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  1. #1
    Rookie Member

    Thinking of starting my journey in Binary Option (Hello) !!!

    Hello,

    I am 32 years old from United Kingdom and I am an engineer. I am thinking of starting my journey in trading either in Binary option/forex trading. First I would start with Bot School and read books like candlesticks.

    I want to ask all the senior traders. Is it possible to become profitable with binary option if I trade between say 18:00 to 0000 GMT. I want honest opinion here? I want to keep my 9 to 5 job and trade in binary option when I have finished work.

    Is this possible? I don't want to learn something like binary option which will take a considerable time (like in school) if this won't be profitable.

    Can some senior traders with experience in binary option/forex trading give me some advice?

    Thanks

  2. #2
    Moderator Kolyo's Avatar
    Hello binaryboi,

    Welcome to CommuniTraders! Trading part time is possible. US trading session is also good for trading and it has enough volatility. If you trade between 18:00 and 22:30 GMT it is ok to trade. Later on the volatility drop significantly and the market is "slower". You have to decide what type of trader you prefer to be, day trader, swing or position trader. It all depend on the time frame you are most comfortable.

    Finally you want a honest opinion will you be able to become profitable. I can't answer this question directly because it all depends on your personality. If you want to know can you become a pilot, or IT expert, or lawyer do you expect someone to give you a direct yes/no answer? It's not possible. The statistic says only 5-10% of traders become profitable, only 1% become really great traders. It may take few thousand hours of study and practice before you gain experience. The only thing I can say is that it is worth to try and invest such amount of time and efforts only if you are truly interested in the markets, world economy and politics. If you like following trends and drawing charts. If it is fun and pleasure to trade than your chances are high, otherwise if you are searching for quick money better stay away
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  3. #3
    Legendry Member Okane's Avatar
    Well. Here is the problem...
    No one can say for sure that YOU will become profitable.

    I mean, I have met people who within short time could generate great profits but also constantly meet people who have been
    at it for years with no success. My success rate is not an indicator for your success.
    However, since I also teach price action I know from statistics (observing the students) that those who try hard and learn it, actually do earn (so long as they are able
    to also control their MINDS and stay cool).

    About your job - KEEP IT. So long as you have a fixed income it's easier to stay cool when trading. No income means you can easily panic if you have a bad day/week/period.


    So, you might find your answer not now but maybe in a year or two or three. Most traders need a few years to mature.

    First period is confusion - looking for holy grail stuff (even now you might think "but I am not looking for that" - trust me, you are and you don't even know it yet) - It's a phase, we have all been there, no shame in that!

    Second period is, if you are lucky guy, well you are here so I consider you lucky - this is a great place to start HURRAY! So, second period is when you finally get on the right track and realize
    you "just" need to gain skills, get experienced, get enough hours in front of the monitor and understand how trading works = you understand it's hard and what you need to focus on learning and that what
    you don't even know how to learn will come in time.

    Third period is the mental part. OOOOOOFFF This is so damn hard! You might be able to clearly read the markets, find patterns and most of your trades can be profitable but if you mess up the mental part you are still gonna go home a loser. Why? Well, it's a phase you have to cross but this is the part that controls your emotions, your money management, your risk, your greed and your "strategy".

    Fourth period comes after a "long period". This is a more mature trader (unless you already gave up during one of the previous steps which MOST traders end up doing).
    This period is when you think like a trader. You are not thinking winrates and wins and losses and how much can I make and which strategy and you know, the typical newbie insecurity period is over and your mind is at ease, you trust yourself and what you have learned through hard work and trial and error. Your blown accounts do not haunt you anymore hhahaha.

    You are not nervous when trading because you know you are good at it and even if you lose 10 in a row you are gonna come back strong. You know because by this time you have already
    experienced it and you have managed. Your money management works, your charting skills are amazing and you adapt to any market condition and know when not to trade (not always of course but most of the time!)

    Anyway, that's not just an opinion, I guess this is a true experience but also an observation of the many others here in the forum
    Last edited by Okane; 05-06-2017 at 03:35 PM.
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  4. #4
    Senior Member Ingmar's Avatar
    welcome to the community binaryboi

  5. #5
    Legendry Member willyw's Avatar
    Hi binaryboi, welcome to BOTS.
    What i want to tell you Okane have already mentioned. Be patience to learn the skill and art of trading. Your hardwork will be rewarded

  6. #6
    Legendry Member milos's Avatar
    Welcome to Communitraders!

  7. #7
    Active Member denfion's Avatar
    Hi Binaryboi, I have sent you a PM regarding your tradings.

  8. #8
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by denfion View Post
    Hi Binaryboi, I have sent you a PM regarding your tradings.
    no need to PM, just share your tips and advice here in the journal for all to see and benefit.

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