I am a 53 year old Irish man, new to trading and binary options. I have had a long-time interest in Forex and commodities and have, over the years, learned to spot the kind of macro political events that tend to influence their price. I am keen to try out BO and perhaps trading in general. I am a relatively cautious individual and have devised a trading strategy (limited initial investment, small percentage on each trade, control emotions etc etc) and my ultimate aim is a relatively long-term one - to make a little money to put aside for the weddings of my two daughters. I am not looking for a "get-rich-quick" scheme and an prepared to put in the time and effort to learn the markets, trading sensibly, etc.
I have tried many strategies using “Anyoption” (but want to branch out into other BO providers and am very grateful to BOTS for pointing out the reputable ones); with Anyoption i have been speculating mainly by trading Forex, technicals from FX Empire and Forexforpros and am trying to learn candlestickking. However I am barely managing to break even.
I'd be really grateful to anyone who remembers what it was like at my stage and could give me a few introductory pointers as to the best assets to begin to speculate on, the best time frames in which to speculate (I am keenly aware that the shorter the trading interval the more 'background noise' can affect pips and lead to a loss) and the best technical and other indicators to use in binary trading (I have been hoovering up the advice on BOTS - staying away from fast-buck schemes but feel I am constantly missing or misintrerpreting something).
Likewise, I have amassed quite a virtual library of web addresses and documentation for day traders and I'd be happy to share with anyone who might find them helpful (you might be able to get more advantage from them that I have been able to ).
Finally, I'd like to say that by following BOTS and having been directed to reasonable and straight brokers, you have already saved me money I might otherwise have lost by going with a cowboy operation - for that I am already extremely grateful - keep up the good work.
Hey Paul, great having you here.
We have a lot of educational articles and most of the ones written by me can help a new trader with strategies and tools. I'm not trying to advertise myself (lol) but check out the 2 articles on Japanese candlesticks as I consider they do have a lot of educational value especially if you are interested in candlestick formations. Last, but not least, please ask any trading related question and I will do my best to answer it or I am sure somebody else will do it if I am not quick enough.
All the best
PS: Breaking even for a guy new to trading is a really good acomplishment
Welcome Pauledo. It is the longest intro of this forum so far. Looks like u understand fundamental factors more than technical factors. As u said that u have not managed to breakeven so far, it simply means practice.
The thing is that u need to review ur own historical performance. If graph of ur historical performance is upwards then u r improving. But if it is horizontal line at any stage then u r most probably missing something. You can figure it out by googling and practicing.
Hi, Paul. Great to see other newbie traders here. I am still demo trade, with GCMBinary. Probably there is a better demo platform and if somebody know such I will be very happy if you share it with us.