Has Anyone Had a Good Experience With BO?

First of all, I am a total "newbie" just reading as much as I can on binary options. I've yet to find any good experiences! Is this for real, or am I just fooling myself? Has anyone out there had success? Also, I'm from Canada. Any recommendations?

Comments

  • The_Geek_MHThe_Geek_MH Posts: 665 mod
    Welcome, glad to meet you. Yes, binary is rife with scams and fraud but it is not all bad. There are some great choices out there, but you have to be careful. Canada allows binary options trading for regulated brokers, the problem is that no brokers that I know of are in compliance with the Canadian or any of the provincial authorities. This means you'll have to chose an off-shore broker, possibly a CySEC will accept you (CySEC is EU regulation of binary just FYI), another possibility is NADEX but I'm not sure about the relationship with Canada. I'm US, use NADEX and love it,
  • OkaneOkane Posts: 1,279 admin
    Hey welcome.
    If you learn how to trade and don't chase fast money and autotraders and signals you will have a good experience.
    Also, don't use a garbage scam broker.

    Since you are with Canada, you should listen to the post above from The_Geek.
  • maxpetersmaxpeters Posts: 2
    You always need to be really careful in choosing which brokers to engage with. Not most of them are as transparent as the others.
  • 2win1now2win1now Posts: 12
    maxpeters said:

    You always need to be really careful in choosing which brokers to engage with. Not most of them are as transparent as the others.

    Be careful I understand. But: "Not most of them..." seems to mean, lots are liars or scammers??

    I feel ripped off by losing balance to inactivity some years ago, but then I come back to dig deeper and figure this out.
  • bsbZenbsbZen Posts: 84

    First of all, I am a total "newbie" just reading as much as I can on binary options. I've yet to find any good experiences! Is this for real, or am I just fooling myself? Has anyone out there had success? Also, I'm from Canada. Any recommendations?

    Hi,

    Welcome on board and nice to meet you. It is very important to do a good re-search about any broker to see if they are regulated. Second please do not listen to an account manager at all as they wanna lure you with bonuses and then try to lock you account with that. So you need to know the important things before you are choosing the right broker and start trading. Also i suggest to learn it first by your own so you know how to deal with the market and how to trade on it. It will takes time and patience, but you will get there.

    Greetings,

    BSB Zen

    blueskybinary.com
  • jamesnjamesn Posts: 27
    I started out doing this thing part time, just a few hours a day after work. I was very conservative at first, placing lots of very small trades to see how well I could manage my relatively slim risk capital in my trading account. Gradually I became better at it and more confident at using the platform, then as the months progressed and my knowledge increased (I never stopped researching, still haven’t) I began to see the connections much clearer between a seemingly unrelated news item and the currency pair I was trading, or the commodity that would be indirectly affected by the news. This is the magic of trading and is truly the most intoxicating part of the game, for me at least. Feeling out the sentiment on the market, becoming attuned to other traders and their beliefs regarding the assets you trade, being able to synthesise disparate areas of knowledge and bring them all together in a profitable trade. There is really nothing quite like it. And so now, years later I have handed in my notice at work and decided to do this full time until I’ve saved the money from my getaway from the rat race.
  • Perry9Perry9 Posts: 5
    jamesn said:

    I started out doing this thing part time, just a few hours a day after work. I was very conservative at first, placing lots of very small trades to see how well I could manage my relatively slim risk capital in my trading account. Gradually I became better at it and more confident at using the platform, then as the months progressed and my knowledge increased (I never stopped researching, still haven’t) I began to see the connections much clearer between a seemingly unrelated news item and the currency pair I was trading, or the commodity that would be indirectly affected by the news. This is the magic of trading and is truly the most intoxicating part of the game, for me at least. Feeling out the sentiment on the market, becoming attuned to other traders and their beliefs regarding the assets you trade, being able to synthesise disparate areas of knowledge and bring them all together in a profitable trade. There is really nothing quite like it. And so now, years later I have handed in my notice at work and decided to do this full time until I’ve saved the money from my getaway from the rat race.

