What Shall I do?

Hi everyone,

I'm Summers3, I'm 24 year and I'm a student. I've recently got into betting and a friend put me in touch with someone who sends out binary trading signals; I'm on a two week free trial at the moment. In fact, I think I've read about someone else on this forum who seems to be receiving signals from the same person. I've signed up to Stockpair (which I understand is reputable) and since following this guy's signals, I'm £80 down. In fact, when I buy the trades (usually 30 or 60 minute ones), I often watch their progress, and they seem to go in and out like a jack-in-the-box - it just seems to be random and that winning after the allotted time slot seems to be just luck.

Also, Stockpair have phoned me up and convinced me to put an extra £750 in my account (my student loan money that I can't afford to lose) which has given me the opportunity to have one of their financial analysts teach me and give me tips, but am I right in thinking that Stockpair, like betting agencies, will only profit if I lose? Is it in their interest for me to not win?

To be honest, I've lost my hope of making quick money but I also still have hope of somehow making long-term gains somehow. I guess my first question is: is this just gambling and is there any point in me pursuing this further? And secondly: shall I follow the advice of the Stockpair analyst?

I'm a student and am not likely to ever come into a large sum of money, so I obviously like the idea of somehow earning extra money. Also, I can tell that the subject of receiving signals and robots etc aren't taken seriously on this forum so please don't look down on my post because I've mentioned it; I'm new to all of this and I'm guessing my first step is to completely cut ties from receiving signals? But do I also ignore the advice from Stockpair?

Any advice would be much appreciate.

Summers3.

Comments

  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited April 2016
    #1 problem you have is this (my student loan money that I can't afford to lose) Why are you using money you can't afford to lose? Dude don't be stupid...

    I hope you did not take a bonus as well because then you will be locked into not being able to withdraw till you meet the rollover requirements. Never talk to a broker over the phone it is retarded. Brokers should never call you asking for funds or offer trading advice/signals if they do well they are a SCAM. If you did take a bonus as they likely offered you it will have a 30x the bonus & deposit amount. Some brokers it is over 50x! As far as signals go do your research first. Imo BSB/Signal Hive is the most transparent of services most are just marketing scams.

    http://www.binaryoptions.net/signals/
  • RaidenRaiden Posts: 186 ✭✭
    Summers3 - I can echo what Lotz said. Never trade with money you cannot afford to lose - if you do then you are off on the wrong start. Trading with money you cannot afford to lose changes your trading psychology and not in a good way.

    Never accept any form of bonus from a broker.
    Never let a broker talk you into depositing more funds.
    Never let a broker "teach" you, "mentor" you or give you "trading tips".
    Never listen to the "advice" any broker offers you.
    Never take a call and speak to any broker.

    Yes, most of the signal services, robots and autotraders are absolute crap and they are offered/designed for you to make you loose your money.

    Not everyone who says they are a trader is a trader. A lot of scumbags are pure marketing evil and they ARE NOT interested in you. To them you are just some money to be made. After all the sugar is chewed out of the cane they will spit you out.

    There is hope though....you can make money from trading and if you are taught the principles of trading and you have the right mindset you could be successful. Educate yourself with good quality material. Success will not come overnight.....but little by little it will grow if you are consistent and in the end it will be all worth it. Believe me - whatever you are a student of - you will learn a lot more in trading and the trading world about yourself and other people.
  • Oh that was very stupid - trade with money you cannot afford to lose. Can you just get a job and never think about traders?
  • renar_foxrenar_fox Posts: 20

    Oh that was very stupid - trade with money you cannot afford to lose. Can you just get a job and never think about traders?

    Looks like you have never made a single mistake in your life. Not everyone of the common people can admit the same, I'm afraid.

    Summers3, don't waste your time with signals or anyone who offers to trade for you, even if he says that he got all the experience. Yes, we are always looking for the easiest way to achive our goal, but often it is the riskiest one too. Just be careful and consider your own financial possibilies carefully.

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