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the exile 12:31 Fri Nov 4
Binary Options

Does anybody on here do this? For the benefit of those who have no idea what it is, it's an online method of trading (betting) as to whether, over the space of anything from a minute to a month, the price of a share, a commodity or one currency against another, is going to go up or down.

I've only been doing it a few weeks and it has been a massive learning experience. Yes, I lost a bit of money at first, but I'm playing safe and only trading very small amounts while I learn all about it. I've improved a lot and now winning far more trades than I lose. I think in time it could be a significant way of earning some extra income.

Thing is, it's a world full of scammers and cunts but if you know where to look, and this can take a bit of time, there are plenty of decent sources of guidance. I'd be interested to hear about anyone else's experiences and views.

Turpinator 8:02 Sun Nov 6
Re: Binary Options

Sydney. Apology accepted. You're correct that it's not for everyone,whatever the level of mentoring,or the power of the method. They will second guess, break the rules and go off track. I've mentored professionals and beginners for more than 20 years and there are a few takeaways. Professionals commit to reading my books first and only then can they spend the 3 days with me which they also pay for. The higher the price you charge the more value they put on what you are going to teach them, and the more committed they are. Then they are customers pretty much for life or until they retire. Beginners want to reach the finish line immediately and even if they read the books I then interview them and there are a few red lights that signal to me that I can't mentor them . Most just see Dollars and don't think of the consequences of having a poor month or even quarter. They wouldn't just kick the cat, I used to teach in many of the arcades around the globe and saw first hand how few pit guys made the transition. I also learnt that there was no template for what made a successful trader. It certainly has nothing to do with education. Of the beginners or retail I've had they normally found me after losing badly and needed to be deprogrammed which is no easy task as it means admitting some big flaws in their character. Normally they have been highly successful in something else and think they have the right to be successful in trading. Such are the flaws all I can do with them is stop them losing, but cannot get them to allow themselves to win. They don't know it but they win by losing. Somewhere i wrote that you can give a bad method to a great trader and he won't lose much, but you can give a great method to a bad trader and he'll lose his shirt. Technical Analysis is a support structure for great traders and an excuse for poor ones. That's why with what I've launched is so much geared to a long term plan, with modest expectations, a small amount of time looking at a screen on data that is delayed so they can't watch every tick. With risk strictly controlled and positions limited, and mentoring they have a better chance than the vast majority of stuff that's out there if they maintain commitment.

Sydney_Iron 5:56 Sun Nov 6
Re: Binary Options

"I wondering whether someone who gambles say on the horses, fruit machines or other in the betting shops would make a better trader?"

Not in this day and age I wouldn’t think, its more so than ever about controlled risk, discipline and patience, gambling really doesn’t come into the equation if you want to be successful in the long run.

Back in the floor trading days, maybe a different story, just being on the floor gave you and edge, but it was a very different ball game, you could feel the market as it twisted and turned and almost ride on its coat tails, but most (with a few notable exceptions) of the traders never made the transition with any success to computer based trading, that big brash, loud maverick type individual that was dominant on the floor and is still associated as your stereotypical trader was like fish out of water when it came to screen trading.

Give it a go though, successful people these days come from all walks of life, often very quiet and unassuming, also intelligence or education wont help much IMO, you can either trade or you cant, one the most successful traders I know was a chef before taking an interest in trading, and you don’t necessarily need to be savvy in finance.

Good luck

J.Riddle 3:49 Sun Nov 6
Re: Binary Options

Sydney_Iron 3:44 Sat Nov 5

Thanks for that Sydney, interesting to hear honest opinion from someone with experience of trading. I will definitely have a dabble at some point and will look at futures as you recommend. I have always fancied trading and take an interest in economics, but I am a realist and doubt I will make much. Preferably not lose too much. Probably why I have not started and have been uber cautious.

I have heard what you say being said before regards trading mentality. Demos accounts don't offer the real trading experience as you must put your own hard earned on the line to experience the emotion of losses and wins. Nothing can prepare you for this. This all makes sense.

I wondering whether someone who gambles say on the horses, fruit machines or other in the betting shops would make a better trader?

