GOLDEN RULES for NEWBIES/NOOBS "IF YOU ARE NEW READ THIS FIRST!"

lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭
edited July 2016 in Beginners Questions
Rules to follow starting out so you don't get scammed - These are important as this is where most fail with signing up to a new broker.

Rule #1 - Never invest money you can't afford to lose.
Rule #2 - A broker makes money when you loose, just like a sports book.
Rule #3 - Never allow a broker to trade for you. Remember Rule #2.
Rule #4 - Start trading with a demo account first to prove viability and learn how to trade.
Rule #5 - If a system/software/bot/trader requires you to deposit/use real money don't do it. It breaks Rule #3.
Rule #6 - Never accept a bonus that requires turnover and traps your money from being withdrawn.
Rule #7 - Always trade a percent of your account, a small percent to manage risk and maximize profits.
Rule #8 - Check this thread about complaints before choosing a broker: http://forum.binaryoptions.net/categories/scam-watch
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Comments

  • The_Geek_MHThe_Geek_MH Posts: 444 mod
    Rule #7 - Always trade a percent of your account, a small percent to manage risk and maximize profits.
  • ACNZACNZ Posts: 7
    What is the best timeframes to start trading with for beginners. No time constraints.
  • The_Geek_MHThe_Geek_MH Posts: 444 mod
    the best time frame to start with is a tough question with no absolute answer. it depends on what you are trying to learn but for day trading and binary options I would suggest using daily, hourly, 30 minute, 10 minute and 5 minute charts. These will give expiry for options ranging from end of week to 5 minutes. the lowest I go is 2 minutes, for trading anyway, 1 minute is to erratic and random.
  • ACNZACNZ Posts: 7
    Cheers The_Geek will rethink my strategy
  • lodiazlodiaz Posts: 2
    Thanks for the golden rules, beased on my own experience, short but honest, I fully agree ... indeed they are the golden rules

    Rules to follow starting out so you don't get scammed - These are important as this is where most fail with signing up to a new broker.

    Rule #1 - Never invest money you can't afford to lose.
    Rule #2 - A broker makes money when you loose, just like a sports book.
    Rule #3 - Never allow a broker to trade for you. Remember Rule #2.
    Rule #4 - Start trading with a demo account first to prove viability and learn how to trade.
    Rule #5 - If a system/software/bot/trader requires you to deposit/use real money don't do it. It breaks Rule #3.
    Rule #6 - Never accept a bonus that requires turnover and traps your money from being withdrawn.
    Rule #7 - Always trade a percent of your account, a small percent to manage risk and maximize profits.
    Rule #8 - Check this thread about complaints before choosing a broker: http://forum.binaryoptions.net/categories/scam-watch

  • The_Geek_MHThe_Geek_MH Posts: 444 mod
    Ethan said:

    Thank you for the rules, I am new in binary options. which is the amount of money to trade for the beginners.

    new traders should use low deposits, and small trades. Trade size should be like 1 or 2% of your balance, make them small so they don't hurt you, always use a percent so that the amount will grow as your account grows.
  • nigelpbnigelpb Posts: 1
    Do not use OptionsXO! They are total scammers. I nearly lost a large amount of money but thanks to Winchargeback I was able to recover most of my funds. A very hard lesson learned! Thank you Megan and Rebecca
  • I started trading with 24-Option, I informed that I i will out of my home town for a long time, they steal my money by inactivity fee. they are cheater, stealing people money by various ways.
  • OkaneOkane Posts: 942 admin
    edited September 2016

    I started trading with 24-Option, I informed that I i will out of my home town for a long time, they steal my money by inactivity fee. they are cheater, stealing people money by various ways.

    I think they email you first though. But I agree that the inactivity fee sucks.
    It would be okay if they charged it after 6 months or so but now they charge after
    only 2 months. But all you need to do is to sign in and take a trade once a month and
    no more fees are charged.

    Check their fees here:
    prntscr.com/cflvjt

    It increases with time. It is important to stay updated with their terms and conditions.
  • what is the best way to collect money from a broker that refuses to pay?
  • The_Geek_MHThe_Geek_MH Posts: 444 mod

    what is the best way to collect money from a broker that refuses to pay?

    be sure to collect as much documentation as you can, pester them, let them know you are going to the regulators and that you are posting your complaints here... be sure to use the thread already dedicated to the broker in question, sometimes they will try to take care of the problem to show a satisfied customer, you can also try to get a charge back through your credit card if you used one. Of course it all depends on the situation.
  • mifunemifune Posts: 160 ✭✭
    Good advice. I haven't traded binary options for over a year now, but when I first started back in 2011, there were a lot of shenanigans that I'm sure still go on. For example, one broker wouldn't fill any of my trades unless the market first went against me, and I'd start out 2-4 pips down out of the gate on short-term trades.
  • The_Geek_MHThe_Geek_MH Posts: 444 mod

    Is it possible to make withdrawals before upgrade on any broker?

