New to trading


Hiya guys. I've had an offer off someone to join a group who use the 24option platform and sends you signals on WhatsApp. The minimum deposit is £340 and the signals are free for 14 days. £70 per month after. As you can tell I'm pretty new to this, but have a keen interest in making a decent 2nd income. I'm a bit unsure whether to invest or not. Could any of you lovely people offer any advice as if I'm making a big mistake or if it's a risk worth taking? Thanks

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Comments

  • sterling33sterling33 Posts: 0
    Hi All,

    I am relatively new to trading and binary options and have some Q's that Im hoping to get feedback on. I have researched the forum and done some reading but couldn't find much.

    for the past 2/3 weeks I've been going through the posts, the tutorials etc trying to understand BOs and get as much knowledge as possible (thanks for the videos and guides, extremely useful!). I have set up my MT4, Gained some knowledge on technical analysis etc. I'll probably be trading trends, support resis and a few indicators. I've now opened a demo with IQ option and plan on doing demo for the next few months.

    I'm interested in BOs as a second income, hoping to make around £100/week to help with the crap wage the day job brings!! I currently work from 8am - 6pm (oh the joys!) by the time I'm home 7, other duties etc it can easily be 8:30/ 9pm.

    Im wondering if anyone can give advice on how I could get started with the lack of time I seem to have in a day. My job isn't one where I can trade at work either.

    Can anyone shed some light on how to develop a strategy which will allow me to trade with my restricted time, what time frames and markets may be good for me to look at and trade with. I used IQ option as i plan on starting with £250 when ready and making small trades using around 5% max of the account and increasing as the account grows (although I'm having second thoughts as their time frames seems quite restricted....)

    Please excuse the essay, in short:
    - Can trading after work in the evening/night be done?
    - What kind of analysis / time frames / markets would you recommend?
    - would IQOption be good for this strategy?

    Any help and feedback would be greatly appreciated.Thanks in advance!

    KR

    Sterling

  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    A bunch of good questions. I like IQ for their 1-2 min trades but 5 mins and up their payouts drop often a good deal making them meh imo. The new platform is very cool though. Trading is very complex I would recommend learning to trade from BSB and watching live signals from various bots/traders here at Signal Hive - http://www.binaryoptions.net/blog/signal-hive-binary-options-signals-marketplace-review/
  • dear123dear123 Posts: 83
    Good to hear you starting Binary Options as secondary source of income however please note that trading is easy but you have to learn how to earn money by trading. I haven't had any experiences with IQ option so I cant comment on it however, you can trade binary in your free time. Technical analysis might be more rewarding, I recommend trading EURUSD and the time frames should be more than 5 minutes expiry and you will easy make some good return by your investment.

    Feel free to ask any questions on this forum, you can also come to live chat. Best of luck.
  • SashkoSashko Posts: 1
    Hi! I started trading stocks with Allgotrade 4 weeks ago. Working well for me. Trading with broker. Will keep you posted ;)
  • pdordorda243pdordorda243 Posts: 9
    Never get started when you are not clear about how binary options work and without your own trading strategy.
  • zsuchwanizsuchwani Posts: 3
    Hello Everyone,

    I am new to BO, want to learn and earn some extra money.

    Your guide and help much be appreciated.

    Thanks in Advance
  • dear123dear123 Posts: 83
    Welcome on board, feel free to browse the forum and ask your questions. You can also use the chat feature on this forum.
  • BryanMacBryanMac Posts: 851 ✭✭✭
    edited March 2016
    Bryan Mcafee
    Hit me up on skype at Brymcafee (McAllen TX)
    www.tradingaxis.com
  • iaak1983iaak1983 Posts: 27
    ok so im reletavly new to all this too as a newb i would suggest the following.

    only use sites with low deposits for now like iqoption, markets world, binary.com etc i also tried 24option great platform but its 250 min deposit the others are 10. since registering here i also signed up to markets world

    second advice is get it out of your head that your gonna win big from the get go. even tho in my first night trying a platform i turned 20 into 600 i would say be carefull about getting too excited. if and when you start feeling overly happy with what you have won i would say stop withdraw 50% of your proffit for that day and give yourself a break. your biggest ennemy is when you have won enough money that you suddenly think your are invinsible and feel absolutley certain your now going to become a millionair in the next 24hrs. lol this is usually your best indicator that your about to loose all your money.

    make small bets just because you have deposited 50 doent mean you should bet 50 i would recomend you stick to 5% staes 10% maximum of your bankroll if you get a 3 or 4 lossing streak stop take a hour/day your not thinking right.

    check out online videos as much as possible even if you think its irrelevant knoledge is power. :) i feel that even having a video playing on youtube in background related to trading helps build confidence i feel.

    if i had to say which site i would like to start on if i had to beging again i would say iq options is the best for begginer it has many tools and tutorials to use them. i also relly like binary.com (not in usa i think)

    pace yourself if you feel ready to try you are i have zerod many accounts over the last 6 months since doing this and withdrew alot of money overall im up im only now however learning to use indicators atm this past hour actually i started drawing my first line and watching them work.

    watch the market for endless hours i would also suggest dont bet i find when im loosing or winning either way i dont really learn actually watch it let it teach you how it moves get confusedby things then ask questions or look for tutorials giving explenations.

    it takes time know this respect it

  • zsuchwanizsuchwani Posts: 3
    dear123 said:

    Welcome on board, feel free to browse the forum and ask your questions. You can also use the chat feature on this forum.

