November 19, 2015 at 11:13 am
Q: How long have you been trading binary options?
A: I have been trading since August 2013.
Q: Why did you decide to start trading binary options?
A: I had always been interested in the financial market, and wanted to learn how to invest. Initially I did not know the difference between an investor and trader, but now have come to understand that when I am trading my money is in the market for less time than the typical investor.
Q: Is binary options trading what you expected?
A: I honestly had no idea what to expect. But I have to admit that it’s much more challenging than what I initially thought it would be.
Q: What trading strategy do you use?
A: I concentrate on small bounces in the market. So yes I’m essentially trading counter trend moves but so far it seems that it’s working quite well for me.
Q: What timeframe do you trade from?
A: I mostly trade with the 5 min chart. I’ll rarely use any other timeframe as I have become so used to this timeframe. It also works good for counter trend moves.
Q: What expiry times do you mostly use?
A: I use 5 minute expiries most of the time. When you are trading counter trend moves you can’t use longer expiries as the market will normally move against you then.
Q: How many trades do you think you average per week and/or month?
A: On average I would say 1-3 trades per day. So per month I would have entered between 20 and 60 trades.
Q: Are you consistently profitable?
A: I am pretty much even for the year so far. It could have been better but on the other side it could also be worse so I’m not complaining.
Q: Is there anything you know now that you wish you had known when you first started trading?
A: No. If anything I wish I could have learned about trading sooner in life. I wasted so much money on things I don’t even own anymore. It would have been great to take that money and put it towards something useful, like my trading. Once a person learns something it is soooo easy to then go and find the same information and say “Hey I could have learned this sooner” but, I have a saying that goes “You don’t know, what you don’t know, until you learn what you don’t know”. In essence NOW that I have learned a strategy I can easily go find sources that simulate, and talk about this strategy, and NOW I have the luxury of saying “oh I could have learned this without spending X amount of money to know what I know now”, but the reality of the situation is if I did not learn what I learned, I would have no clue what to look for.
Q: Do you trade anything else besides binary options?
A: Nope at the moment I’m just focusing on binary options. Maybe I will look at trading spot forex in the future.
Q: Anything else you’d want to add?
A: I believed (and still do) that the market is one of the few playing fields where anybody, regardless of background can make money with the right skills. You just have to put in the time and effort. Practice and practice some more. That’s the only way that you can become better at something.