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My Binary Options Trading Journal, Goal; $1000 to $10,000

  • #21
  • Aug 22, 2015 12:04am Aug 22, 2015 12:04am
specially lot size is important in binary option ..
Good luck
  • #22
  • Aug 22, 2015 11:12am Aug 22, 2015 11:12am
Quoting us fantasy
specially lot size is important in binary option .. Good luck
Indeed it is important! Especially so if your win rate isn't that great. If I could get my win rate average up to 75% or something like that I'd be more confident to trade bigger lots but on the other hand you wouldn't need to trade big with that kind of win rate.Trading 1 or 2% risk allows some wiggle room and allows me to stay in a better frame of mind and emotion.I know I could probably cherry pick my trades for a75% win rate if I practiced sitting on my hands instead of feeling the urge to trade regardless of perfect setups.
  • #23
  • Aug 22, 2015 7:55pm Aug 22, 2015 7:55pm
Quoting dbeach777
Well you just can't catch them all! I was busy with my day job and missed this awesome setup. 3 trades I would've taken, all would've been winners! As it is I took 2 trades early on, both winners for 4% gain {image}
Could you point out where your entry would have been on this chart....please.Good work so far by the way. Been looking at some options setups myself....can post some here next week maybe, if have time.
  • #24
  • Aug 22, 2015 8:28pm Aug 22, 2015 8:28pm
Quoting Forexmeoff
{quote} Could you point out where your entry would have been on this chart....please.Good work so far by the way. Been looking at some options setups myself....can post some here next week maybe, if have time.

I look for Divergence and exhaustion bars for a sign of reversal and follow through. This doesnt work when the markets are trending strongly like Friday
Looking forward to your setups
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  • #25
  • Aug 22, 2015 9:37pm Aug 22, 2015 9:37pm
Hello dbeach777

Can I just ask you one question?

You have been trading forex on and off for 20 years. What do you think is the main reason why you don't have a nice, fat account balance and ready for your grand retirement by now?

Stay safe
  • #26
  • Aug 22, 2015 9:47pm Aug 22, 2015 9:47pm
Quoting SophieFX
Hello dbeach777 Can I just ask you one question? You have been trading forex on and off for 20 years. What do you think is the main reason why you don't have a nice, fat account balance and ready for your grand retirement by now? Stay safe

Good Question SophieFX. I'd have to say the number one reason would be psychological and that I hadn't mastered my Emotions. Its still a work in progress.
2nd Reason would be Trading Capital. I think its important to Trade a large enough account that you can trade safe and not have the Make or Break attitude, because it'll only be a matter of time before the "Break"
  • #27
  • Aug 22, 2015 10:49pm Aug 22, 2015 10:49pm
is there a legit broker out there yet for the U.S.?
  • #28
  • Aug 22, 2015 11:30pm Aug 22, 2015 11:30pm
Quote
Good Question SophieFX. I'd have to say the number one reason would be psychological and that I hadn't mastered my Emotions. Its still a work in progress.
2nd Reason would be Trading Capital. I think its important to Trade a large enough account that you can trade safe and not have the Make or Break attitude, because it'll only be a matter of time before the "Break"

​I think you are absolutely right. If you read your 1st post, you have a lot of emotional descriptions like hope and needs. And the binary options market is basically a massive bombardment of your brains reward center that reinforces your need and desire to take risk and do it often. When you get a profit, it is not nearly as rewarding as taking the next big martingale position. I know it takes effort and discipline to break bad habits, especially trading habits as they are psychologically founded, but you come across as a quite experienced trader after all. It just seems that you have lost your way a little bit. I hope (again emotional) that you make it to $10k.

Stay safe
  • #29
  • Aug 23, 2015 5:35am Aug 23, 2015 5:35am
Quoting SophieFX
{quote} ​I think you are absolutely right. If you read your 1st post, you have a lot of emotional descriptions like hope and needs. And the binary options market is basically a massive bombardment of your brains reward center that reinforces your need and desire to take risk and do it often. When you get a profit, it is not nearly as rewarding as taking the next big martingale position. I know it takes effort and discipline to break bad habits, especially trading habits as they are psychologically founded, but you come across as a quite experienced...
I noticed this too, and was about to comment when I saw Sophie's post. You are trading Forex like a game, for the rush, and not as a business, for the profit.

