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  1. #1
    Rookie Member shokdee's Avatar

    Hello from Thailand !!!

    First a big thank you to Martin Kay and all the good folk here at BOTS and everyone sharing on the forum. There are so many slimy sleazeball sites and brokers out there, itís a relief to find a trustworthy and honest community. The scumbags create such intricate spiderís webs of lies that itís taken me a long time to realize that you canít trust most of them. I greatly appreciate this site and that everyone is prepared to share their experiences and insights. I hope to be able to contribute to the community and give something back.

    Barely a month into 2016 and what a rollercoaster ride itís been. Hitting the highs then dropping to new lows. One moment struggling against resistance, the next moment looking for support. But enough about my emotions, let me introduce myself.

    My name is Paul but you can call me shokdee, which means ďgood luckĒ in Thai. Iím originally from South Africa, spent a few years in London, now settled in Thailand. I become interested in binary options late last year, intrigued by the idea of auto-traders, robots and social-trading as a way to make easy money. I eventually realized that was not a viable option and Iíd have to learn how to trade by myself. I looked at many posts on the forum and absorbed a lot of good advice in the School.

    After a few losses last year while learning how to use the spot-option platform, I started trading the first week in January. My area of interest was short term gold and silver. I did well and made a small profit the first two days. On Friday 8th I had 10 wins out of 12 on silver (a loss, 10 wins in a row, and a tie). Very proud of myself, I reviewed my performance and got ready for this weekís trading. Had a plan and clear instructions and guidelines to follow. Couldnít wait for the markets to open Monday morning so I could keep up the good work.

    The silver and gold market was boring and I discovered that Eur/Usd paid a better ROI. Never traded a currency pair before and felt totally lost at first, had a few losses. Took a break for a few hours to settle my mind and then returned to trading. But I quickly turned into a monster. I shocked myself with my greed, impatience, frustration, boredom, obsessiveness and outright stupidity. Rattled, panicked and over excited by sudden, unexpected big moves. By the end of the week Iíd blown all my profits and lost over 25%.

    The takeaway is I learnt a lot about the markets and myself. I understand why self-control and discipline are the most important traits you need to be successful as a trader. Better to be out of a trade wishing I was in, then in a trade wishing I was out. The other good point is that I was using sound money management and mainly trading 1% of my balance.

    So once again, Iím looking forward to the markets opening on Monday. Big test will be to see if Iíve learnt my lessons and can stay patient, calm, focused and disciplined. When in doubt, Iím going to stay out.

    Thank you for reading and happy trading.

  2. #2
    Veteran Member Dan21's Avatar
    Hi, shokdee! You made a very nice introduction. It seams that you've mastered some important lessons and gained some experience even if not a successful one. It will pay off, don't worry. Browsing through BOTS will help you master Binary Options faster than trying to understand it all on your own. You can check the School section so you can see what you know and what you haven't learned yet. Than it's all about practice and getting the proper advises.

  3. #3
    Legendry Member Okane's Avatar
    Welcome Shokdee. I love trading EUR/USD.
    Why don't you join our free Skype Group and learn how I analyze that asset.
    Tomorrow I will do a live session at 16 GMT.
    Find out more here:
    http://forums.binaryoptionsthatsuck....niTraders-Live
    See you!
    Live Webinar: Hidden Content
    Join My Skype Group: Hidden Content

  4. #4
    Master Member SeasaltMcFish's Avatar
    Welcome Shokdee, nice intro!

    Even the best traders get into emotional trading sometimes and yes, they also often lose money in those periods.

    Becoming a balanced trader is from uttermost importance! Even more than the system you use. even with the best trading system, an unbalanced mind can bring you down.

    Therefore: set yourself clear rules, like a stop loss (# of lost trades or % of your account). Don't try to win back with force what you lost. It's a near guarantee for losing more.

    When trading right and still losing money, you simply have to sit it out until tide turns. Evaluate your trades and if they were ok, don't give them any more attention and go to the next session. It's a long term business!

    Wishing you great trades!

  5. #5
    Moderator Kolyo's Avatar
    Hello Paul aka shokdee,

    That’s great you like the community! We are really connected here to help each other in the process of trading perfection. Be more patient and know that sometimes the markets are good and give nice profits and than suddenly change their behaviour and took it all. You need to be conservative with money and trade slowly and patiently. Also currency pairs are very different in nature than metals and you need to learn them separately. If you don’t want to lose your money trade each strategy first on demo and only then life.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  6. #6
    Rookie Member shokdee's Avatar
    Many thanks to everyone for the warm welcome and all the good advice and insights. Very helpful and much appreciated.

    I continue to learn a lot and this past week was no exception. I focused on the Eur/Usd pair and am slowly making improvements to my strategy and personality.

    I find it’s useful to set my PC clock to GMT so I only have to follow one timeframe. It certainly helps me anticipate the different market conditions that start around 6am GMT and also get a better feel for expiry times.

    The biggest lesson I learnt was to see the profound difference between the precious metals and forex markets. It’s like there are two parallel worlds in forex, the world of the normal candlestick and the world of the super-sized candlestick. It was a real eye-opener to catch the Euro flash crash on Thursday. One minute the price is zooming up, like a rocket. WoW! Then, a few minutes later, crashing down, down, down to a dizzying depth. WTF!! It was mind boggling and totally exhilarating to watch on the 5 minute charts.

    I managed to get a put near the top and a call near the bottom. But after the excitement wore off, it really made me think. It’s somewhat scary to realize we are like ants compared to the BIG BOYS who play the game at a different scale. Anyway, the crash was a moment I won’t forget for a long time.

    Wishing you all happy trading and good profits.

  7. #7
    Moderator Kolyo's Avatar
    Hi sokdee,

    The experience you had last Thursday after ECB press conference is really a valuable one. You saw that adverse and very fast price moves are possible during this kind of events. Big boys are also facing uncertainty in the market, but most often they want just to position themselves for the next big move. Algotraders, the so called quants trade the volatility and very often try to take the money from the weak hands of small retail traders. That’s why we should be aware of such adverse moves which last for few minutes and than reverse in seconds! Trading with BO is a lot easier and safer way to trade such events, because you don’t have leveraged exposure to the market and can’t lose more than you initially risked.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

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