Sydney_Iron 10:44 Sat Nov 5
Re: Binary Options

Turpinator 12:34 Sat Nov 5

As someone I like to feel If im wrong i will say so, and maybe a bit unfair of me to comment on your trader education program without actually knowing much about it, unfortunately I have seen too many get rich quick, guaranteed success trading educators come and go, even some registered with ASIC, but I apologise for insinuating that you to are in the same boat, I do however remain sceptical, not as to your honesty but to the ability to train complete novices to become traders, to me a trader has to have a certain mindset, just as a footballer needs the required skills to be a professional and all the very best coaching wont give either the end result unless they have that initial in built mind set or ability.

Even Mechanical systems which it sounds to me like you train your traders on are not fool proof, yes only takes a few minutes each day once set up, and I trade a few myself, but people will still tinker and try and second guess or over ride the system particularly when in drawdown or set ups are a bit thin on the ground, rather than be patient and look at the big picture, I bet if you gave 100 people a guaranteed proven trading system and trained them how to use it, in 12 months only a handful would still be trading it, the handful that maybe do have what it takes…

Turpinator 12:34 Sat Nov 5
Re: Binary Options

Sydney. as someone whose been on this forum for over a decade I'm hardly going start scamming fellow hammers as you insinuate. I appreciate that this world is full of scams but I've been in the professional world for 35 years, spent a ton of wedge and time bringing this to fruition and the 4k is for the software, not the education. Education support is unlimited until people are comfortable with what they are doing. We are regulated by the Australian equivalent of the Fsa, and have had compliance approval. The concept was to take what my professional traders use from me and simplify it into a process that someone with no experience can understand. And yes it's not total fucking bullshit that you can make money on less than an hour a day. Trading daily data as our apprentice videos testify they were spending 15 to 20 mins per day. it's not a great rich quick either. We are looking for returns of 10% to 15 % per year, risking no more than 1% per trade and having no more than 5 positions. It's a long term 10 to 15 year commitment by them to take control of their future. I'm more than happy to webinar jam, google hangout, skype share send you our weekly hangout links to you or anyone else to alleive your concerns. The fact that we offer a 60 day money back guarantee, no questions asked as the website states I think shows a level of integrity. You could just buy my first book and then you would see exactly what its all about and how unique my approach is. It costs professional traders 25k a year to get my stuff, so at 4k for life I think that's a bargain and people have nothing to lose. When regulated you can't start not giving people their money back . You end up in jail.

Sydney_Iron 3:44 Sat Nov 5
Re: Binary Options

J.Riddle 12:33 Sat Nov 5

A decent wedge would be about US$10,000; you could trade 1, maybe 2 of the smaller index futures markets with that, so considerably more than Spot FX, I would go for the Eurostox 50 at 10 euro a point on 1 contract, nice sedate market most of the time, although has its moments, forget the binary bollocks and the spread betting though.

A few tips on trading though, its all about losing, the winning is easy but the losing can be gut wrenching and play havoc with your emotions, trading is a bit like being a pro footballer, how many of us would have given anything to play for a living, but how many of us had the ability and then those who did how many could play in the Premier league???? Most of us wont, and then of those of us that do have some ability, for every Wayne Rooney there are thousands out there making a living in the lower leagues and a good portion make little more than the average wage, but eventually give up, retire or just lose the ability…………that’s trading for you!

Plenty of free stuff about learning to trade FX or futures on the internet, try a site called baby pips for starters, sure Turpinator won’t appreciate it but courses like his that I note cost 4 fucking grand!!!!! Wont give you much more than what you can find yourself with a bit of a Google, trust me those so called educators come and go just as quickly, my problem with these so called guaranteed success educators is that if they are so fucking good why aren’t they just trading it themselves and living the easy life, if I had something that good I would not selling it for any amount of money or dealing with the general public who come in with fuck all knowledge and expect instant success.

