November 18, 2015 at 4:20 pm
What a great idea, Alex! Let me be the first one to get the ball rolling…
Q: How long have you been trading binary options?
A: I have been trading on and off for over 2 years now.
Q: Why did you decide to start trading binary options?
A: I was initially drawn into trading when I attended a seminar and I was instantly hooked.
Q: Is binary options trading what you expected?
A: Heck no. I never expected the emotional roller coaster it would turn out to be for me. I never expected it would be so tempting to not follow basic rules.
Q: What trading strategy do you use?
A: I mainly focus on trading pullbacks with the overall trend using technical analysis, such as support and resistance areas, trend line breaks, flags and so forth.
Q: What timeframe do you trade from?
A: I mainly use the 1 hour timeframe to gauge the market sentiment and then switch to the 5 minute chart to take my entries from.
Q: What expiry times do you mostly use?
A: I use 10 – 1 hour expiries. It all depends on how strong the signal or trend is.
Q: How many trades do you think you average per week and/or month?
A: When I am actively trading, I average about 5-10 trades a day. So in a week’s time I will do more or less 25-50 trades. It all depends on the market conditions and if I have time to trade.
Q: Are you consistently profitable?
A: Well, at the moment I’m profitable. I’ve made thousands and lost thousands, but I have definitely lost more than I’ve made. Every loss is a lesson, and sadly I think learning the hard way seems to be the only way I’ll learn. On the bright side, I think I’m finally learning to not do dumb things.
Q: Is there anything you know now that you wish you had known when you first started trading?
A: Can the answer be “everything”? In all seriousness, if i had to give myself advice 2 years ago, i would say to stick to the basics, all of the fancy strategies you are tempted to try out are a dead end. Timing is everything and getting the trend direction right is only half the battle. Buy options with longer expiry times to give your position time to work itself out.
Q: Do you trade anything else besides binary options?
A: Yes I do trade stocks long term. Binary Options keeps me busy in the meantime. A portion of the money I make with binary options will go to my stock trading.
Q: Anything else you’d want to add?
A: There is a reason most people lose money in the markets. It is hard! Don’t beat yourself up if you’re one of the 85% of market participants not making money. Keep at it, keep learning (from good sources teaching sound principles) and don’t give up. A person who takes risks with his/her money is wiser than the person who sits on it, even if the risk does not end with reward. Money will come and go, but the experience and knowledge gained from participating in the market cannot be replaced. Many people after years of hard work and determination finally have their light bulb moment and begin consistently making money, but prior risk and failure is almost surely a part of that path for most.