    what do you mean by upgrade? you should be able to withdraw anytime unless you took a bonus, sometimes there is a small turnover requirement even without a bonus.
  • arafay83arafay83 Posts: 3
    Ethan said:

    Thank you for the rules, I am new in binary options. which is the amount of money to trade for the beginners.

    i think we should start with 10 dollors i am new also with Binary Option
  • SuperSuper Posts: 6
    Hi There
    I am a beginner. I am having a problem choosing a right broker or rather REAL broker, any suggestion ?
    How about TOPOPTION from UK ?
  • SuperSuper Posts: 6
    arafay83 said:

    Ethan said:

    Thank you for the rules, I am new in binary options. which is the amount of money to trade for the beginners.

    i think we should start with 10 dollors i am new also with Binary Option
    My opinion, cut the RISK to minimum unless you are very confidence. I saw some suggestion above, in order to minimise our risk, 1-2% of our balance as a guide / trial, I think 5% is OK
  • TheRedBaronTheRedBaron Posts: 3
    edited October 2016

    what is the best way to collect money from a broker that refuses to pay?

    From my experience if the broker is regulated you should try to find his "official" complaints email (it is usually well hidden in the terms & conditions) this email will go directly to the broker compliance officer which is one level above regular support. If the broker is not regulated you are basically fucked and will never see your money again.
  • The_Geek_MHThe_Geek_MH Posts: 444 mod

    what is the best way to collect money from a broker that refuses to pay?

    From my experience if the broker is regulated you should try to find his "official" complaints email (it is usually well hidden in the terms & conditions) this email will go directly to the broker compliance officer which is one level above regular support. If the broker is not regulated you are basically fucked and will never see your money again.
    that's not true, several unregulated brokers operate legit and can be trusted, not everyone has access to regulated brokers.
  • Hello - I am new here and hope you can assist.
    I had been investigation possibly dipping my toe in the water with binry trading and I recently registered with a company called CFDstocks ( www.cfdstocks.com ) . Pacific Sunrise UK LTD Communications House, Moston Lane, Manchester, England M40 9WB

    I completed the sign up details and I have found that they have taken £250 out of my bank account. I wasnt aware that they were going to take money from mmy account and so I have submitted a withdrawl on the appropriate page on their website. I was then sent an email stating that they needed to verify my account before they can authorise the withdrawl and have asked me to supply the following details

    In order to verify your account, we need you to send the following documents:
    1. Passport / National ID / Driver License (with picture).
    2. Utility Bill showing name and address (not older than 3 months)
    3. Front & Back copy of Credit Card used to fund trading account (Please show on the front the first 6 digits, the last 4 digits, name and expiration date. From the back please cover the CVV code and show the signature)
    4. Fill in the deposit(s) in the Traders Declaration Form (attached on this e-mail)

    I have pointed out to them in an online chat with a supposed customer support person on an online chat that they did not need any of these details before they took my money. The person on the other end of the chat wouldnt give me any alternative details and ended the conversation - I havve coped the conversation if that wouild help

    I am of course very wary of suppling any personal information such as they have asked for .

    Also none of the UK phone numbers on their work and I have also tried to call them back on the numbers they have used to call me after I registered.

    I have now stopped my card at the bank and I am very concerned that I have been scammed.

    Can anyone offer any advice

  • reaperreaper Posts: 60
    Hi man, read your story with a real rage as I am not an expert in binary yet, but situations such as this one make me mad and sorry for for my brother traders. As I understand, almost every broker needs to check your documents to make sure that you are the one who deposited in the first place. Hell if I know why they don't ask traders to bring it in before they take the money, but to be honest I think really they are the one who set the rules, not us.

    if I were you, I would have been extremely worried and alarmed and contacted their representatives, support and everyone I could reach immediately and better to do it on phone, cause it is far more personal and you will totally get it if another person is lying to you, don't you.

    when someone is stopping to answering your concerned questions abruptly that is just a shame, cause that is their job to make sure that you understand everything and cutting on point. you are the Client, for god's sake... they are the one who should be offering to help you and trying to reach you, totally not the other way around!

    To be honest, I think you can forget about retrieving your money in any near future, but at least now you know that they are not to be trusted. Also, I heard that if a broker is regulated, you can claim a compensation from authourities, but not really sure how to do it. Maybe more experienced people here can give you an advice how to punish a scam broker.
  • ClosingbellClosingbell Posts: 63

    Rules to follow starting out so you don't get scammed - These are important as this is where most fail with signing up to a new broker.

