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  1. #1
    Rookie Member DominikM's Avatar

    Just getting started... Advice Wanted :) !!!

    Hi all,

    I'm just getting started trading binary options.

    Earlier in the year I was introduced to all of this through a friend who told me about a trading room where we just follow along with their calls but I really didn't like that concept as it was all really short trades like 60 seconds or 5 minutes and the lag time of when they said get into the trade to when you would get into the trade could very well mean you got in late and lost money.

    So I started to learn a little. Lost money, won money and in the end I'd say I broke even. Then I started to travel so I stopped trading.

    So I want to get back into it now. I've been reading everything in the school here and learning as much as I can and essentially my plan is to come up with a few methods (or used established ones, more along those lines) that I can trade on the USA open. As I travel a lot that timing works perfect if I'm in USA. If I'm in Europe it's around lunch and if I'm at home in Australia it's at night but not at crazy hours.

    I'm really looking at this as a long term skill set that I can use to create an income for life no matter what my business does. If it's up or down I still have a great skill set to make me money each month.

    So I'm not going to jump in like a fool for $5000 and blow it all I'm going to trade demo for as long as it take that I really know I can be confident to do a few trades a day and only say loose one or so. That's all I want to do, trade the USA open and really learn one or two currencies very well and make a few trades and be done for the day.

    So I guess my questions would be:

    1. How long would you expect you would be trading demo and back testing methods till you really got it? If you are going to learn for a few hours per day.

    2. Any recommended strategies from the school here on BOTS.com that would be good for the few hours that come after the USA open?

    Cheers!
    Dominik

  2. #2
    Legendry Member Okane's Avatar
    Hey!

    Every one is different and learn in different ways so it's
    hard to say how long it takes. Trading is not as mechanical as
    it seems and the profitable traders "secret" is a good strategy combined with skills.
    Skills are gained by hard work and months and years of practicing.


    At least you came to the right place so you won't spend time on
    gurus and waste money on signal services so you saved some time and trouble.

    About strategies, since you want to trade fast and get done with it you should focus
    on a strategy that suits the amount of time you have. It doesn't mean you can't do
    long term trading. Everyone will of course tell you about the strategy that works
    best for them because they have the necessary skills to use that strategy so I can't just say
    "take strategy X, it will make you money". But look through the school section and try out
    the ones that you understand until you can put something together of your own.
    Let us know if you have more questions!
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  3. #3
    Rookie Member DominikM's Avatar
    Quote Originally Posted by Okane View Post
    Hey!

    Every one is different and learn in different ways so it's
    hard to say how long it takes. Trading is not as mechanical as
    it seems and the profitable traders "secret" is a good strategy combined with skills.
    Skills are gained by hard work and months and years of practicing.


    At least you came to the right place so you won't spend time on
    gurus and waste money on signal services so you saved some time and trouble.

    About strategies, since you want to trade fast and get done with it you should focus
    on a strategy that suits the amount of time you have. It doesn't mean you can't do
    long term trading. Everyone will of course tell you about the strategy that works
    best for them because they have the necessary skills to use that strategy so I can't just say
    "take strategy X, it will make you money". But look through the school section and try out
    the ones that you understand until you can put something together of your own.
    Let us know if you have more questions!
    I have been reading a lot and watching a lot of videos and I agree with what you are saying. It really does seems like a lot of the methods out there are a set of rules (your strategy) and then combined with skill of seeing the markets day in day out gets you where you want to go. And that all the people who loose big just think they know it all and then call it a scam when it doesn't work. But how is that different to getting in a car with no lessons and trying to drive around the city and then calling cars a scam after you crash. Same thing really haha!

    I'm so happy to be in a place like this and no I did go after a few signal providers and then I thought about it and figured "this is the same rubbish you see in the make money niche of internet marketing" so I stopped getting involved with them. I should have known better as my background is internet marketing and I've been around that and I even know about all the forex stuff that it pays out big time for affiliate brining on people who fund accounts. Oh well, now I know I guess and I'm on the right track.

    I think the whole idea of short term trading is great but I really am seeing the bigger picture in longer term also so as I go I will look into that. I have been doing what you mentioned and I've bookmarked a bunch of methods from the school I'm grasping so I guess I just need to go start back testing them and then using them on demo. As that makes sense on what you said that everyone will have their strategy but everyone is different. So something someone does might not work for me or it might work the same or even better. So yes I think I just need to start testing them out and see what I like.

    Keep at it and in time I will fell confident enough to go at it will live money and take it from there.

  4. #4
    Legendry Member Okane's Avatar
    Haha, yes calling cars scams, that's a good comparison
    Exactly, my strategy has changed too since I wrote about it.
    I'm relying more on my skills and experience, things I couldn't have just
    read somewhere or would've read but couldn't understand.
    You are right about starting with something simple and back testing, that's how I began.
    Then you demo test it and learn new stuff and proceed from there. Good luck!
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  5. #5
    Moderator Kolyo's Avatar
    Welcome to CommuniTraders Dominik!

    Okane is really right. It is all about back testing and contextual market understanding. These are two things you really need to learn and it is a hard learning process through successes and mistakes. Hope our community will help you to overcome all these elements more quickly
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  6. #6
    Specialist Member LesterK's Avatar
    When you have been trading for many years (or at least for a year) you start to develop a certain sixth sense about the market and its movements. That’s when you get to trade without following a tight strategy but within your own experience. It sounds amazing, though I am far long from there. I read this in an interview of a very rich trader. Very inspiring.

  7. #7
    Legendry Member Michael Hodges's Avatar
    Lester hit the nail right on the head, you do get a sixth sense. I have been trading for over 10 years and still maintina 2 different demo accounts. One here on BOTS and one with my equities broker. I speculate in both most of the time, sometimes when I get on roll, or really in tuen with market movement those speculations get added to my real money accounts. Plus I am always practicing.

  8. #8
    Legendry Member willyw's Avatar
    Yes Lester is coorect. After trading for years you get a 6 sense of the market. I do trade with 6 sense after years of trading.

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