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  1. #1
    Rookie Member

    Kendal is a girl's name too... I'm new and looking for a shoulder to peek over! !!!

    Hi! I'm a new trader (31 year old girl/woman from the states, right now stuck in France), I've been practicing on a demo account at 24option, and also a live account with the little bit o' money I have. From the $1100 I managed to get (after almost running out of the $500 they started me with and begging for more) I'm now over $1500, and in my personal account.... from the $500 I started with... well I got up to $550 after some loses but now back down at $283. sigh.

    I'm wondering if anyone out there with a good track record might be open to skyping with me while they trade and letting me tag along... watch the charts, make the same trades...? I just need a little help to earn enough money in my account to trade on my own without the threat of losing it all. I have a strategy, through my account manager, but he can't give me trades straight out... so annoying. I was on a pretty good winning streak but Friday and today just.... ugg. Only won when I reverted back to my demo account. SO! Is anyone out there open to chatting with me while they trade? :-) I would really really appreciate it.... I just need a hand to hold while I get better at this. I'm afraid I'll just run out of money before I have a chance to get better....

  2. #2
    Specialist Member TAllen1429's Avatar
    Hi Kendal,

    Glad you decided to join the forum and am sad to hear about your private account.

    However, nearly all of us have experienced the same sequence of results. Those that claim they have not are either geniuses or liars.

    In my personal opinion, the biggest problems with trading Binary options successfully is the grey areas surrounding this very intriguing subject.

    For instance, the black and white concepts are relatively straight-forward to address such as defining a strategy that is capable of detecting quality entry conditions. I not saying that is easy just relatively easy. Still demands skill of course. Even a simple money management policy can be activated relatively quickly.

    So, if that is the case what exactly goes wrong. Without stating the obvious, to be successful you need to secure a winning ratio over an extensive period of time. Now, this is a serious problem.

    For instance, many of us have won 10 -12+ trades in a row, only to then encounter a series of devastating losses paring all our gains or even more. Very demoralizing as you must have experienced after losing so much with your account dropping to $283.

    This secret is to determine a method capable of stopping you trading just before you are hit with a series of losses. How on earth do you do that?

    Well I can not only tell you how to do that but can also show how to explicitly do so. You could now ask if I possess such an all-prevailing technique why am I spouting my garbage on this forum and not swanning around in a sea of wealth. The answer is that my technique, which I learnt from professionals, requires that I aim for just a small percentage profit per day. That means that I will still need a couple of years to see my investment transform into a sizeable amount.

    In comparison, binary options has the ability to lure most traders into a odd state of mentality. The strategy that I use is structured on the following very basic observation. If you invested a sum of money with a large investment company, then you would be more than happy to receive a 2-3% interest rate per year. Yet with binary options, we all slip into a mindset that makes us consider a 10% increase over a few days from $500 to $550 as part of the course.

    This type of thinking then constantly exposes us to overtrading and consecutive losses. In a nutshell, we do not develop methodologies that can advise us when enough is enough. When do we decide that we will accept today's profit? What guidelines do we have in position to advise us when to do so? In comparison, by blindly trading onwards based on pure hope, we place ourselves at risk to suffer serious sequences of losses.

    The best way for novices to conquer such problems is as you said to look over the shoulder of an experience trader preforming live trades. I am presently considering how best to perform this task on this forum. However, the solution has evaded me so far.

    I would be more than happy to provide you with such a service for FREE but I need Martin Kay's permission to allow me to pass on my email address or Skype. As I think that this is such a great forum containing excellent threads serviced by impressive traders, I am very reluctant to take advantage of it in any way whatsoever.

    I apologize for such a long thread but I hope you find it useful.

  3. #3
    Rookie Member
    Hey, T :-)

    You know, I don't know if this is realistic (tell me if not) but I'd be happy if I could just gain $50 a day. For a few days, I was on a trading roll, lots of success, doing well. Then I sucked. So even though I was doing fine before, I've gotten a little timid, which is probably for the best... trying to be even choosier with my trades, picking ones I have more confidence in. But I'm still so low on the dough. I do have a plan that my manager gave me but it involves multiplying losing trades by 2.42 and well... on my budget you can't do that after one or two losses. lol. so then I get stuck. But because, as he pointed out, I've never lost more than 5 in a row (and usually it's just one or two), it should work for me - had I the funds. So yes... I want to look over someone's shoulder and build my balance back up with baby steps... is there any way for you to send me a private message?
    Last edited by Kendal; 10-06-2013 at 10:30 AM.

  4. #4
    Specialist Member TAllen1429's Avatar
    Hi Kendal,

    Again, the following comments are just my opinion. I do not think that your 24options manger is providing you with the best advice.

    The first thing that traders do in an attempt to reduce the possibilities of sequences of losses is to start tinkering with their strategies. However, although this can help you must understand that all strategies will produce losses because the financial markets produce such complex price waveforms. As such, modifying strategies is not the final solution.

    Another idea to solve this problem is to start deploying concepts such as increasing the size of your bet after each loss. This method is nothing more than a martingale strategy which is practically suicidal when trading binary options. What happens if you experience more than 2 losses in a row? This can definitely happen as many traders on this forum will confirm. There are some great threads on this forum already discussing this hideous strategy. I cannot believe that your account manager proposed such a way forward.

