satisfy you, move to demo trading. Stay away from real trading for now.

    I wont lie to you, the road to becoming successful is hard and it takes a lot of dedication. The material in some of my shirts is thinner around my elbows from sitting at my desk working on my trading (dont worry, I'm exaggerating a bit ). With enough work and the right mentality, you can recuperate your losses.

  6. #6
    Master Member SeasaltMcFish's Avatar
    Quote Originally Posted by Harthr View Post
    However, I don't really understand what you mean by balance and base. I have promised myself to not trust anyone anymore but trade myself but I need a clear route map on how to start anew.
    Balance and base are meant about your state of mind. You need to step off that immediate profit hunting and realize that the only way to be profitable on the long term, will be in knowing what you do and controlling your trading and money management.

    To get balance in your state of mind, you'll need to understand why you open a trade or don't open a trade. Even with the best strategy there will be situations where you'll have to decide to enter or not. Think about news events, support and resistance lines etc.

    You'll need a base of knowledge about trading. Understanding why the market is moving and how it's reacting to certain events.

    I think Bogdan made a clear explanation here about how to reach that goal.

  7. #7
    Specialist Member marvel's Avatar
    Quote Originally Posted by Harthr View Post
    Thank you SeaSalt and Marvel!!!

    I do appreciate both your kindness and your words of truth. Seasalt, I like your approach in your advice and have always preferred "tough love" to tender loving care in regards to help in any aspect of my life. I understand that the main blame falls on me for having lost all that money. However, I don't really understand what you mean by balance and base. I have promised myself to not trust anyone anymore but trade myself but I need a clear route map on how to start anew.

    Marvel, I'm currently going through the school as per your advice. Some things I have learnt from your post is that I should risk either the minimum trade or 1%, stick with high quality and low quantity. I have a question though, there are so many strategies out there, how do I know which is good and profitable? Do I have to try all of them to find a profitable one? What does it mean by improving my skills when a strategy is a particular way of doing things(I have never understood when people mention this)? I have so many questions but I think these will suffice for now. Please advice me as you would to a total newbie without an ounce of trading experience. Thanks!
    Hi again Harthr. Bogdan explanation was very good. I will try to summarize some more elements of moving to successful trading. It is not easy for sure, but if you manage to risk small amounts of money or demo trade before you gain experience you will succeed. Firstly when you pick a strategy you have to backtest it on historical data for the instrument you selected. For example if you like to trade on EUR/USD pair. Open metatrader and visually examine the chart all way back to few months and try to spot the signals from your strategy. Then measure how many profitable and losing trades you have. If the results are good start to forward trade this strategy on demo. Than if the second step is satisfying you could move to third and most important one. Start trading with real money on that strategy. If the real trading produce unsatisfying results move back to step number one and modify your strategy or select different instrument and than pass all the steps to real trading again. In this process you will gain experience and feeling which strategy will be good and which one will be bad. That is the discretionary element which is outside the strategy and which couldn’t be learned overnight.

  8. #8
    Rookie Member
    Hi Bogdan!

    Your name truly precedes you. Looking around these forums tells me that you're sort of a legend around this place. You're right to tell me to stop reaching for my wallet. Even after signing up to this community, my first instinct was to look at the businesses and beginner lounge sections look for possible things to buy to teach me to get rich quick! So disappointed with myself. It's your candid and humourous posts that woke me up with a strong jolt(remind me never to sell you a thing, not even a piece of gum!)! However, I'm glad that despite this being my first of days here, I have the kindness and instruction of 3 senior members. I will keep every single word that you guys have said in my mind. I will now head over to the school, complete it, backtest/paper trade. Something tells me that it's gonna take a long time before I can even reach the surface of what you guys know.

    Truly, my sincere thanks everyone!

  9. #9
    Master Member Bogdan G's Avatar
    Thank you, but I dont deserve it. I'm just a guy who made all the possible mistakes and learned from that. Blown accounts... piece of cake - done that. Trusting signal providers - done that and regretted it. Thinking I'm a month away from being a millionaire - lol, yea... several times

  10. #10
    Legendry Member Michael Hodges's Avatar
    i'm sorry I found your thread so late but you have gotten some good responses already from the gang. Definately stop reaching for your wallet as Bogdan said. Take a step back, develop a plan and then move forward. Be very careful of signal service providers, most are merely marketing schemes that could get you tangled up in a bad broker, multiple trading accounts, repetitive deposits or worse.

    There is a lot of free information on the internet that comes with no strings attached, like BOTS! Use the school, the forums, find a broker you like and a strategy you understand then practice practice practice on Communitraders until you think you're ready to use real money. And ask all the questions you want!

    Happy trading!

    PS Hey Bogdan! can I borrow one of your millions?

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