Hello! New here! Is this a good strategy??

waynem

Hi folks,

I'm just about to dive into binary trading, as I've run through a few course, feel I have a good understanding, and have sat in on a few very successful live traders sessions too. So I feel i'm ready!

I'm planning to start with $350 and my target is to achieve a $25 profit daily on average until I reach $1000. (in THEORY after 20 trading days). I'm going to focus on FX.

I'm looking at using a ballinger bands based strategy, taking into account stochastic over buying/selling signals, as well as pin candles as an added confirmation signal. I will be using $5 trades until I reach $1000 account size, when I will increase to $10 trades. I'm going to be aiming for a 73%-75% success rate, and I have time to trade at different times of the day as I work from home, and have alredy set up a duel monitor set-up so i can be monitoring the charts most of the day, whils keeping my tading account open in a window too.

Does this all sound realistic/ achievable? Any folks with more expeerience who can also shre any tips too? Any advice appreciated!

Cheers!

lotzofbotz

I like the simple fact you have a plan.. The one negative is experience though, but that you gain in time... 70% and above is my realm very very very few traders can achieve as the market is non linear in nature and most don't know how to avoid unfavorable conditions that will effect them with lower ITM %s. Think of it this way you have to act like a weather forecaster in trading if you see rain you grab your umbrella and rain coat right? Same in trading you see negative conditions you avoid trading or reduce trades, leverage, frequency ect ect. This is a big failing of new traders when presented with negative information they try to revenge trade over leverage over trade till they wipe their accounts out. Worse yet they win using this psychology that has in reality negative overall expectancy which basically means they just unknowingly lie to themselves, but you see the P/L of what you do will never LIE its the absolute truth and truth does not run hot or cold it has no temperature... Statistics are all you have learn to read the market. So keep your focus on what you wish to accomplish and find a way to do exactly that. Having a plan to start though is very wise, so good job! Above all remember this "The market does not care what emotional state you are in, happy or sad so leave your feelings out each time you trade replace instead with objective observation with the focus of trying to always improve your results...

waynem

Cheers for the reply! I absolutely appreciate what you're saying. I'm pretty 'systematic' and plan to stick to whichever strategy I follow and ONLY that strategy. I don't want to get into the realms of increasing trades to recoup losses etc. I seems safer to me to stick to 'x amount' per trade until I reach a new 'goal' account level and then increase the trade amount. Likeswise it seems sensible to quit after 'x amounts' of trades as a maximum each day. To make sure I don't push it/ get greedy.

Have you been involved in trading for a while? Succesful?

Cheers!

lotzofbotz

Yes for over 3 years but like everybody certain times/periods of feast and famine. My speciality really is knowing how to push it when things are good reduce when bad and mostly when to avoid trading all together before negative conditions arise. My background is in engineering so most of my time really is hunting institutional buy/sell programs to take advantage of their effects. Example I am number crunching as we speak the likely times of buy/sell cycles for various pairs from there I just need the short and longer variables to come into alignment to produce trade opportunities. I often can tell which pairs are going to have higher volatility range or trend characteristics even before the market opens all based on quantitative statistics. I guess you can say I am forecasting the weather for next week in a way haha... From there I will watch trading from tonight on and see if there is synchronicity of movement.