I can see three glaringly obvious problems.
1. You must be very precise to trade your strategy, therefore you are subject to head fake after head fake.
2. You are interested in fast trading, indicating you have battle fatigue and are leery about every trade.
3. You are trading binary options which feels to me like trying to guess who is holding the ball at 1246 PM. You are just betting black or red, and if you lose, doubling up on the assumption you will not lose twice in a row. To me, it is pure gambling and that is very stressful because you have NO idea what is going to happen. No edge.

You should ask yourself if you are addicted to action or profit? Action, without probability, is just gambling. Those large casino towns were built on gambling.

Just an opinion. I prefer an edge, so I am obviously biased. Good Luck!
You cannot be extraordinary by being normal
  • #30
  • Aug 23, 2015 10:10am Aug 23, 2015 10:10am
Quoting dkrock
{quote} 1. You must be very precise to trade your strategy, therefore you are subject to head fake after head fake.
Thanks for your input dkrock, its appreciated. I do however disagree on a couple notes
You're right I must be precise because of the timing factor but after a couple head fakes I can see the market may not be right for the strategy Im using so I can choose not to trade.

Quoting dkrock
{quote} 2. You are interested in fast trading, indicating you have battle fatigue and are leery about every trade.
I trade a time frame that works for me. Mostly 15 Minutes and up. It's the time frame I've always loved the best. Many Binary Options traders trade 5 minute and 60 second Binary Options. I rarely do as Im not interested in the hyper attention, rush, and emotions that can go with trading that fast. With M15 I have time to stay in my Zen Zone.
My day job requires me to "Just do it" which as you know can be detrimental to Trading. It requires patience and sniper preciseness. I do also trade Forex but mostly H4 and up time frames but this journal isn't about that.

Quoting dkrock
3. You are trading binary options which feels to me like trying to guess who is holding the ball at 1246 PM. You are just betting black or red, and if you lose, doubling up on the assumption you will not lose twice in a row. To me, it is pure gambling and that is very stressful because you have NO idea what is going to happen. No edge. You should ask yourself if you are addicted to action or profit? Action, without probability, is just gambling. Those large casino towns were built on gambling. Just an opinion. I prefer an edge, so I am obviously...
Yes, I do like the simplicity of BO Trading because of the instant gratification and knowing what my risks, and rewards are before hand. I'll be the first to admit it isn't easy! One with no edge would theoretically lose their account in short order since just to break even requires about a 56% winning rate, and theoretically I would never reach the 10K goal I set for myself... Which I am very committed to reach. I do believe I have an edge of Probability when taking the trade. I will never know 100% if it'll be a winner until the trade closes, you're right!
​In my TimeZone I won't be placing a trade at 1246 PM, LOL. I have my preferred Trading Times
I guess I may be addicted to the "Game" but I'm a family man and don't have time for games for that sake alone, so I can say for sure that now I'm in it for the Profit

Good Luck to us all!
  • #31
  • Aug 23, 2015 11:29am Aug 23, 2015 11:29am
Here's a chart with levels Ill be looking to buy 15 Minute Calls on the EURUSD 15 Minute chart.
A Breach of the level and some sign of exhaustion on that candle or the next is all it takes and Im in
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  • #32
  • Aug 23, 2015 11:45am Aug 23, 2015 11:45am
I was just talking for your own self awareness. Of course you have to fit your trading style to your personality and talent. It isn't my style, but that doesn't make it wrong
You cannot be extraordinary by being normal
  • #33
  • Aug 24, 2015 2:03pm Aug 24, 2015 2:03pm
Monday Trading Stats;

Well considering the state of the Stock market today I decided to sell the Dow every chance I get and it has served me well today, putting my account balance just over $2000, and doubling my initial investment of $1000. This Ive managed to do in 11 Trading Days. The number 11 is after-all, my Lucky Number

Of my last 17 trades, 14 were winners!

