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  1. #1
    Rookie Member

    Getting Started. !!!

    Apologies in advance if this has been asked a thousand times before.

    I will try and keep things simple.

    About me.
    I have a full time job, which I love. It offers me some flexibility and free time.
    I am exploring a few options for using my down time to hopefully create some additional income. I'm not expecting miracles, but hope that with the right education and patience I could potentially supplement my income without sacrificing too much of my free time.

    I have just opened an account with Opteck.
    I deposited $1000 to access the "silver" account, which gets me a demo account and all the educational material on the site.

    My Strategy.?
    This is where I could use some guidance, please.

    1) Tools.
    I know I need to download MT4. Has anything changed recently? I read the old posts and seems I just need to open an account with a trusted forex trading platform offering access to the program.

    2) Choose a strategy.
    I have been studying the school topics on this site. I'm not particularly smart, so a lot of it went over my head. But this seemed to make the most sense to my simple brain: "The Trend is your Friend Strategy"
    http://www.binaryoptionsthatsuck.com...rategy-review/

    I'm sure this isn't the most sophisticated strategy, but it is the only one which really made much sense to me at this stage.

    3) Details.
    This is where I get confused.
    - What assets should I be looking at trading? (does it even matter with this strategy?)
    - What time frame should I use to locate these trends? (the 1 week chart often has a different trend than the 1 hour chart etc...)
    - Am I right in assuming that longer (30-60min) trades would be preferable for this strategy?
    - Anything else.?

    4) Practice and educate myself
    - I always learn best from doing. Plus everything makes a lot more sense when you are actively involved.


    Am I on the right track here at all.?
    I plan to use the demo account until I am comfortable with this particular strategy, or a better strategy if I'm able to understand them.

    Excuse me for rambling on, but I get overwhelmed with all the information. I just want to make sure I'm on the right track.

    Thanks for hearing me out everyone.
    Any advice, input or criticism would be greatly appreciated.

    Peace!

  2. #2
    Moderator Kolyo's Avatar
    Hi compleks!


    Welcome to CommuniTraders! Great you have a plan to learn.


    From your questions it seems you have a lot to learn and to study. So better to start with our great demo platform which now switch to 2.0 version next week! Longer term trades are better surely, but that doesn’t mean that 30 min are long term trades. Much better to start with daily and weekly charts – that is a sure thing! Metatrader 4 is still the best software for charting. The asset you will trade is entirely your choice, but firstly you have to test different assets on demo and see which one fits your preferences best. Some assets are more volatile than others some are trending and some ranging at a given period of time. Wish you good luck and ask even more questions, you’ll find them answers here surely

  3. #3
    Rookie Member
    Without a proper plan, someone can't achieve his goal.

  4. #4
    Rookie Member
    Update.

    Downloaded MT4 along with Bogdans TA_1.14 indicator package.

    So I thought I would Keep It Simple.
    But apparently it's a fine line between 'simple' and 'stupid', and I'm standing on the wrong side.

    So far I have been trading high/low on currency (demo account only).
    I bring up a chart and look at the various time frames, from 1 month down to 1 hour.
    If I notice an obvious trend either high or low, then I have been placing a put/call in that direction for roughly 60 minutes.
    I also have a look at Bogdans indicators just to verify that the majority is working in my favour.

    Seemed like a reasonable concept to assume that the trend has a better chance of continuing in said direction rather than reversing it.
    This hasn't worked out well for me so far. Though admittedly it is early days.

    I'm not picking iffy trends either. I'm really only going after the obvious ones.


    Sooooo. Simple is good, but there's a reason for all these other features, strategies and indicators.
    Any advice on how I could improve my approach and increase my success.?

    Thanks.

  5. #5
    Legendry Member Michael Hodges's Avatar
    It depends on what chart you are using to get your one hour signals. that is a pretty short time frame, definitely doable but you may want to use the daily charts and one week or one month expiry.

  6. #6
    Rookie Member
    Quote Originally Posted by compleks View Post
    Apologies in advance if this has been asked a thousand times before.

    I will try and keep things simple.

    About me.
    I have a full time job, which I love. It offers me some flexibility and free time.
    I am exploring a few options for using my down time to hopefully create some additional income. I'm not expecting miracles, but hope that with the right education and patience I could potentially supplement my income without sacrificing too much of my free time.

    I have just opened an account with Opteck.
    I deposited $1000 to access the "silver" account, which gets me a demo account and all the educational material on the site.

    My Strategy.?
    This is where I could use some guidance, please.

    1) Tools.
    I know I need to download MT4. Has anything changed recently? I read the old posts and seems I just need to open an account with a trusted forex trading platform offering access to the program.

    2) Choose a strategy.
    I have been studying the school topics on this site. I'm not particularly smart, so a lot of it went over my head. But this seemed to make the most sense to my simple brain: "The Trend is your Friend Strategy"
    http://www.binaryoptionsthatsuck.com...rategy-review/

    I'm sure this isn't the most sophisticated strategy, but it is the only one which really made much sense to me at this stage.

    3) Details.
    This is where I get confused.
    - What assets should I be looking at trading? (does it even matter with this strategy?)
    - What time frame should I use to locate these trends? (the 1 week chart often has a different trend than the 1 hour chart etc...)
    - Am I right in assuming that longer (30-60min) trades would be preferable for this strategy?
    - Anything else.?

    4) Practice and educate myself
    - I always learn best from doing. Plus everything makes a lot more sense when you are actively involved.


    Am I on the right track here at all.?
    I plan to use the demo account until I am comfortable with this particular strategy, or a better strategy if I'm able to understand them.

    Excuse me for rambling on, but I get overwhelmed with all the information. I just want to make sure I'm on the right track.

    Thanks for hearing me out everyone.
    Any advice, input or criticism would be greatly appreciated.

    Peace!
    I am glad to see that you have sound and reasonable plan to start off. Thought it seems plain and simple if you follow it carefully without simplifying and missing any points you will definitely come to pure success. The only problem is plan implementation, where your patience, money and time will be consumed away far quickly than you expect. Let's see how you gonna cope with that.

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