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.
  • HulapointikHulapointik Posts: 22
    Be very carefull with binaries now it's not that easy to give you some advice regarding that really. They are not working for many many people out there and could stop working for you as well and you will be scammed no matter what. How it will be even possible.
  • Samuhn74Samuhn74 Posts: 36
    Like many other people said today is not the best time to start with binaries anyway for whatever reason or deal you may have with them lately. It's all very very fishy now and illegal in many ways or countries so it will not be your best solution for that matter. How else do you plan to go on here ? I am lost.
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