DislikedHey DB,
LOL, I wasn't even thinking of you. It was on that other forum that I was thinking of! Some of them just like to make you feel stupid if you don't think like they do!
I agree! I can't think of many reasons to trade without a SL. However, I know one trader that didn't, just so his broker wouldn't know where his SL was and tried to use a manual SL. He was convinced, and for possibly good reason, that his broker would either increase the spread when it was close enough or spike the action to take him out. Didn't take him long to change teams!...Ignored
However, I have noticed most brokers of this market are similar to the operators of casinos. The only one I have traded is Nadex. This is the only one in the US and I believe it's the only one I can trust. I had some successes and some failures so far. When I made it, the RR is about 2000%. If I lose, the damages are 100% but every contract only cost me $5.
Although the profit potential is high, this market has proved it's a much tougher instrument to trade. The issue is the TIME. Sometimes I made 2000% in just a few hours. By the same token, time is also a killer to take all my money.
Binary options put a trader's capacity to a real test. The judgement, timing and projection must be all put together to make it work.
Each failure leads me to understand when the market is peaked and how the news affect the market.
This is another subject, I may have to set up another thread to explore the potential of binary options. FYI only.
daddybearforex. com