Good luck on the journey though, odds on you wont make it but you never know, you may be one of the few that can, I gave it my all and did well for a few years, would be playing in the conference or Div 2 in football terms!!! But eventually it drained me mentally, still trade but not on a full time basis and only on a small scale, fuck the cold sweats, the minutes that felt like hours, the sleepless nights or dealing with frantic brokers screaming down the phone to either get into or out of a position as markets went into a frenzy, or going ape shit when the internet went slow or an ISP or PC had a glitch and you had a position in play.

J.Riddle 1:36 Sat Nov 5
Re: Binary Options

Cheezy yes the tax free bit I like, but isn't that gambling..oh wait :-)

Cheezey Bell-End 1:30 Sat Nov 5
Re: Binary Options

I signed up with Etoro, but don't like their charts. Their social network could be handy, but I won't bet on there.

Cheezey Bell-End 1:26 Sat Nov 5
Re: Binary Options

If you spread bet on the markets instead of actually trading, you don't have to come in contact with these undesirables, plus the winnings are tax free.,

J.Riddle 12:37 Sat Nov 5
Re: Binary Options

Etoro is the West Ham sponsor based out of Cyprus, although looked into them years ago. You basically copy traders in the social network, although again you can copy traders and lose because past gains are not an indication of future gains.

J.Riddle 12:33 Sat Nov 5
Re: Binary Options

Thanks for the link Sydney, I will have a look. I agree things change fast. I will look more into futures although I will need to get some funds together first. What is your definition of 'decent wedge' as a small start up in futures, if you don't mind me asking?

Sydney_Iron 12:24 Sat Nov 5
Re: Binary Options

J.Riddle 12:08 Sat Nov 5

Heard of Etoro but never really followed it, but check out this site for subscribing to different systems etc, don’t use or subscribe to any myself I should add, what has struck me though from looking every now and then is most if not all these systems don’t last long, or eventually have horrific drawdown, think that is indicative with trading in this day and age, everything is quickly arbitraged out….to be a success you need to change and adapt quickly which again makes it very difficult

https://www.mql5.com/en/signals

FWIW, Futures is the most level playing field when it comes to trading, transparent and exchange traded, but to trade a basket of contracts or even one of the main stock index markets you need a decent wedge, FX on the other hand you can start small

J.Riddle 12:08 Sat Nov 5
Re: Binary Options

Wise words Sydney, not that I know much about these things. However I did have a look into Binary Options but concluded the same. Odds are better putting your money on red at the roulette wheel or tossing a coin.

I also looked into FX and there seems to be mass of scam brokers and training courses for this also. I am not convinced money can be made trading privately from a home pc considering you will be trading against the large banks and interdealer teams, using arbitrage, algorithms, robots. The more I read up it seemed many were scalping to make it work, but it involved being glued to the screen long hours lots of small margins, can then see the benefit of algorithms, but another kettle of fish.

I have a few questions if anyone can advise, would be very interested thanks.

Even if you use a decent broker what would be best for the novice to trade FX spot, options, futures? Should one hedge as a tactic when possible? What about social copy trading Etoro?Is it possible to get decent honest professional training in a real live trading floor environment without being fleeced, with the exception of learning as you go?

What about social copy trading Etoro?

Ronald_antly 11:13 Fri Nov 4
Re: Binary Options

Squiddly

I don't like Forex.

I much prefer Fosters.

Sydney_Iron 11:07 Fri Nov 4
Re: Binary Options

whu&eng1 6:22 Fri Nov 4

Was going to whomail you, but for anyone else who may get there radar up………

Be very wary of what Turpinator has posted a link too……its in Oz and I have never heard of this site, not going to says its bullshit (as I don’t know) but………… plenty, if not most out there selling the unachievable dream. The idea is that after going through their course you'll be able to supplement your existing income through trading and its gong to be a piece of cake and most likely only take less than an hour per day. Total fucking bullshit.

As someone who has traded futures for a living, its hard very fucking hard, imagine going to work and not earning any money some weeks or months or longer, then imagine going to work and losing money as well, having no idea of how much you will earn or lose, well that’s just the beginning………all those glossy brochure of people sipping a coffee on there yacht with a carefree smile on there face as they look at there laptop is pure fantasy.

Not saying it can’t be done but those who make it are few and far between, particularly now in the online trading age, instant information and high frequency trading algorithms.

