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  1. #1
    Junior Member

    How should i start? !!!

    So i have been looking at a lot of strategies and also finished the trading school on Binary Options That Suck. After reading so many strategies i am a bit confused as to what i should actually do? There are so many strategies and so many different currency pairs, indices, etc. to trade (i'm interested in binary options).

    Should i demo trade different strategies and see what i like and am successful with? Should i focus on just one Currency pair or like just the forex market or stock and no indices and commodities? I also realised that it is a bit 'boring...?' to stare at even 5 minute candlesticks since they update slowly, so i was wondering how do u make it more exciting (u cab't really watch videos or anything while looking at 5 min charts for signals and entries can you). If i watch like more than 5 charts at the same time it is also a bit hard to multitask.

    Recently i have just been trying out strategies on a demo account and i have had varying success for different strategies. I'm also not sure if i am supposed to just copy the strategy or like invent my own? Or modify it since i don't have much experiences with different settings of the various indicators, I also do not know much about many of the more uncommon indicators which appear in some of the more popular strategies in BOTS or this forum (For example the Getsugo Tenchi one which uses some of the less common indicators i seen like HAMA)

    Basically i'm just a bit lost as to what i should proceed with doing right now. I know i have to trade on demo accounts and stuff but not sure what i should try or proceed to do in becoming someone who knows his shit basically.

    P.S This is my first post. Yay

  2. #2
    Legendry Member milos's Avatar
    Welcome to Communitarders!

    You can start CT demo account trading. Try to create own trading strategy and time frame expiry. At the beginning 5-15 time frame expiry.

  3. #3
    Legendry Member Okane's Avatar
    Hey welcome!

    These are good questions because it means at least you are realizing how hard it can be without proper education!

    So, a few things you need to understand, a strategy is like a tool.
    The trading itself is the art. So you first need experience on reading charts. Of course, in the meanwhile
    you can educate yourself on indicators and look at different categories like oscillators and moving averages (trend)
    and learn how they work but you must also learn how to actually read the charts.

    What I recommend for trading Binary Options is that you pick one asset to begin with cause you are new and you don't want to confuse yourself.
    Pick a currency, because currencies pay most and are most volatile which is good for trading = more action and more payout is what you want.

    Next regarding things being "slow". Well dear, this is a business, trading is hard and requires patience, if you thought you could get online 10 minutes and
    make 3K then maybe this is not good for you. However, I often watch charts while I watch movies or chat with friends or even write here to help or write articles you may have
    found on the site. So multitasking is possible and I don't have to watch EVERY candlestick... I set up my targets and know "ok if it gets there and all looks good I will take the trade... now back to whatever I was doing".

    Once you get experienced however, you will sometimes find good trades shortly after opening your charts so it's not all waiting... You will also learn how to take
    trades on multiple timeframes based on various expiries so you will have more choices but also more assets to trade on.

    So, should you create your own strategy? Well, first you must know how trading works, what you need to find on the charts. You also need to try various strategies first.

    Anyway, I strongly recommend you join one of my free webinars - there is one next week!

    You should also start learning what price action is, all pro traders rely on price action first. Here is an article on price action and inside you will
    find a video I made but I have plenty more videos regarding price action in a playlist and some good strategies to try for demo trading while you learn.

    Anyway hope to see you during the webinar!
    Live Webinar: Hidden Content
    Join My Skype Group: Hidden Content

  4. #4
    Junior Member
    Quote Originally Posted by Okane View Post
    Hey welcome!

    These are good questions because it means at least you are realizing how hard it can be without proper education!

    So, a few things you need to understand, a strategy is like a tool.
    The trading itself is the art. So you first need experience on reading charts. Of course, in the meanwhile
    you can educate yourself on indicators and look at different categories like oscillators and moving averages (trend)
    and learn how they work but you must also learn how to actually read the charts.

    What I recommend for trading Binary Options is that you pick one asset to begin with cause you are new and you don't want to confuse yourself.
    Pick a currency, because currencies pay most and are most volatile which is good for trading = more action and more payout is what you want.

