Total noob..let's see if I'm doing this right

WorkingActorWorkingActor Posts: 11
edited July 2016 in Beginners Questions
Hi all. I recently found out about BO's, and found myself at this site. Great place for solid info. So far, I've watched all 7 of Bryan Mcafee's vids, so I understand the basics of how BO's work. I've set up a live account at marketsworld. I started with their "no deposit" option,(which grants you $10 to play with) traded $1 at a time, just to play around. Did research first, saw that they were regulated, and accepted americans, with generally good reviews on this site and elsewhere.

I went ahead and deposited $100 in the account, after verifying my ID/Address, so I could make withdrawals, etc. My strategy, bare bones at this point, is to use no more than 5% of my principal on any one trade, no more than 5-7 trades a day. that's just over 100 trades a month. My record so far: 7 ITM, 3 OTM, and a "push". thanks to those vids I watched, I know that brokers who return your money on a push are reputable, which solidified my decision to go with marketsworld.

I've been using marketworld's charts, but, again, from that vid series, I see I need to be using MT4 charts, and have it so I can trade directly from said chart. the link that was on that vid is no longer valid, so, if anyone can point me in the right direction on where I can get MT4 charting with the option to trade directly from it, I'd greatly appreciate it. Now, I'm starting to grapple with all the technical stuff: bollinger bands, candlesticks, and the like. A basic primer on that would be wonderful. I'll be using the search function as much as I can to cut down on questions you've seen asked 1000 times. :) Any trading advice any of you have, generally, would be much appreciated. Thanks.

Comments

  • Henrik_RossiHenrik_Rossi Posts: 5 admin
    That sounds like a very solid starting point. Have a look at this next; http://forum.binaryoptions.net/discussion/1260/okanes-diary#latest
  • WorkingActorWorkingActor Posts: 11
    edited July 2016

    That sounds like a very solid starting point. Have a look at this next; http://forum.binaryoptions.net/discussion/1260/okanes-diary#latest

    Thanks for that. I joined Okane's youtube channel, and will probably get in on the skype group also. So far, so good with BO's. made 4 trades this morning, and I'm 3 ITM, 1 OTM. On the last winning trade(this is using the marketsworld app) I was trying to do just a $5 put on EUR/USD , put in $55 by mistake(more than half my principal), but won the trade, payout: $93.50 :) I'll stick to my 5% discipline, though.
  • Henrik_RossiHenrik_Rossi Posts: 5 admin
    :smiley: Thats a nice boost, but yes, only risking a small percentage of your "tank" is the best long term. It still means your trade size can grow as your total does, but you do not over trade or stretch yourself, and one or two lost trades dont damage confidence. So that is 10 ITM to 4 OTM so far?
  • The_Geek_MHThe_Geek_MH Posts: 674 mod
    I don't think there are any charts that directly link to Marketsworld for trading, just the ones they give you. Most brokers don't support such trading, a few you can do with MT4 but not many.
  • WorkingActorWorkingActor Posts: 11

    :smiley: Thats a nice boost, but yes, only risking a small percentage of your "tank" is the best long term. It still means your trade size can grow as your total does, but you do not over trade or stretch yourself, and one or two lost trades dont damage confidence. So that is 10 ITM to 4 OTM so far?

    10 ITM, 5 OTM total. I lost my 5th trade today, so for today I'm 3 for 5(not too bad, if this were baseball). I think confidence level is key. I've already proven to myself I can win trades. As long as I stick to my guns, and don't "chase the money" I think I'll make healthy profit.

    Plus..this is a lot of fun.

  • The_Geek_MHThe_Geek_MH Posts: 674 mod
    Good luck. profits are possible with what you've done so far, keep it up and let us know how you do.

    What kind of strategy did you pick? What kind of money management rules do you have?
  • WorkingActorWorkingActor Posts: 11

    Good luck. profits are possible with what you've done so far, keep it up and let us know how you do.

    What kind of strategy did you pick? What kind of money management rules do you have?

    From my OP: My strategy, bare bones at this point, is to use no more than 5% of my principal on any one trade, no more than 5-7 trades a day. that's just over 100 trades a month

    Other than that, I'm studying up and learning as much as I can.
  • The_Geek_MHThe_Geek_MH Posts: 674 mod
    well, what you have told us is a money management system, not a trading strategy. Are you just guessing or are you using a technical analysis approach to finding signals? Or are you using someone else signals?
  • OkaneOkane Posts: 1,279 admin

    well, what you have told us is a money management system, not a trading strategy. Are you just guessing or are you using a technical analysis approach to finding signals? Or are you using someone else signals?

    I agree. Unless you are somehow analyzing charts or at least fundamentals then
    money management alone is not a strategy.
    I have even traded a whole year using 10% and above money management without a problem
    so MM alone doesn't say much. You can do 1% and lose your entire balance if you don't understand
    technical or fundamental analysis.
    But I see you are watching my Price Action videos so are you just getting started with drawing S/R lines
    and trend lines? If so, that's a good start but give yourself time cause those things are difficult to master
    so don't be in a rush keep demoing :).
  • WorkingActorWorkingActor Posts: 11
    edited July 2016
    Okane said:

    well, what you have told us is a money management system, not a trading strategy. Are you just guessing or are you using a technical analysis approach to finding signals? Or are you using someone else signals?

    I agree. Unless you are somehow analyzing charts or at least fundamentals then
    money management alone is not a strategy.
    I have even traded a whole year using 10% and above money management without a problem
    so MM alone doesn't say much. You can do 1% and lose your entire balance if you don't understand
    technical or fundamental analysis.
    But I see you are watching my Price Action videos so are you just getting started with drawing S/R lines
    and trend lines? If so, that's a good start but give yourself time cause those things are difficult to master
    so don't be in a rush keep demoing :).

    Hi Okane, Hi Geek...I am just getting started with S/R lines and such, and I'm working my way through your school @binaryoptionsthatsuck.com also. With those trades I mentioned, I simply looked at the "last hour" and "last 2 hours", to get a feel for the trend, and took a shot. I kept it to gold and eur/usd. If I saw a spike up or down, I would bet put at the top of the up spike and call at the bottom of the down spike. Those were all live trades. My current stats, 17 ITM, 11 OTM and 2 push. I increased my initial $100 investment by 30% so far.
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