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[im newb] Review my 60-seconds-strategy before i start using it please

EgzodiusEgzodius Posts: 4
edited March 2015 in Binary Options Strategy
Okay so here is the strategy i think that would work. It uses a bit of the martingle system up to the 4th time. (1$ - 2$- 3$, 6$) if i lose at the 4th time i accept the loss and start again.

This is how it works. First i put the time frame to minute chart then i use the indicator bolinger bands and i wait for a trend to follow the upper or the down bollinger bands line.

For example on the picture bellow the trend is following the upper bollinger bands, and then a red candlestick formed and closed, at this time i vote PUT.
image

if i win (in this case i won) i wait for another candlestick to close, if it is still red then i will vote DOWN again, now i lost because it gone up, i will double my bet (2$ now) and i will vote UP. If i win i will wait for anotehr candlestick to close if it still goes in the same direction i vote up again but now i go back to the base value (1$ bet) .


The reason i think this will become profitable in long term is because theres something i noticed THAT NEVER EVER HAPPEN, the candlesticks never go Up Down Up Down Up Down Up Down they usually form 2-10 and reverse, making this strategy profitable.

What do you think? Please note that i am really newb and i only did 13 trades in my life with this method and on lost 3. Im really new to trading... any help would be appreciated.

I'd like you guys to review it and tell me if i should or should not use this method because im not really confident on trading yet as i just started. I'm planning to study and go full time trader.

Comments

  • OkaneOkane Posts: 1,282 admin
    Hey! I dislike Martingale strategies.
    I have seen this strategy before, being recommended by brokers to newbies
    who don't know better. I have an upcoming strategy that focuses on 30min expiries
    and uses Bollinger Bands + RSI and you don't have to Martingale and it's much safer!
    I will upload it + video here on BinaryOptions.net so stay tuned. Meanwhile, practice on a demo account.
  • BryanMacBryanMac Posts: 851 ✭✭✭
    edited March 2015
    I would deff not use this especially in combination with Martingale, it would lead to a blown account rather quickly. Today was very trendy and if you decided to martingale a market like today's you would have lost a ton. It really has no fundamentals behind it either, it truly is just a way brokers show new people how to trade to rapidly blow there account.

    Come to live chat we can help you out, plus get you to a broker who wont screw you over :), with the best payouts for your trading style.

    http://www.binaryoptions.net/chat/
    Bryan Mcafee
    Hit me up on skype at Brymcafee (McAllen TX)
    www.tradingaxis.com
  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited March 2015
    Newbies should never touch 60 second trading as it takes a very very experienced trader to be profitable with all the noise in the shorter TFs. The main reason is not even because of that but rather because of the lack of experience/emotional control you need to trade the short term charts. If you can't make it with trading the same size 1 to 1 each trade then you are just not good enough of a trader yet. Trying to cover that up with a martingale strategy only fools you into thinking you are better then you are. This will eventually lead to a $0 balance because the fact of you being untalented does not go away statistically you just avoid it a bit longer. You either have positive expectancy in your trading or you don't...

    Any strategy you use focus on making good trades by starting out with a demo account and see if you can win over 60% of your trades using the same exact size on each trade.
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