January 6, 2016 at 1:55 pm
Hey, I decided to take part and share my experience based on the questions. I have been trading binary options for over 5 years, so yes, I have had my fair share of mistakes and learning curves. Guess what – I never gave up and it paid off in the end!
So here it goes…
Q: How long have you been trading binary options?
A: As mentioned above, 5 years of binary options trading experience.
Q: Why did you decide to start trading binary options?
A: I came across a Google Adwords ad while searching ways to make money online. Clicked the link and was instantly hooked to what was at the time a fairly unknown and new way of making money online trading.
Q: Are binary options trading what you expected?
A: At first I was blindsided by the hype and expected it to be what I saw online etc. Yet it is now a completely different expectation once I learned what Binary Options actually is and how the industry works. PS: Don’t get fooled into thinking this si easy!
Q: What trading strategy do you use?
A: I use a personal strategy without any indicators, using price action and some “tools”. Most importantly is the fact that I have the knowledge to know how and what drives the markets. I do not believe in indicators as they are lagging and repaint. To me, there is NO such thing as an oversold/bought market. Just an example…
Q: What timeframe do you trade from?
A: I use a combination of 1min, 5min, 15min and 1 hour time frames on MT4/5.
Q: What expiry times do you mostly use?
A: I like to stick to 15min – End of Day expiry times, depending on market conditions.
Q: How many trades do you think you average per week and/or month?
A: This does not matter to me at all. I do NOT go looking for trades. I wait for them to present themselves to me. So my trade count might be lower than others, but accurate. In my personal opinion there is no right or wrong way. It is dependent on your trading style and money management.
Q: Are you consistently profitable?
A: Yes, although it took me only a few months. I still strongly believe some people just have that talent, while some will never be able to trade profitably.
Q: Is there anything you know now that you wish you had known when you first started trading?
A: Learn From Other’s Mistakes!
Q: Do you trade anything else besides binary options?
A: Yes. I trade Spot Forex on the sideline as well. It goes hand in hand with trading FX Binary Options. Once again, just my personal preference.
Q: Anything else you’d want to add?
A: Never give up, Educate yourself. Knowledge is POWER and no one can take that away from you!
Thanks and I hope this helps out a few people.