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  1. #1
    Junior Member giveittomikeyk's Avatar

    Beginner's mistakes !!!

    I'm no pro or anything, i'm pretty much still a newbie too but i want to share some important things for all beginners out there.

    -choosing the right broker
    some brokers have better platforms that offer more expiries and assets, or better pips for better entries, better account managers, or offer webinars or have great education system, better payouts, better customer service, etc...
    choose what is most important to you. do some research.
    also the turnover upon first deposit is a major pain in the ass.
    for example, broker will say, if you deposit 1000, they will match that with 150% bonus, meaning an extra 1500 to your account.
    might sound good at first, but they will say you have to trade a turnover 30 times your bonus, which would be
    1500 x 30 = 45000. that will take months, if not at least half a year until you see a dime of your money.
    id suggest lowering your turnover as low as you can, take minimal or no bonus and trade carefully,
    yet alone, start with a demo first, and develop some strategies and trade sparingly on the real account.

    -having discipline
    set up some rules for yourself, so you dont do crazy things. like getting excited over an event, and trading excessively
    for example, when the iphone 6 came out, i assumed that apple's stock will surely go up that day,
    so i blindy placed multiple calls, but the stock went down and i lost alot.
    dont stick to only fundamental news on indicidual stock
    if anything, overall market news has greater effect on the direction of the movement of the stocks
    dont assume, because of a common event, stock will go up
    for example, it was recently black friday, and you would assume amazon's price will shoot up
    but i did not place calls on amazon, because i had a gut feeling, the market will be irrational
    not to mention, the recent consumer confidence was lower than expected
    my intuition was right, amazon's price went down instead
    so with your gut sometimes, but back it up with other multiple and credible sources

    -start with a signal provider
    if you are starting out, chances are u dont know what you are doing.
    start out with signal providers such as Skype signals from top binary signals
    on some signals, i try to even do my quick analysis before making the trade
    try not to trade on reversal based on SR too much. trade with the trend

    -trade an asset that you understand
    if you are more fond of stocks rather than currency, trade stocks to begin with
    i find that currency pair movements are more tricky overall

    -dont get emotional, this isnt gambling
    for example. say you lose one, so you trade one more hoping to make up for that loss
    but you lose again. now you got 2 losses.
    then you are angry and aggressively place 2 more trades because now you gotta make up for 2 more losses
    then you lose 2 more.
    dont let this happen to you.
    as a rule of thumb, i walk away after 2 losses.
    losses are greater than gains.
    for example, you would rather have 1win/0loss rather 2wins/1loss
    thats why, you shouldnt place too many trades at once.
    you should wait until, at max 2 short term trades expire, just so you know where you stand after those 2 trades
    you have to limit your losses. quality over quantity. trade carefully.
    if your balance is decreasing to uncomfortably lower amount, decrease the size of your trade position by half.
    even if you think you destroyed your account down to less than 500, dont worry its not over yet
    you just have to inch your way up slowly with smaller trade sizes back to your original balance, with careful trades with many wins
    and you are back in the game again

    -dont trade economic calendar if you are no pro
    unless it is like FOMC interest rate decision or NFPs
    for other events, there is not much way of knowing how far the price will move and for how long

    -dont trade anything below 15minutes, if you are newbie
    aim for longer expiries
    longer the better, do a month long if you have to
    later along the line, you will count more wins for long term trades than short term trades

  2. #2
    Legendry Member Okane's Avatar
    I don't agree with choosing a signal service, they are all crap.
    Just go study and learn, that's it. But you are right about other things.
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  4. #3
    Master Member SeasaltMcFish's Avatar
    Agree with Okane here. Signal providers are a real No Go!

    Take time to learn trading yourself and you may even be profitable. Using a signal service always cost you money and/or freedom and will not be as profitable (mostly not profitable at all, tbt) as to trade after learning.

  5. #4
    Legendry Member milos's Avatar
    Hello giveittomikeyk

    You're the most right what you mentioned. Only avoid signal provider/service/software/robots. Its only scam. Never listen your broker accunt manager. It is included a similar stories about you make a lot of money. Created your own trading strategy. Attend the webinar, bots webinar.

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  7. #5
    Junior Member giveittomikeyk's Avatar
    thanks guys. i want to hear everyone's thoughts about signal providers and why they might not be a good idea, or could be a scam?

  8. #6
    Master Member SeasaltMcFish's Avatar
    There are several kind of signal providers. Not all are scam, but problem is: most are. They all are smooth talking, super friendly and warm, and they really know how to work you to pay them. They all know the greed inside men (they have a lot of it themselves) and use that advantage to lure newbie -and even seasoned- traders into deals they soon regret. Staying away from them is a big winner in your first trade adventure!

