I have traded Binary options from 2016-17, then pause until 2023, so I have 3 years experience. Unfortunately I always lose my deposit in less than 2 month. It seems that nothing work for me, I also read almost everything in school of pipsology (Undergraduate - Senior is only chapter that is only half left) - but no luck even with all the indicators, pinbars, SNR, candlestick patterns… I have also paid some course from some guy on YouTube (3 hours long), and join telegram group signals (they also have some educational videos about SNR) but nothing helped.
My question is - is there any solution to become profitable at BO? Is there strategy that can give me 80 - 90% win ratio? My win ratio is around 52%. I think my biggest problem is loosing 2 - 3 trades in a row, then I start panicking and just go martingale.
ProfesorPips - Maybe you are right, maybe is problem in me, if you are thinking about my impatient to hurry and take money and to fast recover if lost trade. Always when start with new deposit (and I lost for sure 15 or more deposits) I try to convince myself stuff like “be patient, and wait for opportunity” but I broke this rule in like 2 or 3 days. Is there any chance I can overcome or beat this feeling or should I quit?
chesterjohn: I’m not sure about clear difference between forex and futures so I’m gonna answer for forex: in Forex you have to wait longer for opportunity and profit and you need more money to deposit. Now imagine to start with 100$ in Forex (this is the amount that I am ready to lose - forex rule said). How much time do you need to grow your account to earn 2000$ monthly? Even if start with 500$? To much years, maybe decade. I don’t want to wait that long. That’s where Binary comes in, every 1min or 5min candlestick is opportunity for winning (and for losing, of course but you get the idea).
Just to clarify this - I know that can’t be rich overnight but also don’t want to wait years and years for my goals. In binary if start with 100 and take trade for 2 dollars you can go to 105 that day if win 3 or 4 trades. I know the 5 dollars is almost nothing in trading, but over time you will get to 200 and 300$ and take bigger trades and in like 2 or 3 years (this is acceptable for me to wait) come to 10k and then can earn 2k monthly.
you just up two beginner problems, low capital at the beginning and time. That is why new traders lost all capital, in your case many times, because they want to be rich in short term. Your goal is 2k monthly from 10k, simple math, 20% per month, 240% per year. Now some facts, you should know that there is a guy call " a man who solved the market" brilliant mathematic Jim Simons, founder the renaissance technologies with team of statistics, informatics, other mathematics make average 66,1 per year from last 30 years, think about it.
Hmm…
I don’t think you understood me, what I want is some strategy that can give me profit in short and long term. But also I don’t have patience to test every strategy for minimum 3 - 6 month. Yeah, sure I want to be rich overnight just like everyone else, but I know that is not possible. But in like 2 - 4 years I expect to live from trading. Now, if I start with let’s say 200$ and be profitable in next year or more, I can easily deposit more money. The key here is consistency and good long term strategy.
You said that maybe BO and short term isn’t for me. I traded Forex for 3 month and it’s even worse than Binary. If I open position in the morning, and then go to work, I will always thinking where the price is now, is it go against me, then log on to the mt4 platform and thinking should I close trade or not. Too emotional and stressful for me. In Binary it’s much easier, you have specific time, and if you win in 1min or 5min, you can just go and do some other stuff, for me it doesn’t matter where the market will go.
For the link you gave me about emotions, I already knew that (work on strategy, emotions, money menagement…). Give me something new. Also what is about mathematic Jim Simons? How can I benefit from him? I’m just an average person who wants to earn money from trading.
Binary options has a reputation about as bad as prop firms. You aren’t going to turn 100 into being rich quickly, whatever you do. The only way would be luck and you’d lose it all eventually.
I sympathise with your situation, it’s like the market knows what you’re doing and the second you close a losing trade, it goes in your direction immediately. I’m certain that’s by design, the markets are almost perfect machines at exploiting your emotional responses.
I’d stick with something else, and remember that a few percent per month with money regularly topped up will add up to a big number over many years. You can’t look to do 1000% per year. If that was realistic, hedge funds wouldn’t have 5.7% average return for 2023