24Option recovery package

cap647

Having recently lost £2000 with poor trading with 24option, a new account manager has been appointed to help me recover the losses, and make a profit into the bargain. She opened me a demo a/c with 21K in it and introduced me to Martingale - which I thought was simply a betting strategy rather that a system of intelligent analysis of the markets and indicators. However, using this strategy I made £300 in 20 minutes, so early signs were encouraging. After a few days they came up with my personalised 'recovery plan'. I have copied and pasted it below -and any intelligent thoughts on it would be much appreciated.

This is the financial plan for 5000 GBP.

Invested capital: 2500
Bonus from the company: 2500
Total: 5000

Money management for each operation: 10%
Each operation: 500 GBP

With one operation/day we have 500 * 82%= 910 GBP.
Possible profit: 410 GBP per operation.
In one week if you close 4/5 operations in profit, you reach 410 * 4 = 1640
Lost operation: 1 = 500
Possible weekly profit: 1640 - 500 = 1140 GBP.
Possible monthly profit: 1140 * 4 = 4560 GBP

gabman

you would lose everything you have, including the shirt off your back.

Beckz

Yes Martingale is a Roulette strategy... Strange advice! Who was that account manager?

cap647

A lady called Julia.

cap647

24Option seems to be one of the most trusted brokers out there according these forums. So are they looking to make themselves a quick £2.5k or genuinely interested in helping me?

lotzofbotz

Any broker that trades on your behalf is a scam and 24Options doing this is a bad sign... *NEVER ALLOW A BROKER TO TRADE FOR YOU EVER! WHEN YOU LOSE THEY WIN! CONFLICT OF INTEREST. This is how a scam broker works...

cap647

Hi. thanks for these. They haven't offered to trade on my behalf. I think I'd be responsible for identifying strong trends and trading on those only. She never suggested that she'd be trading for me. I know about the dangers of allowing brokers to trade on your behalf and alarm bells would have rung if she'd suggested that.

lotzofbotz

This all sounds like broker troll crap, 24Options should not be offering investment advice to clients as when you lose they gain it is a conflict of interest. Do not fall for such traps by brokers it is retarded...

The_Geek_MH

sounds like you are falling into a marketing trap, they want you to invest more money to recover bad, to use martingale to do it, to trust a signal/trader provided by the broker... the wolf is leading the sheep to slaughter.. stay away from this tactic, they are going to fleece you.

Okane

Woooh, 10% per trade? How many years of experience do you have trading?
Try 1-3%. In fact, I am pretty sure you need at least 10 weeks of intensive training before
even signing into your live account.
Forget Martingale, forget what the broker told you. Start educating yourself or you will be very sorry, very soon.

Go and learn price action if you really want to stay profitable long enough to get the losses back.
The volume you need to reach for the bonus by the way is 50*2500 I believe.
With a 1-3% money management it will take you a good while. But that is actually a good thing, once you are done you should be a pro!

Mike2

Never take any bonuses, they designed to prevent you from withdrawing your money as it is very hard to meet bonus requirements. Always read Terms and Conditions, all is written there.