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  1. #1
    Rookie Member Romaarn's Avatar

    Greetings from Georgia !!!

    Greetings everyone! (English isn't my native language and if you find mistakes, forgive me).

    My name is Roman and I'm 22 years old. I got my bachelors degree in Business Administration (Management) this year and I'm currently working as a hotel receptionist on a very low salary (500GEL per month, which equals about 220 USD at the moment). It's a nightmare, even by Georgian standards and considering the local cost of living. So it is natural that I set out on a quest of finding some kind of additional source of income...

    I discovered binary options about 2-3 weeks ago and got hooked instantaneously. I registered on "IQ Option" (it captivated me more than others among the Google Search results) right away (without any prior research) and started training on a demo platform. On the Day 1 I traded on Demo with a Martingale and 60-second expiry and boy was it profitable! I didn't miss a minute without investing (maybe a couple here and there) and managed to earn 500 USD in about 11-12 hours of continuous trading. I thought I had found a holy grail and was ready to start getting rich. Little did I know how reality would kick me in the face on Day 2...

    And here is the Day 2: I'm confident and too experienced for continuing on Demo. Why should I waste my time on earning fake money when I can earn the actual money?! So I made the initial deposit of 100 USD (was going to deposit more but was a bit dubious of the legitimacy of IQ Option. Maybe it's all a big lie and they are scamming me, so I decided to settle on 100 USD). The broker gave me the bonus (27$) and I had 127 USD to start my journey. It was a little dangerous in the beginning because making 4 forecast mistakes back to back would leave me on zero. As you know,with Martingale, the more money=more chances of failure back to back. But I got lucky and traded fairly well. After a couple of hours I had 350USD and everything was going smooth. At that point I decided to take a break and get my deposit back + a little more so I withdrew 110$ (It would allow me to check how legit the broker was). Several hours later I got back to trading and I noticed that I had 240USD left, then I visited my e-wallet (Skrill) and I saw my 110$. Everything was good. IQ Option was the real deal and all I had to do was to keep trading/gambling after about 20-30 minutes of earning additional 10-20 dollars I hit the wall and my losing streak began. I made 7 mistakes back to back and I lost everything. By that time I got really scared. My family has a relative with gambling addiction and his life was ruined because of that. I recalled him instantly and thought that the same thing would happen to me so I said that I would never even come close to this Binary Options thing. And I kept my promise... for a couple of days.

    Then I reinstalled IQ Option platform and started training on demo again whilst googling for better strategies and money management guides. This time I decided not to be careless and give demo some time. That's how I found you, BOTS. Registered right away and started educating myself with School section. Right now I'm somewhere in the "College" level and gradually acquiring the information your team members have gathered over the years. I'm extremely thankful of that and now I have a different mindset. I want to learn, practice a lot on demo and only after that I'll start trading with real money. But before that, I have to become better at trading, much better than I currently am and I firmly believe that BOTS will help me in that. Right now I'm playing with a couple of beginner strategies but haven't decided which to give a try. Atm, I'm planning on practicing for a couple of weeks (or maybe even months) and after that making a deposit of 500 USD and investing 2% at a time (10$). But I don't have a decent money management strategy beyond that. Maybe I'll come by that in school section at some point... Anyway, I'm thankful of BOTS and I plan to be around for a long time. But I think I already bored you to death with this text and I'll give you a break for now
    Last edited by Romaarn; 08-27-2016 at 01:22 PM.

  2. #2
    Legendry Member Okane's Avatar
    Hey welcome!
    Great introduction.

    First:
    Never ever use Martingale, these "strategies" are created by scammers to make you lose money fast.
    It's not a strategy, it's not trading, it's gambling.

    Second:
    I always say this: Make a million dollars on a demo account and I am not impressed.
    Make even 1% return on your investment on a live account and you got my attention. (not by getting lucky of course)

    Third:
    Yes, keep studying at the school, you will learn the above pretty soon.

    What you should also check out:
    1. Our YouTube channel, I do live webinars there plus other videos you can learn from.
    2. The Members War Room here, it's full of trading diaries, what better way than learning from others!
    3. No strategy is ever good unless you really understand price action but many strategies can be made successful
    once you do understand price action.

    Fourth:
    That's a good choice you made going back to demo. Stay there, there is no rush.

    Fifth:
    When you accept a bonus or anything, always check the terms and conditions. Luckily this time
    you joined a broker that didn't mess around and you got your money back but usually a bonus is a trap.
    So always read the T&C (perhaps you did that already?)

    Finally, let us know when you need anything and feel free to start your own trading diary once you have
    studied some more and once you have looked through a few trading diaries.
    Live Webinar: Hidden Content
    Join My Skype Group: Hidden Content

  3. #3
    Legendry Member Michael Hodges's Avatar
    welcome aboard, good luck with your learning and let us know if we can help in any way!