    Nice to see a success story - never really see that talked about. I just think that with my experience with the demo account over the last couple of weeks, where I, as a total newbie, lately have been able to make a daily 20+% capital increase (on phone app, 1-2 minutes at a time during work, practicing self-restraint, 3-5% of capital trades and quitting when losses start coming), that lots of people can earn a great living on it.
  • ShaunRShaunR Posts: 61
    jamesn said:

    I started out doing this thing part time, just a few hours a day after work. I was very conservative at first, placing lots of very small trades to see how well I could manage my relatively slim risk capital in my trading account. Gradually I became better at it and more confident at using the platform, then as the months progressed and my knowledge increased (I never stopped researching, still haven’t) I began to see the connections much clearer between a seemingly unrelated news item and the currency pair I was trading, or the commodity that would be indirectly affected by the news. This is the magic of trading and is truly the most intoxicating part of the game, for me at least. Feeling out the sentiment on the market, becoming attuned to other traders and their beliefs regarding the assets you trade, being able to synthesise disparate areas of knowledge and bring them all together in a profitable trade. There is really nothing quite like it. And so now, years later I have handed in my notice at work and decided to do this full time until I’ve saved the money from my getaway from the rat race.

    I really enjoy your story jamesn. :smiley:

    My story is quite similar to jamesn, except I don't trade based on news.

    I was exposed to trading Binary Options by getting caught by some bas$@*d who took my money in a serious scam. That was nearly 2 years ago. I vowed then that I would get my money back... but time drifted by and I was not making progress. In December 2015 I made a decision to really knuckle down and become a successful Binary Options trader, and I would keep trying until I got there. My goodness, it took 12 full months of hard, really hard work. I would spend an average of 3.5-4 hours a day, at night after work and every weekend, working through stuff, trying to find a way to gain a consistent advantage over the market. I probably know every trading indicator ever developed, as I tested everything in my quest to find a way to win more than 60% of my entries. It also helped that I had traded Forex part time for 10 years prior to this.

    I never gave up and always believed I would find a way. That kept me going through many so called "failures" and big emotional roller coaster rides :smile: On several occasions, I was tempted to throw in the towel and walk away but I didn't.

    Today I am a successful, profitable Binary Options trader and I am grateful to that useless bas$@*d and his "Binary Boom" video that hooked me on Binary Options. I am not yet earning $100 000 per month but am well on the way. I am able to take profits from the market with relative ease and I enjoy the process. I am able to do this because I decided to trade the 1-minute chart (maximum number of potential entries) and I have taken thousands of entries, plenty thousand. The human mind is naturally wired to identify patterns in all things, and I am reaching the point now where I can just "feel" where the market is going, which helps. It has also helped, in my opinion, that I chose EUR/USD as the only currency pair I trade, as I have a good "feel" for the temperament of this market.

    Recently I have started to teach a few struggling traders to see the market the way I do, and this has been very rewarding. My first student has just gone "live" after retraining on demo for the past 6-8 weeks, and he is making solid profits. I say "retraining" because he was trading live and lost a lot of money.

    I enjoy teaching and the process has helped me with my own trading because it reinforces things that I also need to remind myself to do. This opportunity is also a chance to make friends with some very decent people too.

    If you really want to master something rewarding, go and teach others to do that thing.

    I am taking it slowly and making sure that I do the very best to set up each trainee for success, by giving of my time and effort. My primary method is Skype one on one sessions.

    It is one of my goals to develop a group of like-minded traders, who work together and share ideas on how to improve trading skills for the benefit of the group. My slogan for the group goes something like this... real traders making real profits by trading Binary Options with a real broker.

    There are so many scams out there, hence the focus on real. I simply cannot stand scams. Simultaneously there is so much wealth in the market so why not share?

    So that is a brief glimpse into my journey so far...