If you do want to trade then forex is as good as any to start small, but just remember you need to be big enough to feel the pain when you lose, don’t fuck about with demos, IMO it wont give you any pain and it’s the fear and pain you will need to overcome if you really want to trade, before you start understand what POSITIVE EXPECTANCY is, as that’s what you want, how many you win or lose is irrelevant to a certain extent, most successful traders win only 40% or less of the trades they place.

Find a decent FX broker, don’t fall for the commission free bollocks, there spread mark ups will see you paying far more, Pepperstone are ok I have heard, as are Interactive brokers, who are probably the best, they have minimums though and fees if you are inactive but this is the firm many professionals use, although Aussies cant use there FX, fucks knows why, I still use them for futures and can say in all the years I have been with them, never had a problem.

Sydney_Iron 10:17 Fri Nov 4
Re: Binary Options

As Gank would say, this has fuck all to do with West Ham.

But......................................


Don't be lured into binary options scams

Binary options involve predicting the movements of commodity, asset or index prices over a short time. Although they may be a legitimate financial product with many licenced firms trading in them, binary options are speculative, high risk products that are almost impossible to predict, even for professionals. There are groups of scammers who use binary options to steal your money.

These scammers use high-pressure sales tactics to try and convince you to invest in a trading account, making claims that the system is simple and high profits are guaranteed. If you agree, they direct you to a website with a login, account details and the trading platform. They put your money into the account and demonstrate a number of successful trades to encourage you to invest greater sums of money.

Once invested in the scheme, victims have reported that their money begins to disappear quickly. When they try to withdraw from the scheme, they find it impossible to get their money out of the account. The scammer does everything they can to keep the victim in the program but inevitably they stop taking the victim's calls and, after a short period of time, it is common for the firms to disappear.

If you receive a phone call or see an online ad offering binary trading be very cautious. Do your research on the offer and the company. Don't agree to anything straight away.

How these scams work

You receive a call out of the blue offering a secure investment with fast, high returns. You might also come across these scammers through social media or online ads.

The scammers have professional looking websites to help them appear legitimate, usually with a login process, personalised account details and a trading platform.

The victim invests money into the account and either the victim or an agent attempts to guess whether a particular commodity price will go up or down over short intervals.

If you guess correctly, the account is credited with a small return. If you guess incorrectly, you lose the entire amount placed. The odds are stacked against you so it is very likely that you will lose over time.

When you attempt to withdraw money, you find it almost impossible to do so and often lose the entire investment.

Binary option scammers will also ask for personal information, claiming they need it to transfer money or that it is required for anti-money laundering purposes. Providing this information can leave you open to identity theft.

whu&eng1 6:22 Fri Nov 4
Re: Binary Options

Turpinator.. pretty impressive. See whomail.

Turpinator 6:06 Fri Nov 4
Re: Binary Options

I'd steer clear. It's for professional traders only who have proper technical methods. I've just launched on a platform called Chart IQ which is free. The trade system is called Trading Safely and is designed for trading stocks on daily data, but it's what my professional subscribers trade with on futures , fx, commodities, Index's, bonds etc. It's based on my two books New Methods in Technical Analysis and winner of 2014 technical analysis book of the year Mapping Your Voyage of Discovery. Whomail me or check out www.trading-time.com and www.tradingsafely.com.au

Spandex Sidney 5:46 Fri Nov 4
Re: Binary Options

Yes, Binary Options are just betting against someone that will take 100% of your money if you lose and return 72% of your money if you win. Blackjack returns 100% if you win and much more fun.

Forex trading might be a better bet but that's not for the faint hearted

If you insist on Binary, Daweda Exchange offer a peer to peer platform for binary so they take 0.5% (I think) of the bet and just match call with puts so they don't care who wins. A Betfair sort of thing.

Cheezey Bell-End 5:30 Fri Nov 4
Re: Binary Options

You can get whip sawed by those candlesticks.

Mike Oxsaw 5:00 Fri Nov 4
Re: Binary Options

Japanese Candlesticks sound a bit Bukakke.

Just saying, like...

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