  4. #4
    Moderator Kolyo's Avatar
    Welcome aboard Roman! If you struggle with money better to keep trading on demo. If you don't use martingale or similar gambling approaches you will never become gambling addict, that's why most important thing is money management, learn it and you will never have serious troubles! If you show yourself that you have skills (not just luck) and make consistent profits than you can slowly build your base, but don't expect miracles.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  5. #5
    Legendry Member willyw's Avatar
    Hi Roman, welcome to BOTS. We sure will help you start your journey in Binary Options. If you have any questions please feel free to ask

  6. #6
    Senior Member DaVychi's Avatar
    Welcome Roman,you are in right place!

  7. #7
    Legendry Member milos's Avatar
    Welcome to Communitraders.

    How I can help you?

    Ask free.

    Milos

  8. #8
    Rookie Member Romaarn's Avatar
    Okane

    Thanks for your long response.
    I agree that martingale is just gambling, but what do you think about the reverse Martingale? Increasing the investment when trade expires ITM? I'm really confused by the risk management. Let's say I'm investing 10$ at a time. What if I lose trades? Let's say for instance, I made 20 trades in a week and I have 60% success rate. In that case, I won 12 trades and lost 8. The profit on the asset was 70%. By losing 8 trades I lost 80$ and by winning 12 trades I earned 84$ (12x7$). So by trading 20 times I earned only 4 dollars. And that only happens in case of having 60% success rate and I really don't have it atm. So here is the question: Should I continue doing so and just try to improve the success rate and find the more profitable asset or should I change my money management and follow some kind of trading pattern ? Is it realistic to have 60%+ success rate ? Can you tell me your success rate? (rough approximation would be enough if it's not a secret)


    The Youtube channel is great and it's really sad to see it doesn't have more views/subscribers. You really deserve that. Currently (because of your advice) I'm playing and replaying price action videos as I find them the best thing yet. I tried couple of strategies where you have to wait indicator confirmations and act accordingly but they come nowhere near the price action analysis. I think, becoming more experienced in that field is the way to go for me.

    I read T&C before depositing. It would be unrealistic if bonus had no strings attached. It could be so easy to earn otherwise. Deposit 1000, accept the bonus, withdraw 1500. repeat... No broker would do that. The bonus had to be wagered 35 times and I did that.

    I will start the diary at some point but for now, it's too early. I'm just scratching the surface...


    Kolyo
    Right now I'm too confident that if I put hard work and consistently try to improve my skills, after 4-6 months I will be able to deposit 1000$, accept the 500$ bonus and start earning 30-40$ a day (and gradually increase that by increasing the investment accordingly) . I don't want to have this kind of attitude and expectations because in case of the failure of my binary options enterprise, I will be devastated but I'm hoping and trying within my capabilities to avoid that scenario... Would you classify that as a miracle?


    Michael Hodges
    willyw
    DaVychi
    milos

    Thank you for your warm welcome. I wasn't really expecting so many responses but it seems I've found the great place and the greater people here.
    Last edited by Romaarn; 08-30-2016 at 07:33 PM.

  9. #9
    Moderator Kolyo's Avatar
    Hi Roman!

    It is not a miracle, but you have to accept that it is difficult and you have to improve your trading skills a lot to achieve such trading level and to be able to make it consistently. On your first question, maybe Okane will also give you an answer, but I will try to explain you in brief - if you know perfectly what your edge is, i.e if you know in which situations the odds are in your favor and in which they are not, then you can change your risk per trade accordingly and to improve your bottom line. If you don't know your odds in advance or if you think you know them but you didn't than the safest possible way is to trade fixed size per trade every time. Achieving 60% success rate is not difficult. If you follow simple strategies combined with a bit of price action and some basic understanding of market tricks you will be able to achieve it. There are people trading consistently with 70%+ trading edge, but in most cases it is nonsense to ask about win rate because it always fluctuates over time, there is no such thing like I have 65% win rate and that's it - forever... it always change, even the best traders have losing streaks, but they know how to manage them. Many years ago Soros said it is not important how often you are right, it is important how much money you make when you are right and how much when you are wrong! Hope this helps
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  10. #10
    Rookie Member Romaarn's Avatar
    Kolyo

    I got it. From now on my full time occupation is educating myself and improving my trading skills. I've taken a break from work and the next 6 months will only be dedicated to BO trading (working out at the gym is implied ). I think that time (if spent properly) is perfectly enough for becoming a profitable trader. If I manage to become one in that time, then I'll make a deposit and will make trading my source of income. If I fail to become a profitable trader in 6 months, I will not abandon my quest but I'll have to get a job as well and the time spent for BOs will be significantly less. So it's now or never. I've gathered a lot of books about trading ("Encyclopedia of Chart Patterns" by Thomas Bulkowski being my favorite so far), became a member of Communitraders' skype group, reading almost everything on this forum demo trading hours and hours. I'm totally in from now on and hope, it'll be worth it.

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