New cautious Starter

Hi all,
I stumbled across this forum which looks helpful! I'm a complete beginner to trading and looking forward to getting stuck into reading material on here.
Any tips on where to start?

Brief background:
I readily admit, I stumbled across an automated binary scheme with the hope of making profit via the net - I signed up through the 'automated binary forum' / automated binary robot, accessed a 24 option link through them and deposited 250 into a 24 option broker account. In return they promised access to their 'verified' forums which supposedly provided mods / tweaks on how to set the robot of theirs to 'optimum performance.' How wrong I was! As soon as the £250 went into 24's account, I was locked out of the forum and no further posts accepted. It makes me wonder what these so called forums get out of it.

After lots of panic with the broker, 24, they assured me I wasn't at risk and persuaded me to take up trading, manually, with them directly. So here I am!

Just a final quick question, now that my 24 option account has been verified, I have seen that there is a credit adjustment figure of £10,000 in my banking history section:

28/02/2017 12:58 Adjustment Credit Adjustment 10000.00

Before I call tomorrow, can anyone throw any light on what a credit adjustment means?
Thanks very much in advance

Comments

  • OkaneOkane Posts: 1,279 admin
    Hey there. That's not a forum, the automated binary forum is a scam.
    In fact, all autotraders are scams and the goal is a broker sign-up with conflict of interest. Meaning you need to lose
    in order to make them money. So the name of the autotrader doesn't matter, they are all scams.
  • RichBladesRichBlades Posts: 6
    Thanks for your reply okane!

    Do you have any idea on what the "adjustment credit" means for 10000 on the 24 options? I'm worried this is linked to a scam , will I be funded for that?

    Also how do these automated scam forums make money out of trade loss? It all appears legit now im using just the broker to trade, do the scams still have influence?
    Thanks so much
  • OkaneOkane Posts: 1,279 admin

    Thanks for your reply okane!

    Do you have any idea on what the "adjustment credit" means for 10000 on the 24 options? I'm worried this is linked to a scam , will I be funded for that?

    Also how do these automated scam forums make money out of trade loss? It all appears legit now im using just the broker to trade, do the scams still have influence?
    Thanks so much

    Don't use the autotrader. Yeah 24Option is good.
    Because the autotrader is made to make you lose money, you losing money goes in their pockets, broker pays them.
    You and the broker are also in conflict of interest just in case you didn't figure that out already which means do NOT
    listen to your account manager regarding trading!

    No idea about the credit, ask their live chat!
  • RichBladesRichBlades Posts: 6
    Many thanks for your advice
  • OkaneOkane Posts: 1,279 admin

    Many thanks for your advice

    We have some blogs and guides, you should read through them before trading!
    Trading is difficult, there are no shortcuts. If you don't spend months learning then you gonna end up losing much more!
  • RichBladesRichBlades Posts: 6
    Thanks again okane. I'm looking forward to learning and reading your guides in the months ahead. To be honest this is the first site I have come across which remains impartial yet very helpful!
    Quick question before I dive into the blogs and guides - are the principles of trading the same across the board i.e. binary options, cfd's , forex? Or are their differences? Is anyone of these preferential for a newbie? Should I focus on one, or are the trading rules the same and then to choose one?
    I only ask as my account manager guided towards the cfds on 24 option (I recognise the conflict as you say)
    If you could outline the difference that'd be great
    Cheers
    Rich
  • RichBladesRichBlades Posts: 6
    NB i've seen the basic differences such as put / call / knowing the risks before vs stop gaps etc..
  • OkaneOkane Posts: 1,279 admin
    The principles of price action are pretty much the same with the obvious difference in "evaluation" or the differences in interpretation from trader to trader. However, FX is trader in the market, BO is not in the market, it's ON the market meaning you are not executing any trades in the market. With that said, I must also add that even most FX brokers are market makers (if not all of them) and most don't execute your orders in the market anyway even though some people think so. CFD's, I haven't tried those yet but again, you need price action regardless of what you trade. If you can't read the charts there is no money to be made.
    However, BO is different because we also have to calculate expiries. In FX you must know when to exit manually or set stop losses, in BO = need to know the right time for the trade to finish.

    Feel free to check out my trading journal here:
    http://forum.binaryoptions.net/discussion/1260/okanes-diary#latest

    Haven't updated for a while cause I do most updates on YouTube as of lately but check it out, you might get the picture on how I trade
    and learn from what I have shared!
  • RichBladesRichBlades Posts: 6
    Great stuff. I'll have a read through. What's your youtube address/link btw?
  • OkaneOkane Posts: 1,279 admin

    Great stuff. I'll have a read through. What's your youtube address/link btw?

    You will find it there in the diary too.
  • MaeOfHothMaeOfHoth Posts: 20
    Another piece of advice - Since you may be new to trading, I suggest opening up a demo account and start trading with that first, before you start trading with your real money, as you begin to learn!
  • illodillod Posts: 49
    This case is pure deception, only way I can put it. And in general I can say that right off the bat if the broker starts to hold up withdrawals and feed you empty promises, you should sound off the sirens.
  • paveljablonpaveljablon Posts: 132
    Sorry man.
    Transparent Binary Options trader and former floor trader. Now giving signals to help people safely to make money at Signal Hive Please do not contact me to manage your account, I will never take anyone's money. You can see my live performance on Signal Hive and subscribe to me there.
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