    Rule #1 - Never invest money you can't afford to lose.
    Rule #2 - A broker makes money when you loose, just like a sports book.
    Rule #3 - Never allow a broker to trade for you. Remember Rule #2.
    Rule #4 - Start trading with a demo account first to prove viability and learn how to trade.
    Rule #5 - If a system/software/bot/trader requires you to deposit/use real money don't do it. It breaks Rule #3.
    Rule #6 - Never accept a bonus that requires turnover and traps your money from being withdrawn.
    Rule #7 - Always trade a percent of your account, a small percent to manage risk and maximize profits.
    Rule #8 - Check this thread about complaints before choosing a broker: http://forum.binaryoptions.net/categories/scam-watch

    I actually disagree with Rule 2.: Most reliable/regulated brokers make money based on trading volume generated on the their platform. Its no interest to any broker to have your funds blown away in matter of days (or minutes). IQ Option has a good video explaining all this (this is not a promo by the way)
  • ClosingbellClosingbell Posts: 63
    edited November 2016
    The broker is just complying with AML / KYC regulations here. Just provide the documents and you will get your money back.
  • ClosingbellClosingbell Posts: 63
    edited November 2016

    Hello - I am new here and hope you can assist.
    I had been investigation possibly dipping my toe in the water with binry trading and I recently registered with a company called CFDstocks ( www.cfdstocks.com ) . Pacific Sunrise UK LTD Communications House, Moston Lane, Manchester, England M40 9WB

    I completed the sign up details and I have found that they have taken £250 out of my bank account. I wasnt aware that they were going to take money from mmy account and so I have submitted a withdrawl on the appropriate page on their website. I was then sent an email stating that they needed to verify my account before they can authorise the withdrawl and have asked me to supply the following details

    In order to verify your account, we need you to send the following documents:
    1. Passport / National ID / Driver License (with picture).
    2. Utility Bill showing name and address (not older than 3 months)
    3. Front & Back copy of Credit Card used to fund trading account (Please show on the front the first 6 digits, the last 4 digits, name and expiration date. From the back please cover the CVV code and show the signature)
    4. Fill in the deposit(s) in the Traders Declaration Form (attached on this e-mail)

    I have pointed out to them in an online chat with a supposed customer support person on an online chat that they did not need any of these details before they took my money. The person on the other end of the chat wouldnt give me any alternative details and ended the conversation - I havve coped the conversation if that wouild help

    I am of course very wary of suppling any personal information such as they have asked for .

    Also none of the UK phone numbers on their work and I have also tried to call them back on the numbers they have used to call me after I registered.

    I have now stopped my card at the bank and I am very concerned that I have been scammed.

    Can anyone offer any advice

    I actually looked into the company for you on the UK companies register as I have access to it. It turns out the company you have deposited your money with is a dormant company - never traded. I also enclosed a list of the company directors if you want to report them to your local authorities. Just file a chargeback request with your bank and you will get your money back. See attached. I dont really understand why people keep depositing money with no name brokers. For god sack just go with IQ Option or 24Option.
    scam.png
    1023 x 635 - 35K
    scam2.png
    932 x 465 - 37K
  • renar_foxrenar_fox Posts: 20
    Great set of guidelines for beginners! If I found you earlier, I could have avoid so many unpleasant situations.
  • blackwarriorblackwarrior Posts: 27
    edited December 2016
    Hodges and Okane should be fired as moderators of this site. There are 2 of them and they can't handle the spam of the site, why because they are lazy imo. The old mod kept this place clean and he was only one guy. Both of you should be ashamed of doing such a crap job. I hope the site admin is not paying you and if he is, then Fire them and get somebody who actually works! You both really suck at being mods.
  • OkaneOkane Posts: 942 admin

    Hodges and Okane should be fired as moderators of this site. There are 2 of them and they can't handle the spam of the site, why because they are lazy imo. The old mod kept this place clean and he was only one guy. Both of you should be ashamed of doing such a crap job. I hope the site admin is not paying you and if he is, then Fire them and get somebody who actually works! You both really suck at being mods.

    You have been attacking us since day one. This seems very personal to you, not sure what it is since I have had nothing to do with you from before.
    Have you for a second thought about all the scams that you never see thanks to us? Probably not. You think the only spam you see are the ones you find... guess again, we remove hundreds of them. The problem is with the forum itself. There needs to be a filter which stops people from making 200 comments within minutes of registering here. I'm sure some of them even use robots to post 200-400 comments in minutes. I have already brought up the problem many times and it is being worked on by the admins.

    But as I said, that's not the real issue with you, it's something else. I'm sure we will find out in time!
  • blackwarriorblackwarrior Posts: 27
    It is really not complicated. Pretty simple, no need to get all conspiracy theory on me. Maybe I just think you suck.
  • OkaneOkane Posts: 942 admin

    It is really not complicated. Pretty simple, no need to get all conspiracy theory on me. Maybe I just think you suck.

    Ok then. Enjoy.
  • reaperreaper Posts: 60

    It is really not complicated. Pretty simple, no need to get all conspiracy theory on me. Maybe I just think you suck.

    I agree that lately there has been spam posts here, but what's with the attitude, man? Moderators are doing their job with their own speed and if you don't like, that's your problem, not theirs. Insulting everybody just because you personally dislike something is not even low, it is unworthy of man.
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