Trading Quiz
Alex

LEVEL 10 : SENIOR

REVIEWS 9 | REPLIES 84

#2961

Alex

November 18, 2015 at 12:29 pm

Hey, traders 🙂

I was wondering how we could make the trading forum a little more fun and get more traders involved. So I came up with an idea to prepare a trading quiz that will cover your trading journey and how you prefer to trade. I think that many traders will benefit from learning what other traders are doing and what is or isn’t working for them.

Before I list the questions, I want to add that it is not necessary to answer all of them if you don’t want to. (To keep it organized, just copy and paste these questions to answer them)

Q: How long have you been trading binary options?
A:

Q: Why did you decide to start trading binary options?
A:

Q: Are binary options trading what you expected?
A:

Q: What trading strategy do you use?
A:

Q: What timeframe do you trade from?
A:

Q: What expiry times do you mostly use?
A:

Q: How many trades do you think you average per week and/or month?
A:

Q: Are you consistently profitable?
A:

Q: Is there anything you know now that you wish you had known when you first started trading?
A:

Q: Do you trade anything else besides binary options?
A:

Q: Anything else you’d want to add?
A:

Looking forward to your replies!
Alex

Len Soderberg

LEVEL 2 : NOVICE

REVIEWS 7 | REPLIES 4

#2963

trading4me

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.

Duncan Killian

LEVEL 2 : NOVICE

REVIEWS 9 | REPLIES 3

#2964

dutchtrader

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.

Nestor Steedley

LEVEL 1 : NEWBIE

REVIEWS 7 | REPLIES 2

#2965

100trades

November 20, 2015 at 9:31 am

Q: How long have you been trading binary options?
A: I began trading in October of ’14, so a little over a year now.

Q: Why did you decide to start trading binary options?
A: I am retired and wanted something that could supplement my income.

Q: Is binary options trading what you expected?
A: Yes and no.

Q: What trading strategy do you use?
A: I use Bollinger bands and the stochastic oscillator to trade.

Q: What timeframe do you trade from?
A: I trade using the fifteen minute timeframe.

Q: What expiry times do you mostly use?
A: Most of the time I use the fifteen or thirty minute expiry.

Q: How many trades do you think you average per week and/or month?
A: On average I will make more or less 10 trades a week. That’s about 40 trades a month.

Q: Are you consistently profitable?
A: Not at all. I’m consistently unprofitable. Luckily I’m still demo trading until I get the hang of things.

Q: Is there anything you know now that you wish you had known when you first started trading?
A: Nothing really. Maybe that you should do your homework before you decide to join a signal service. I made the mistake to join a signal service a while back after seeing their “live” trading results. I did not know at that time that there are scammers so that caused me to lose a couple hundred dollars. Luckily nothing major but still I could have avoided it by doing research.

Q: Do you trade anything else besides binary options?
A: No I don’t have the energy to learn something else as well. Binary options are where it stops for me.

Q: Anything else you’d want to add?
A: You are never too old to learn something new.

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.

Alex

LEVEL 10 : SENIOR

REVIEWS 9 | REPLIES 84

#3047

Alex

January 6, 2016 at 1:36 pm

Thanks to all who have taken part in the “Trading Quiz” – Always fun to read and good to see how people progress! I think it is motivational to others in a big way. We can even take something away from others failures, faults and mistakes. Learn from it!

I encourage others to take part as well and share their experience 😉

Dennis BIG D

LEVEL 7 : QUALIFIED

REVIEWS 38 | REPLIES 23

#3048

dennis

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.

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