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  1. #1
    Junior Member

    Hello! Glad to have found this! !!!

    My name is Shawn, and I'm pretty new to binary options. I have already lost most of my initial deposit, but have learned from my mistakes and am building it up again. I have a goal of trading full-time within a couple of years. I look forward to sharing with and learning from you!

  2. #2
    Moderator Kolyo's Avatar
    Quote Originally Posted by BinaryTango View Post
    My name is Shawn, and I'm pretty new to binary options. I have already lost most of my initial deposit, but have learned from my mistakes and am building it up again. I have a goal of trading full-time within a couple of years. I look forward to sharing with and learning from you!
    Hi Shawn,

    Welcome to our binary options trading community! It is a long way to make the full transition from beginner to full time trader and you are right it will take you a couple of years, but if you share your progress and discuss with all the other traders you will improve your skills much faster. Take the best of all the resources on the BOTS site and forum and enjoy your days while mastering trading!

  3. #3
    Specialist Member marvel's Avatar
    Hello Shawn,

    Where are you from? You are very welcome in our Trading Community! We will try to help you with everything necessary to succeed!

  4. #4
    M.J
    M.J is offline
    Veteran Member M.J's Avatar
    Quote Originally Posted by BinaryTango View Post
    My name is Shawn, and I'm pretty new to binary options. I have already lost most of my initial deposit, but have learned from my mistakes and am building it up again. I have a goal of trading full-time within a couple of years. I look forward to sharing with and learning from you!
    Hello and welcome BinaryTango.
    How about ur trading style so far? I am really interested in knowing reason of ur failure in binary options? Most of the times it is just lack or patience and lack of discipline. Was it the same in ur case?

  5. #5
    Junior Member
    Quote Originally Posted by M.J View Post
    Hello and welcome BinaryTango.
    How about ur trading style so far? I am really interested in knowing reason of ur failure in binary options? Most of the times it is just lack or patience and lack of discipline. Was it the same in ur case?
    Yes, it was. Lack of patience and discipline are the major factors in why I had such losses. I went against my own instincts and tried trading reversals instead of doing what has worked for me in other investing: Invest with the trend and don't try to second guess the market. Frankly, I was just being stupid. I started off with a very small ($50) deposit to play with this and still be using actual money, since I know that trading decisions made in a demo account are different than the ones made with a live account. I tried doubling-down when I lost trying to recoup some of my investment. Then, I had a losing streak, again by not following the strategy I know that works, and suffered bigger losses. So, in short, poor money management and trying to reinvent the wheel = well-deserved losses.
    Last edited by BinaryTango; 04-25-2013 at 05:04 PM.

  6. #6
    Specialist Member runneroption's Avatar
    It happens sometimes.. especially if you use bad money management. All sorts of martingale money managements are bad, as they soon or latter lead to big loses. If you play safe without changing your bet size and if your bet is not bigger than 5% of your investment you will see very difficult to lose all your money.

  7. #7
    Junior Member
    @runneroption You are correct. I now have a very strict policy of not betting more than 5% of my current reserves.

  8. #8
    Senior Member Deanfx's Avatar
    Welcome BinaryTango,
    Great to have you on board! We have here traders on all the different levels of trading experience from novice to experts with more several years of successful track record. I am still learning but I already feel that my trading is greatly improved since I started. The most important when you still learn is to trade with the most restrictive money management possible. I have a 1000$ Silver trading account with StockPair now and trade only with the minimal amount per trade of 25$. That is 2.5% risk per trade. My biggest drawdown till now is 5 consecutive losing trades which cost me 125$ or 12.5% and that really is something that could be accepted. For now my win percentage is not very good – something about 53-55% wining ratio, which is exactly break event but I am trading more and more selectively, searching for only the best of the best opportunities and I could say it really pays off massively.

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