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  1. #1
    Junior Member Vast Horizons's Avatar

    New to Binary Options, tips and advice appreciated !!!

    As the title says......

    Been a pro musician my entire life. Played quite a bit of online poker, some live play but mainly online. That's it as far as my experience of any type of online "investing" goes. I stumbled onto Michael Freeman's videos and that got me interested in finding out more about binary option trading. I am not knowledgeable in markets or finance of any kind really. My experience in the online poker world is at least helpful in that I understand most online endeavors are doomed to fail unless you have solid plans and good strategy, and even then variance is always looming. And I understand bankroll management. But that's about it.

    I have read a lot of the info that is out there on the web, but do not know what to believe and what not. "Binary option trading is simply gambling" "A good strategy can make you money" and such. Who should I listen to? What should I do to prepare? How do I know if I am ready to rock? Should I just look into other ways to improve my income and leave BO alone?

    Any tips where to inform myself of what is real are welcome. How naive am I if I am thinking "a guy in his 50's (me) with absolutely no experience in financial markets could learn to make at least a decent side income"?

    Thanks in advance and GL 2 u all.

  2. #2
    Legendry Member Okane's Avatar
    Hi, welcome to bots.
    Having some money management kwonledge is always good and I've heard musicians learn quick!
    Binary options is not gambling but can be treated as gambling. It depends on you if you want to trade or gamble.
    Us with higher win rates will obviously claim it's not gambling while others with less success will claim it is...
    Your age wont matter. In fact, I think you should be able to master the trading psychology part faster because you are not some eager 20year old. Treat BO as a business and make the proper investment and you can ear money too! Let us know if you have more questions.

  3. #3
    Junior Member Vast Horizons's Avatar
    Quote Originally Posted by Okane View Post
    Hi, welcome to bots.

    Us with higher win rates will obviously claim it's not gambling while others with less success will claim it is...
    Thanks for the welcome. The other line quoted above really reminds me of the online poker player. The bad players blame their losses on rigged poker sites (the major sites are almost assuredly NOT rigged)but the good players understand variance and the advantage of good decision making.

    I will undoubtedly have loads of questions. ATM I am reading the beginners info in the forum, and doing the preschool articles. My questions will come after I do a bunch of reading first, maybe I can get a lot of answers there, and avoid unnecessary questions.

    I am thinking of an initial deposit of between $250 and $500. I live in Germany so I dont know if Euros or Dollars would be better. I also will first need advice as well as need to do my research before I chose a broker. My best times would be between 8am and 2pm CET.(German time). I am a US citizen but have lived here for ages.

    I will treat this as a business, and am well aware of tilt and the signs and signals of stress, so I should have a decent amount of knowing when I need to take a break. Poker has helped me a lot in that respect.

    I have a family, so I need to take it slow. If I lose a certain amount of money, I will probably need to reassess if this is for me, even tho I understand that losing is part of learning. If I can show a decent amount of profit, my wife will be more than supportive. But the time factor is as important as the money factor for a husband/father. I cannot justify 20-30 hours a week for learning/initial investments if I am B/E or only slightly profiting. Many of the married investors will get what I mean. My wife aint interested in anything but the bottom line, and why am I spending all this time if it is not bringing in the $s/Äs. But she also understands that starting any new endeavor needs an initial investment. Poker went kind of bad, so she is sadly already once-bitten....lol. (I actually was pretty b/e but after 3 years b/e is not a good result for a wife)

    I look forward to seeing what I can do here.

    BTW, is the name Michael Freeman known? He is the one that brought me the idea in the first place, watching his youtube vids. He has a bot - auto trader - that sounds very cool, or am I naive to think a bot is a good idea? As I said, I am a total noob in this.

  4. #4
    Legendry Member Okane's Avatar
    Ok, think about it, the dollar is strong now so you can benefit
    by depositing EUR instead, at least that's what I would do.

    For us European citizens time is not an issue, markets are open during the entire day basically.
    I live in Sweden so I think we have pretty much the same time.

    Michael Freeman is a good marketer I would say. I have no proof of him being a good trader tough.
    However, we have our own Michael , he is a profitable trader and gives weekly signals!

    Auto traders are good for wiping out accounts quickly. That's my opinion
    I say; the only good auto traders are in the hands of big banks, system with millions and billions invested in them.
    I've read about many of these, I've yet to be proven wrong when it comes to bot-traders.

    Making a high income with 500 is not really possible because then you have to take huge risks.
    Don't forget that you need to demo-trade for a while before you go live. You can use the platform here on CommuniTraders of course.

    My suggestion is; first hand, take trading as wins, try and learn as much as you can and focus on following your rules and
    understand why you win/lose. Only then you can start thinking in terms of income and such.
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  5. #5
    Specialist Member LesterK's Avatar
    Welcome to BOTS! Well, sadly if you want to make BO into something better than gambling, you should be aware about the main theory, strategies, and brokers and so on. And that takes time that should be spent reading and doing some demo trading before jumping into the deep where you could really loose some money. Take it slow. Read a little. Practice a little demo. Try different strategies; choose the best for your daily routine. Trade only when there are interesting movements, interesting news, you donít have to spend all your time at the computer. Thatís how youíll manage to be both a profitable trader and a good husband and father. Also, my suggestion: at first when you start to trade for real: go in with small positions so you donít loose a lot. You seem like a person who canít afford to loose too much. Like any family guy.

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