    Thanks
    Shaun
  • OkaneOkane Posts: 1,279 admin
    Hey Shaun, good to hear you are doing well. Which epixires you trade mostly?
    I would say you should stay away from below M5 expiries since CySec plans to ban anything below M5.

    http://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=fbae23d9-eba1-4e7f-bd29-b940fde73f87
  • ShaunRShaunR Posts: 61
    @Okane

    I currently trade 1-minute expires... and I saw that CySec plans to ban that. One minute really suits my lifestyle and so, moving to 5 min expires will be like watching paint dry! :neutral:

    Anyway if that is how it is to be then I will adapt.

    Any idea when this change will be rolled out?

    Thanks
    Shaun
  • OkaneOkane Posts: 1,279 admin
    ShaunR said:

    @Okane

    I currently trade 1-minute expires... and I saw that CySec plans to ban that. One minute really suits my lifestyle and so, moving to 5 min expires will be like watching paint dry! :neutral:

    Anyway if that is how it is to be then I will adapt.

    Any idea when this change will be rolled out?

    Thanks
    Shaun

    Yes it is stated in the link I shared above but here is the quote:
    "The consultation period will run until 3rd March 2017
    after which the Board of CySEC will issue a
    Circular on any definitive changes to the regulatory framework."
  • ShaunRShaunR Posts: 61
    Thanks Okane - in other words... soon. :neutral:
  • OkaneOkane Posts: 1,279 admin
    ShaunR said:

    Thanks Okane - in other words... soon. :neutral:

    I think the decision comes in March and then they will most likely give the brokers a few months to upgrade/change their platforms and
    terms and conditions.
  • binary9jabinary9ja Posts: 1
    ShaunR said:

    jamesn said:

    I started out doing this thing part time, just a few hours a day after work. I was very conservative at first, placing lots of very small trades to see how well I could manage my relatively slim risk capital in my trading account. Gradually I became better at it and more confident at using the platform, then as the months progressed and my knowledge increased (I never stopped researching, still haven’t) I began to see the connections much clearer between a seemingly unrelated news item and the currency pair I was trading, or the commodity that would be indirectly affected by the news. This is the magic of trading and is truly the most intoxicating part of the game, for me at least. Feeling out the sentiment on the market, becoming attuned to other traders and their beliefs regarding the assets you trade, being able to synthesise disparate areas of knowledge and bring them all together in a profitable trade. There is really nothing quite like it. And so now, years later I have handed in my notice at work and decided to do this full time until I’ve saved the money from my getaway from the rat race.

    I really enjoy your story jamesn. :smiley:

    My story is quite similar to jamesn, except I don't trade based on news.

    I was exposed to trading Binary Options by getting caught by some bas$@*d who took my money in a serious scam. That was nearly 2 years ago. I vowed then that I would get my money back... but time drifted by and I was not making progress. In December 2015 I made a decision to really knuckle down and become a successful Binary Options trader, and I would keep trying until I got there. My goodness, it took 12 full months of hard, really hard work. I would spend an average of 3.5-4 hours a day, at night after work and every weekend, working through stuff, trying to find a way to gain a consistent advantage over the market. I probably know every trading indicator ever developed, as I tested everything in my quest to find a way to win more than 60% of my entries. It also helped that I had traded Forex part time for 10 years prior to this.

    I never gave up and always believed I would find a way. That kept me going through many so called "failures" and big emotional roller coaster rides :smile: On several occasions, I was tempted to throw in the towel and walk away but I didn't.

    Today I am a successful, profitable Binary Options trader and I am grateful to that useless bas$@*d and his "Binary Boom" video that hooked me on Binary Options. I am not yet earning $100 000 per month but am well on the way. I am able to take profits from the market with relative ease and I enjoy the process. I am able to do this because I decided to trade the 1-minute chart (maximum number of potential entries) and I have taken thousands of entries, plenty thousand. The human mind is naturally wired to identify patterns in all things, and I am reaching the point now where I can just "feel" where the market is going, which helps. It has also helped, in my opinion, that I chose EUR/USD as the only currency pair I trade, as I have a good "feel" for the temperament of this market.

