Complete beginner- not even sure I could call myself a beginner really

alopezg1alopezg1 Posts: 1
Hello Everyone

I just stumbled onto this forum after doing some googling on Elijah Oyefeso and the service he provides. I'm glad i found this site! I thought it seemed too good to be true . I won't be following Elijah Oyefeso's advice, but my interest has been piqued by the whole binary options thing, even though , as you may have guessed I am not really sure what it is, other than a way of trading on the stock market. I am a student, I have maybe a spare 3 or 4 hundred quid, and I'm thinking of ways to make it expand; is binary trading something that could help? would i need to invest a great deal of time in figuring out how to actually become competent, and what are the risks ? there's always risks. Any advice would be most welcome

thanks

Comments

  • ehenderichsehenderichs Posts: 22
    Speaking as a beginner myself. Most important is that you start with familiarizing yourself with binary options. Start reading and watching some training video's. Be aware that a lot of 'informative' websites are out to make money themselves and don't mind hooking you up with scamy signal services and/or brokers.

    To answer your questions: yes, binary options can be a way to expand your income. Yes, there is the risk of losing all your invested money. Yes, it takes time to become a competent trader. How much depends on time and effort invested.

    In my opinion most of the skill required is related to pattern recognition. Most indicators on a chart are related to statistics, so a understanding of some basics in this area will help.

    Last advice, start with a demo account for your learning phase. When you consistently make demo-money you can contemplate starting investing your own hard earned cash. Just to be clear, I am still in the demo account phase.
  • RaidenRaiden Posts: 186 ✭✭
    Good solid advice. I can add that past price action is important - your goal here is to see where there are strong sup/res areas.
  • lainelaine Posts: 3
    I'm new too, tho I'm really old - a 67 year old retired Aussie (female, married). I don't know much, if anything, about binary options trading. But I have an account with OneTwo Trade (I can hear the laughter from here). Too late for a demo account, I think, but I'm reading as much as I can about strategies, patterns - it's a whole new language. I think you guys are great, and wish you all the best. Now this is where I come to learn, learn, learn. I'm not much of a risk taker, so I'm happy with small $10 - $20 trades, mostly. I've tried to get a picture of how I'm doing, stats wise. About even. if I don't count auto-trade (robotics) losses. But I did do a $200 'one touch' trade on the 4th ... thinking the EUR/USD might go as high as 1.17 by close of trade Friday. Pattern recognition is all I can say, plus the vagaries of human nature. Thanks for the great site. I reckon you guys will go a long way.
  • lainelaine Posts: 3
    So, I just opened a demo account with the firm suggested. Great.
  • KeriusKerius Posts: 40
    I want to move this up a bit, especially when seeing some old lady doing so, can wish you only good luck and nothing more than that anyway. Let me know how it's all going for you, I love too see people are making money with binary options accross all ages and genders.
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