    Next regarding things being "slow". Well dear, this is a business, trading is hard and requires patience, if you thought you could get online 10 minutes and
    make 3K then maybe this is not good for you. However, I often watch charts while I watch movies or chat with friends or even write here to help or write articles you may have
    found on the site. So multitasking is possible and I don't have to watch EVERY candlestick... I set up my targets and know "ok if it gets there and all looks good I will take the trade... now back to whatever I was doing".

    Once you get experienced however, you will sometimes find good trades shortly after opening your charts so it's not all waiting... You will also learn how to take
    trades on multiple timeframes based on various expiries so you will have more choices but also more assets to trade on.

    So, should you create your own strategy? Well, first you must know how trading works, what you need to find on the charts. You also need to try various strategies first.

    Anyway, I strongly recommend you join one of my free webinars!

    You should also start learning what price action is, all pro traders rely on price action first.

    Here is an article on price action and inside you will find a video I made but I have plenty more videos regarding price action in a playlist and some good strategies to try for demo trading while you learn.

    Anyway hope to see you during the webinar!
    Hey thanks a lot for the help! I may not be able to see the webinar live because I live in GMT+8 but I'm pretty sure youtube uploads livestreams automatically from what I've heard so I'll definitely watch it (I've suscribed ) So before studying about forex and BO I read about stocks so I learnt about price action from different books and articles (I switched because stocks require quite a huge capital to make money with appropriate risk management).

    Now that I think of it many strategies I've read for BO rarely mention price action so I was wondering if I should pay attention to price action more and should I always make sure all of the entry criterias for the strategies are fulfilled if price is reaching support and the indicators are lacking behind abit which may lead to a worse entry. Also should I only demo one single strategy per session of trading since signals may only come after a few hours (I only have 1 to 2 hours a day for demo trading and I realised sometimes that for all the entry criteria to be fulfilled I don't get to trade at all, maybe im too paranoid...)

    Also, I realised many of the articles I've read on BOTS are from you so thanks a lot for your contribution, I've learnt a lot

  5. #5
    Legendry Member Okane's Avatar
    Yes, many strategies rarely mention price action because they are mechanical strategies.

    The difference between a price action based and a mechanical strategy is (if it's not obvious already):

    A: Price action based strategy requires some charting experience, it focuses on the actual market
    and the targets like support/resistance/Trends/patterns/volumes/correlation/convergence of timeframes and indicators etc...

    B: Mechanical strategy: Take a call when indicator x is oversold and moving average is below candles...

    So now you see why one is better than the other and why one lasts longer and is more profitable then the other, need I say which?
    Live Webinar: Hidden Content
    Join My Skype Group: Hidden Content

  6. #6
    Moderator Kolyo's Avatar
    One - two hours a day is totally fine if you are learning on demo. Trading should be easy and relaxing, not stressful like full time job. Best results are achieved when you combine a rule based strategy or mix of strategies with your own knowledge and discretion. If you are not 24/5 in front of the screen you will of course miss many trading signals and opportunities but there are even more coming next. Best is to forget about the past and focus on present. You won't take every trading opportunity, your aim will be to take only best of the best setups and grow on them.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  7. #7
    Legendry Member willyw's Avatar
    Yes, Kolyo is right. Spend a couple of days per day and try on demo before jumping into live trading

  8. #8
    Solid Member Trapped's Avatar
    Oh... the beginning is probably the most difficult and tricky thing) Usually 90% of newbies leave after their first failures at the start...) The main thing is not to give up and move forward!

  9. #9
    Junior Member
    Just trade for a little while on a demo and choose your strategy and style of trading, and then switch to a real. I can tell you which pair to choose for trading. You can confidently start trading on all and wherever trading works out best, is where you should trade.

  10. #10
    Solid Member Trapped's Avatar
    The first thing that we should think about is a minimal deposit, which you are ready to use in trading, then choose the correct broker and go for it)

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