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Forum Trading Quiz Reply To: Trading Quiz

Earl Nelson

LEVEL 2 : NOVICE

REVIEWS 8 | REPLIES 6

#2966

kingmoney

November 21, 2015 at 1:16 am

Q: How long have you been trading binary options?
A: I started back in 2011. So up un till now I have been in the trading game for 4 years.

Q: Why did you decide to start trading binary options?
A: Since I could remember I wanted to be a trader. One day I spoke with somebody and they told me that they were trading. Luckily for me the person showed me how it’s done and what you needed to get started such as Metatrader, indicators, news calendar and also some websites where I could learn all the basics.

Q: Is binary options trading what you expected?
A: Yeah I knew it would be hard, but the biggest misconception I had was that I would have to follow the news to be able to make trading decisions. I learned that you should actually avoid trading the news which was a little weird for me at the time, but later it made total sense.

Q: What trading strategy do you use?
A: I trade using supply and demand zones. According to me supply and demand forms the basis of how the market moves so why not trade that way. I also make use of support and resistance lines and I try to take trades with the trend where I can. I look at candlesticks but I don’t necessarily trade candlestick patterns. I look at price action around my zones on the chart to see if there is any sign of buying or selling taking place. If I see that there is orders coming into the market I will take a trade.

Q: What timeframe do you trade from?
A: I use multiple timeframe analysis. I use the 1 minute and 5 minute chart to make my trades from. But I still use all the timeframes to spot levels and draw in my zones. It’s better to have an overall outlook on the market than to solely rely on a single timeframe. For instance – You could be trading right into a 4 hour support if you are trading with the 5 minute timeframe without even knowing it.

Q: What expiry times do you mostly use?
A: I mostly use 15 to 30 minute expiries. I still use smaller and larger expiries, but the majority of my trading is done with the 15 and 30 minute expiries.

Q: How many trades do you think you average per week and/or month?
A: I try to take at least 2 trades every single day. If I only got 1 trade the day before I will try to make 3 trades today. So in a week I should have made around 10 trades. It all depends on the market conditions. I have had days where I took up to 10 trades on a single day and then other days I would not even enter 1 trade due to bad market conditions.

Q: Are you consistently profitable?
A: I can proudly say that I am. It has taken a lot of practice and failure over the years but I have finally found my trading edge.

Q: Is there anything you know now that you wish you had known when you first started trading?
A: Well, I’m sure that like me, most newbies when they start, research different indicators and systems. They are all looking for the Holy Grail. If I knew in the beginning that there is no such thing as the Holy Grail and that indicators are just a bunch of lagging stuff I would have certainly become profitable much earlier.

Q: Do you trade anything else besides binary options?
A: Yes I trade binary options and spot forex. I trade forex for the larger moves to make big returns on my investment. I mainly aim for anything from 1:2 risk reward and up. So say I risk $100 I am looking to make at least $200 from the trade. I use binary options to trade the smaller moves in the market.

Q: Anything else you’d want to add?
A: Stop trying to find an indicator that will make you a profitable trader. There is no such thing out there. If you really want to become successful you need to start focusing on price. Look at your screen and gain as much screen time as you possibly can. See where prices turn and try to find a reason why the market turned where it did. Learn about supply and demand and draw in these zones on your chart. See which zones work and which don’t. Focus on the ones that did and see how prices react prior, during and after entering the zone. Everything you need to be profitable is right there in front of you on your chart. You just need to look deeper. After a while you will be able to tell where price is heading and where it will most likely turn or at least have a reaction.