Biggest risk taken on a Single Trade; 5%

Draw down for today; None

This Statistic however cannot compare to how I managed to lose $1000 in one Single Day here a while back!
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  • #34
  • Aug 24, 2015 7:38pm Aug 24, 2015 7:38pm
Predictable, Probable, Profitable, and a Call is the winner!
Referring to the last candle showing.
These setups occur frequently and are there for the taking
A breach of previous swing high or low and quite frequently the next candle changes color!
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  • #35
  • Edited 3:25am Aug 25, 2015 2:59am | Edited 3:25am
Thanks for your reply before explaining your entry on the Aud usd chart.

Here is what I am trying :

Time : Frankfurt open and after to London open, stop looking for trades after about 1 hour after London opens.
Chart : M1 and M5
Currencies : eurjpy and gbpjpy

The price is good at bouncing off levels at this time so I look for a level that is offering resistance and try to strike a good price off it.

The eurjpy chart shows a bounce off the level ( Red Arrow ) I wait for the 5 min bar to show a good wick then close. The next time price touches near that level I buy a 3 min option (call). You can go down to M1 chart to hit the price and you need to be pretty fast some of the time. If the lowest point of the wick is say 137.57 wait for price to hit that level or 1 pip or 2 pips higher at 137.58, 137.59 and buy 3 min option....need to take the price you are comfortable with as it often doesnt reach the same level exactly, of course alot of the time it does.

I dont wait for the bar to close when looking at M1 for the strike price.... the reverse is : Sell 3 min option if the area bouncing is a resistance....this chart is a support level. the 2nd touch of a level is good sometimes and the 3rd touch of a level is good too....need to pull the trigger and get in...lose the nerves is the hard part I find. Get some zones where it shows a good wick but keeps going...that is the nature of our game....and there will always be losses Pick a zone where it has bounced well before etc...support resistance trading basically.

At this time of the day a pin bar on the 5 min chart in these zones is ok as well....wait for bar to close and buy / sell a 5min option. You can see one to the right of the red arrow on the eurjpy chart.
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  • #36
  • Aug 25, 2015 8:16am Aug 25, 2015 8:16am
Quoting Forexmeoff
Thanks for your reply before explaining your entry on the Aud usd chart. Here is what I am trying : Time : Frankfurt open and after to London open, stop looking for trades after about 1 hour after London opens. Chart : M1 and M5 Currencies : eurjpy and gbpjpy The price is good at bouncing off levels at this time so I look for a level that is offering resistance and try to strike a good price off it. The eurjpy chart shows a bounce off the level ( Red Arrow ) I wait for the 5 min bar to show a good wick then close. The next time price touches near...
Thanks for your example... I agree with you on using Pin-bars at the correct levels. Below is a Put I just took. It was a no brainer for me as it was a double top and Bollinger Bands were flat. It was at the extreme level and not mid traffic. I also place my trades just seconds before the candle closes. I differ in that I trade mostly 15 Minute Options as it smooths out a lot of the noise but I do often enter based on M5 and M1 setups.

Good Luck!
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  • #37
  • Aug 25, 2015 7:39pm Aug 25, 2015 7:39pm
2 No Brainer Puts I just took, helped pull me out of my deficit of today. Last 2 red Candles
Didnt have the nerve to go for 3rds on this pair but opted for AU instead
I took some sloppy trades today and couldn't give Trading the attention it needed because of work and bad phone signal
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  • #38
  • Aug 26, 2015 6:34am Aug 26, 2015 6:34am
Check out the chart today for eurjpy, at the Frankfurter open....bouncing like crazy....pick a level and you really couldn't lose. I dropped down from 3 min options to 60 second options and Got back some of my previous losses.....account now back to where I started....tomorrow might actually make something if I can get some good action.
  • #39
  • Aug 26, 2015 9:59pm Aug 26, 2015 9:59pm
Well here it is Wednesday already and I keep pecking away at it.

Yesterdays session was a lot like trying to row upstream, and the end result was at the end of the day I was right where I started from! Better then losing money though, and that's just fine I say

Today NY session was a lot like that too and finally I caught a break with the Asian session and added 10% to the account.
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  • #40
  • Aug 27, 2015 11:35pm Aug 27, 2015 11:35pm
Well I had a down day again. First it seemed I was doing sort of ok and then it started going backwards until I was break even. I should've quit trading then but persisted and continued to lose all of yesterdays profits.

Down 10% for the day.

Tomorrow is Friday and historically I haven't done well on Fridays so Ill be especially cautious!
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