    1. Affiliate signal providers

    They want you to register to a specific broker through their link, bringing them money for opening that account or a part of your trade costs. It's not a scam to refer people to brokers and as long as it's clear why they do it, it's no big deal. Problem is that many referral signal providers don't give good signals at all, and often they stop giving signals as soon or shortly after you registered to the broker, because 'the money is in'. They often show some fantastic results (cherry picked, of course) but will not bring you profit.

    2. Payed signal providers

    Providers that ask money for their signals don't have to be scammers. It's just business. Problem is: you have to pay money to get signals and so your ITM percentage also have to be much higher to cover the costs. Also: even payed Signal Providers don't have to give good results. They also can show cherry picked results and aim for your first payment(s). Care if you lose after that, they've got their money. Ask yourself this question: Why selling signals if they're so good that they would bring them a lot of money by trading themselves?

    3. Broker signal providers

    Most brokers offer signals, mostly after depositing some more money. However: why would they help you win their own money? You're nearly always trading against the broker! It's like telling a sales man he should tell you what to buy in his store. It's not a scam, but it's also not logical. There are also brokers that scam you with a 'Let me do the trading for you!' tric. Duh!!! Why would you trust your hard earned money to a broker to trade against himself? Do your own trading and have a real chance to win!

    4. Real scammers

    They want to steal your identity, money, hack your account, want you to send them money to trade with etc.... They are crooks that belong behind bars

    Conclusion: not all signal providers are scammers, but many are and they all cost you money somehow, money you first need to win back in your trading.
    Take time to learn to trade yourself. It's not that hard, only cost you some time and effort to learn. This way you can save your money to trade with.
    Last edited by SeasaltMcFish; 11-28-2015 at 09:23 PM.

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  10. #7
    Junior Member giveittomikeyk's Avatar
    i think i can agree with 1,3,4
    but for some paid signal providers like (edited, no names please), results have been great
    however there were some days they would have big losses, as bad as 0 wins and 7 losses one time, which really hurt my account
    i think the learning process is pretty hard in my opinion.
    you can learn all the technicals and indicators but even with all that, a trader with less than a year of experience like me,
    will find it hard to react to the irrationality of the market at times.
    Last edited by SeasaltMcFish; 11-29-2015 at 01:51 AM.

  11. #8
    Master Member SeasaltMcFish's Avatar
    I can understand people trust payed services more, but there's no real reason for that. Being payed doesn't mean you're trustworthy! Also: results are very tricky. I also have many good runs when testing my systems, but you'll need a solid sample size to filter out variance at least a bit. 500 trades are not enough, f.i. One of my latest systems, I had only 3 losses on 37 trades, but still tide turned...

    There are also many stories on the internet about payed services that really suck!

    I've had many systems that ran 500 or more trades (very) positive, but still they failed big after that. A SP also uses some kind of system and you can't be sure it's good until it's too late. Trading is a variance thing and you'll have to deal with that.

    Especially as newbie, it's tempting to trust signal providers, but trust me in this: they will disappoint you and then you'll say: argh....why didn't I listen?

    Money doesn't come easy (unless you're a scammer, but then you'll have your soul to pay ), so take the narrow, but solid way of learning and not the wide, but costly way of signal providers. The choice is -as always- yours...
    Last edited by SeasaltMcFish; 11-29-2015 at 02:03 AM.

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  13. #9
    Moderator Kolyo's Avatar
    Hey guys

    Very interesting and informative conversation here! I would like to say that not all signal providers are scam, but it will be fair to say that 99.5% of them are scam or almost scam especially in the binary options trading world. I’ve been participant in a mentorship trading program for about half a year and can say that the signals and trades there were extremely professional. The trade leader has a continuous multiyear positive returns and Barclays top trader ranking, but my results during the participation were mixed and I didn’t succeed to make good return out of that. Also I was lucky to be part of a testers group and not paying the regular fee of 250$ per month which is too high even for advanced traders. However I can say it was amazing learning experience and I acquired a lot of new knowledge mostly related to trading on fundamental news and data.

    So it really depends what you are searching for and what you are expecting. Expecting to learn something from a mentor is good idea, but expecting to make big money following blindly some signals when you even don’t know what the strategy behind them is – this is the worst thing you can do in the beginning of your trading career.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

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  15. #10
    Administrator Martin Kay's Avatar
    Good tips and thanks for sharing!

    It's always a good idea to strat with a signal provider, so start with CommuniTraders. Also, another reason we've created CT is to allow signal providers to prove their profitably, so everyone can see. If you're looking for a signal provider or a member to follow, look for them at the Leaderboard first (:
    “Don't believe anything you read on the net. Except this. Well, including this, I suppose.” ― Douglas Adams

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