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  1. #1
    Junior Member Who Knows's Avatar

    This is harder than I thought! !!!

    I have only been trading Binary options for a couple of months. Before I started I assumed it would be extremely complicated. I learnt some of the basics in a trading group that I am part of. I did a lot of reading and watched hours of videos on trading, I am currently out of work so had a lot of free time on my hands. I then started to trade in demo and then a real account. Maybe it was beginners luck but I quickly went on a winning streak and became very deluded that this was going to be easy, I then started having a quite few losses by just a few pips and in the end my emotions got the better of me and I ended up burning my first account. Fast forward to now a month later and I am struggling, I am on my forth deposit and trying various strategies, and having mixed success, at the moment my account is just going slightly into profit and then takes a drop, I then slowly build it up and again and then drop back down and the pattern repeats.

    I know a little about trading the news etc and I think I have a decent feel of some of the currency pairs but that's nothing and I think im starting to realise there is a lot more learning to be done. Its not as simple as following some trends/patterns and using a strategy and indicators.

    Does anyone have any advice as to where I can go from here? Not sure what I should be doing anymore. The things I was doing at the start just don't seem to work so well anymore, im never confident with my trades and the charts just seem so unpredictable.

  2. #2
    Legendry Member milos's Avatar
    I was written trading the news strategy 16 months ago.Here is link below
    http://www.binaryoptionsthatsuck.com...ions-strategy/

  3. #3
    Junior Member Who Knows's Avatar
    Thanks Milos. I didn't necessarily mean I wanted a strategy for trading the news etc, but this may come in handy so thanks for that.

    Im more looking for a strategy to trade the market in general as I often find new trading too volatile so sometimes I avoid it. Aswell as just some advice on what I need to be learning as I feel a bit stuck at the moment.

  4. #4
    Legendry Member Okane's Avatar
    I don't know what you used to do so can't give feedback on that...
    What I know always works is, in my opinion, price action. Because then
    you start thinking like the Forex guys who are actually pushing the markets
    up and down. Think like them, act like them and trade like them and you will have
    much higher chances of success.
    Live Webinar: Hidden Content
    Join My Skype Group: Hidden Content

  5. #5
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by Who Knows View Post
    Thanks Milos. I didn't necessarily mean I wanted a strategy for trading the news etc, but this may come in handy so thanks for that.

    Im more looking for a strategy to trade the market in general as I often find new trading too volatile so sometimes I avoid it. Aswell as just some advice on what I need to be learning as I feel a bit stuck at the moment.
    Are you trading really short time frames? If so take a step back and use longer term signals for swing trading, less frustration, easier to trade and still lots of fun. and profits.

  6. #6
    Junior Member Who Knows's Avatar
    Yes Michael I usually do 15min/30min or 1 hour expiry's. To be honest im clueless, I have burned another account today. Im really just guessing and using some indicators. Convinced myself I had some idea what im doing but I don't. Need some coaching lol.

  7. #7
    Master Member SeasaltMcFish's Avatar
    I think trading the news hours is not a way to learn trading. It's the most active and 'dangerous' trading and only experienced traders can make a steady profit with it.

    Somehow, I sense you want to be in the market too much. If things go wrong, its better to be in the market less and only trade high quality trades.
    Blowing an account is normally only possible when trading without a proper money management (like chasing losses) or extremely bad streaks. I guess it's the first one.

    My advise: back to demo or minimum trade size and first learn a solid strategy, including a solid money management. Also be sure you have a trustworthy broker.

    Wishing you best of trades!

  8. #8
    Junior Member Who Knows's Avatar
    Thanks for the response SeasaltMcFish, I know I have not been using proper money management, I have made massive improvements since starting but still subconsciously think I am trying to recoup my losses if I have had a few losing trades in a row and I end up getting a bit out of control.

    You say learn a solid strategy, I thought I was doing that, but I was wrong. What exactly is a solid strategy, can you suggest anything?
    Last edited by Who Knows; 01-30-2015 at 02:25 AM.

  9. #9
    Rookie Member
    Hi, I make a jump in to this tread.

    I have been trading for about a year. I started out really carefully so havent blown any account but havent made any gain either so far. I am not the most expereiced one but my thought when i look back on my trading history is that the key to profit is not making more succesful trades, it is to stop doing the bad ones and minimize the loser ones. So just like Seasalt said: try to find the really good ones. Im thinking: if you do five trades / week, and succed three of them you will profit in the long run. Even if your account wonīt double in one week, but itīs a good start.

    Right now i trade with two different approaches: first of all I go out of bed about 1 hour before I have to go to work. I live in Europe so that is usually a calm time when it comes to news; itīs in the end of the aud and jpy opening hours. I usually find one or two good trading signals during that time, but sometimes there is none and thats okey. Maybe there is three the next day. When itīs 30 minutes from the close of jpy i quit, no mather what. It usually is more unstable then i noticed. That is an allmost daily rutin and after a while you learn how the market usually (not allways) behavies during that time and the on that currency pair.

    The ofter way is that i look here and som other places and se what the pros think is going to happend in the longer run. Where is eur/usd heading the next week and so on. If there are many pros who believes the same thing, and I myself agree when i look at my charts, I figure it could be a good trade.,

    I use these two and it helps me to not blow my account, and also give some structure so that I donīt think about it all the time. Set some rules: if I miss two trades in a row, walk away. Clearly I donīt agree with the market today =).

    There are a lot of articles about trading psycology written by experiences traders; search on google. They say itīs just as important as the strategy it self.

    Hopefully you got something out of this. Wish you the best!

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  11. #10
    Master Member SeasaltMcFish's Avatar
    Quote Originally Posted by Who Knows View Post
    Thanks for the response SeasaltMcFish, I know I have not been using proper money management, I have made massive improvements since starting but still subconsciously think I am trying to recoup my losses if I have had a few losing trades in a row and I end up getting a bit out of control.

    You say learn a solid strategy, I thought I was doing that, but I was wrong. What exactly is a solid strategy, can you suggest anything?
    You're welcome

    I wrote two articles about the Mind Games of trading, maybe you find them useful:

    http://www.binaryoptionsthatsuck.com...losses-is-bad/
    http://www.binaryoptionsthatsuck.com...biggest-enemy/

    What strategy were you learning?

    Also: even the best strategy sometimes has its bad months. I've been working on a strategy for a year, finding out it stopped working this month. Does that say it's over? No! Only that it doesn't work now. I'll have to wait for the right conditions and meantime work on a strategy that does work in these conditions.

    A solid strategy contains a solid money management (first, second and third), an entry strategy that gives you at leas 60+% ITM over a long term back test (I would say at least 1000 trades and personally don't want a system with less than 65% ITM)and rules about news events (f.i. not trading from -30 to + 60m around heavy news events) according to your system.

    You can take a look at Bogdans system. I didn't test its profitability, but it looks good and you can learn a lot from it. Even when trading in demo mode, it will teach you to use solid entry rules.

    Good trades!

  12. Thanks Kilo thanked this post

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