    Thanks Dear123 for your reply. Yes definitely I will come with questions
  • zsuchwanizsuchwani Posts: 3
    Thanks BryanMac, These links really helpful for me. I searched for best broker and I found many reliable brokers.

    Video is knowledgeable too. Thanks for sharing.
  • zsuchwanizsuchwani Posts: 3
    Thanks Iaak1983, for your detailed reply.

    As a newbie it will surely helps me a lot.
  • OkaneOkane Posts: 1,271 admin


    Hiya guys. I've had an offer off someone to join a group who use the 24option platform and sends you signals on WhatsApp. The minimum deposit is £340 and the signals are free for 14 days. £70 per month after. As you can tell I'm pretty new to this, but have a keen interest in making a decent 2nd income. I'm a bit unsure whether to invest or not. Could any of you lovely people offer any advice as if I'm making a big mistake or if it's a risk worth taking? Thanks

    Yeah you should be very careful with signal services like that one. It's better if you join a service where you can also actually learn how to trade!
    If you think you can just join some random signal service and make money with no effort you can forget it. I don't understand why they both charge and require broker deposit too. Minimum deposit is actually 250$ with 24Option not 340£=426USD.
    By the way, how are you expecting feedback if you haven't mentioned what group/service they are? There are thousands of such services, if you don't know their name yourself then that's already a bad sign.
  • knightime81knightime81 Posts: 5
    The service is from SO finance.
  • OkaneOkane Posts: 1,271 admin

    The service is from SO finance.

    sofinancetrading.co.uk ?? Yeah scam. Takes like 3 seconds of Google searching.
    Obvious scam. Also be careful with anyone who approaches you through email or via private messages.
    Another thing, be careful of some of these websites that review services. Overall ALL robots are scams so if you happen
    to come across a site that gives a bad review on one robot but a good review on another then you should know that review
    is fake. Cause none of these services have actual proof of anything, you never learn anything (other than "damn how dumb was I to get fooled by these").
  • knightime81knightime81 Posts: 5
    Thanks mate. Is there a platform you would recommend?
  • OkaneOkane Posts: 1,271 admin
    edited April 2017

    Thanks mate. Is there a platform you would recommend?

    Broker? Or signal service?
    Well, since I run my own Skype group it would feel wrong to recommend myself.
    Maybe you should check BlueSkyBinary. They are present in the forum. I think they have some autotraders or signals too.

    PS. it's good you are asking first. Too many people fall for these types of scams first, lose thousands of dollars and then realize they need to research first.

  • BinarySpotterBinarySpotter Posts: 5
    100% scam, stay away ;)
  • OkaneOkane Posts: 1,271 admin

    100% scam, stay away ;)

    Yeah.
  • knightime81knightime81 Posts: 5
    Thanks guys. I appreciate your comments. Is it not possible to sign up with a reputable broker as in IQ options,24option etc.. and use a verified signal service?
  • OkaneOkane Posts: 1,271 admin

    Thanks guys. I appreciate your comments. Is it not possible to sign up with a reputable broker as in IQ options,24option etc.. and use a verified signal service?

    Which service is verified and by whom?
  • knightime81knightime81 Posts: 5
    So what your saying is that there aren't any?
  • OkaneOkane Posts: 1,271 admin

    So what your saying is that there aren't any?

    I guess you missed my post earlier above.
  • illodillod Posts: 49
    All in all it's not a bad idea, but in my opinion the level of trust to such offers isn't very high. Plus I wouldn't advise getting engaged with such offers because they don't hold themselves responsible.
  • AMTrader255AMTrader255 Posts: 1

    Thanks guys. I appreciate your comments. Is it not possible to sign up with a reputable broker as in IQ options,24option etc.. and use a verified signal service?

    Hello knightime, there are not really good signal services. The Facebook groups usually require a payment or a damn registration. Right now I am in a group called Binary Living Way but who knows for how long it will be free....the best thing to do is to learn how to trade. Plus, I am seriously thinking about moving to forex, BO has been giving so bad stories to traders lately :(
  • The_Geek_MHThe_Geek_MH Posts: 605 mod
    be very careful, most of those signal services are nothing more than CYBER CRIME! they are black hat marketing gurus, not trading gurus, who know how to press your buttons and get you to give them money. If trading was as easy for them as they want you to believe why aren't they MEGA rich, living on their own private island? Because they are full of sh#t. Trade for yourself, accept your own losses when they come, work hard to make profits and reap the benefits, else you'll just lose money, and some more money and some more money while chasing the "holy grail".
  • OkaneOkane Posts: 1,271 admin
  • illodillod Posts: 49
    I prefer signals that go directly to the platform. It's more practical. And they are also quite expensive.
  • TrezoTrezo Posts: 38
    Guys, you just need to trade forex for a bit and you won't need any signals. You'll be your own signal=)
  • The_Geek_MHThe_Geek_MH Posts: 605 mod
    how does trading forex do that for you? do you mean learn technical analysis so you can get your own signals?
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