    Recently I have started to teach a few struggling traders to see the market the way I do, and this has been very rewarding. My first student has just gone "live" after retraining on demo for the past 6-8 weeks, and he is making solid profits. I say "retraining" because he was trading live and lost a lot of money.

    I enjoy teaching and the process has helped me with my own trading because it reinforces things that I also need to remind myself to do. This opportunity is also a chance to make friends with some very decent people too.

    If you really want to master something rewarding, go and teach others to do that thing.

    I am taking it slowly and making sure that I do the very best to set up each trainee for success, by giving of my time and effort. My primary method is Skype one on one sessions.

    It is one of my goals to develop a group of like-minded traders, who work together and share ideas on how to improve trading skills for the benefit of the group. My slogan for the group goes something like this... real traders making real profits by trading Binary Options with a real broker.

    There are so many scams out there, hence the focus on real. I simply cannot stand scams. Simultaneously there is so much wealth in the market so why not share?

    So that is a brief glimpse into my journey so far...

    Thanks
    Shaun
    I also trade the one minute chart. You can use binary.com since they are not regulated by cysec. My story is similar to yours, took me 1 year and 3 months to become profitable consistently. Will contact you through email
  • The_Geek_MHThe_Geek_MH Posts: 665 mod
    watch out for this BinaryNineJa dude... if he wants to help let him tell his story here for us all to read.
  • BossBoss Posts: 77
    There's plenty information on the web right now. Although it's difficult for a newbie to spot the necessary and useful info. But that'll come with time. And it's even better to find a good teacher, although they of course don't offer their services for free. And it's hard to determine whether it's a good teacher or not. Traders you know might help with that
  • ShaunRShaunR Posts: 61
    Boss said:

    .....And it's even better to find a good teacher, although they of course don't offer their services for free. And it's hard to determine whether it's a good teacher or not. Traders you know might help with that

    Welcome to the forum Boss.

    Okane has offered a lot of support for free, and none of the group of traders that I am training have paid me for my services.

    There is only one way to tell if the teacher is good or not - speak to previous students.

    Thanks
    Shaun
  • The_Geek_MHThe_Geek_MH Posts: 665 mod
    Like Shaun says there are lots of us here, good traders, offering help and assistance for free... we're not all douche bag scammers,,,, just FYI
  • MalvridMalvrid Posts: 107
    Binary options is a pretty interesting way of making money, because it's more thrilling than forex and the trading rules are different there. not the same strategies, your own money management, in a word completely different from forex, but that doesn't make BO less interesting in terms of trading.
  • bitwellbitwell Posts: 5
    jamesn said:

    I started out doing this thing part time, ...

    Well done, @jamesn and congratulations. Wish I'd be there already, too.
    May I ask what options you prefer to trade and why?

    Not that I'd like to do the same, but evaluating other traders' motivation is inspiring me and helps me to cut my path through the jungle, more safely.

    Happy trading and win win win.
    Bitwell
  • illodillod Posts: 49
    There are many swindlers, but in my opinion, they can easily be spotted. In general I advise to begin trading with famous brokers with a good reputation, that way you'll protect yourself. and even if somewhere you'll see conditions which are better, best not to risk it.
  • MalvridMalvrid Posts: 107
    illod said:

    There are many swindlers, but in my opinion, they can easily be spotted. In general I advise to begin trading with famous brokers with a good reputation, that way you'll protect yourself. and even if somewhere you'll see conditions which are better, best not to risk it.

    I agree with you, you shouldn't risk it with newbie brokers, especially if you yourself are a beginning trader, only an experienced trader can risk like that, who'll first start with a minimal, maybe a cent, will check all the risks and can soberly evaluate the situation, at first make a small profit, check wether the broker is withdrawing normally. It seems that everything is simple, but that's only words, in actuality you need a lot of experience for that, so as not to get burned. Do you trade with the help of your own strategy or with the help of signals?
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