    I have outlined my own methodology to deal with these problems in my previous thread albeit in the most simplest form. One of its principle features is that it does not require a large sum of money to operate. Your $283 is more than enough. I will have a word with the BOTS management to ask their advice on the best way forward. I will probably do this tomorrow now and then get back to you.

    I produce daily tips for this forum which I try to release before 8.30am EST every morning. You can always contact me on that thread, if need be.

  5. #5
    Specialist Member TAllen1429's Avatar
    Just one other point.

    You mentioned a $50 per day target. The methodology that I deploy does not use such a parameter as a central component.

    The primary task is to prevent sequences of successive losses. If you aim for such a profit per day, your account balance could be placed at excessive risk as you have already experienced.

    Indeed, sometimes $50 or more could be achieved but that would be as an end result and not the primary objective.

    In contrast, my method attempts to make time and compound interest your new best friends when trading binary options.

  6. #6
    Rookie Member
    I'll go find your thread of tips. :-)

    So how long would you trade for in a day? I mean you're aiming to grow your balance, right? How do you know when to call it a day? Maybe your thread will make it more clear to me. :-) I'm very interested in learning how I can do well with my tiny account right now. It's weird, I'm doing great with the demo account. But I started with more. $1100. Today I'm over $1600. :-P

    Quote Originally Posted by TAllen1429 View Post
    Just one other point.

    You mentioned a $50 per day target. The methodology that I deploy does not use such a parameter as a central component.

    The primary task is to prevent sequences of successive losses. If you aim for such a profit per day, your account balance could be placed at excessive risk as you have already experienced.

    Indeed, sometimes $50 or more could be achieved but that would be as an end result and not the primary objective.

    In contrast, my method attempts to make time and compound interest your new best friends when trading binary options.

  7. #7
    Specialist Member TAllen1429's Avatar
    Hi Kendal,

    You have identified a number of important points which I will try to address one at a time.

    1. As many BOTS traders will agree, trading a demo account is completely different from a live one. Again, you can find a number of interesting threads about this subject on BOTS. Success is much easier to achieve in demo mode, maybe because you can adopt a more gung-ho approach. In contrast, live trading can be gut-wrenching. In fact, you appear to have already experienced this difference. I have to admit that I actually 'threw-up' a number of times in my early days.


    I only mentioned my 'Daily Tips' threads as another way to contact me. I have not introduced my methodology in them to date. The trading strategy that I use with my methodology is completely different as well. The main purpose behind the Daily tips is to cover intra-day trading. This is because there are many excellent pros on BOTS already dealing with the longer time-frames. Their advice is well-worth reading and of high quality.

    My methodology will require that you adopt a total different mindset from the one you are presently using. For example, if you are aiming to achieve a $50 per day profit with a balance of almost $300, then you will run into problems sustaining that growth level. This is because you will be looking for a growth rate of about 16% per day. To achieve this ambitious target, you have basically two standard approaches. You could bump up the amount you risk per trade but that could easily lead you to overtrade and all the associated problems.

    Alternatively, if you deploy a lower risk level then you will need to achieve many small wins per day in order to attain your objective. However, the more you trade, the greater chances you will have of encountering a series of losses which could easily pare any gains that you have achieved during a day plus more. I have found that neither of these approaches works over the long-term. Perhaps, other BOTS traders have had more luck.

    So, to resolve such problems, I have devised a scientific formula that helps provide me with well-tested guidance to know when I have traded enough for one day by providing me with the optimum chance to record a profit, albeit small sometimes. As I mentioned earlier in this thread, I had significant help from other professionals to help me develop this methodology. In fact, I did not originally fully grasp the nature and importance of this problem until they advised me what it was all about. Even with small profits a day, compound interest helps my account to grow. For example, if a 2.5% profit per day is earned every day, then a balance of $300 will increase to over $180,000 in a year.

    Anyway, BOTS management has given me the go-ahead to contact you. My wife, Chrissy, has identified your web-site, etc. using your Google details. However, before I do so, please be aware of the following important points.

    1. I will provide FREE assistance to you as an independent advisor and not as a BOTS representative. I will, however, keep BOTS informed of progress, etc.

    2. Please be aware that as Binary Options is a high risk investment, you should never risk more than you can afford to lose.

    3. You will need to change your binary options broker. This is because the one that I use provides more advanced tools than most others. They also adopt the strange attitude of doing everything they can to help their clients succeed. Yes, amazing I know but true. As I have a system already set up based on this broker, I do not want to attempt to generate a completely new platform. This will involve a lot of time and additional expense, which I am just not willing to accept.

    If these three points are ok will you, then give me the go-ahead and I will send you a message.

    If any others are interested, then please let me know and I will see what I can do.

  8. #8
    Rookie Member
    OK, yes, let's talk about this. :-)

  9. #9
    Specialist Member TAllen1429's Avatar
    Hi Kendal,

    i have sent a message to your website.

    Please let me know if you have not receive it.

    Terry

  10. #10
    Senior Member Deanfx's Avatar
    It will be great if you continue to update this thread with the progress of this project. Interesting to follow how a wining strategy could be implemented in a real trading account.

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