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

  • #41
  • Edited 9:19am Aug 28, 2015 9:04am | Edited 9:19am
After Yesterdays loses Im rethinking my Trading method. I think my Strategies are fairly solid but Im frustrated with my lack of discipline in trading lesser then perfect setups. I over-trade and thus take trades that aren't A-1. I have exercised discipline to keep my losing trades small and within my set parameters and rules, however I feel like I can do better. I believe that I can get my win rate way up by watching the market without trading... if that's what it takes. I'll also be looking to take higher time-frame trades, that of M30 and H1. I still anticipate that M15 will be my most traded time-frame.

That being said, Lets see what becomes of the M15 Call I just bought


Edit; And it was ITM
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  • #42
  • Aug 28, 2015 9:44am Aug 28, 2015 9:44am
Thoughts;

I have to remind myself; It is a Friday, and less predictable. A Friday before a long weekend I might add. Historically the most Lackluster week for Stocks.... Well this was a Historical week then because its been the most Active week in years!
It is Start of NY Session and Markets can start Trending without any retracing for-ever it seems sometimes.
Im convinced that the Stock Market dominates the movements of the currencies when shes active.
I will always check the Indices during NY for decent trades

I'm not convinced that I Live in the best Time-Zone for Trading. Seems Asia would be more Ideal. I could trade parts of all 3 major markets that way. I feel like Im leaving food on the table by bypassing the London Session

Have a Good Weekend All!
  • #43
  • Edited 9:21pm Sep 1, 2015 8:12am | Edited 9:21pm
Well it's been a week since I broke the $2K level. I suppose its a psychological level that I must accept into my reality before I'll let myself go forward to the next level. Last week I didn't really grow my account after I hit that level but digressed into the weekend. Monday however, a National Holiday, I was aware that the market may not behave properly but did indeed make a comeback above the 2K Level.
Going forward I'll be exercising more discipline in choosing my trades, and in the process will be trading less... or making less trades, as the case may be.
I will keep my risk at or below the 5% Risk exposure at all times... Most are actually 2.5% risk.
I double stake less for the sake of having lost a trade then for the sake of, Oh I believe this is an A-1 type trade

Good Day
  • #44
  • Sep 1, 2015 8:18am Sep 1, 2015 8:18am
1 ITM Put Down, going for round 2
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  • #45
  • Sep 1, 2015 9:39pm Sep 1, 2015 9:39pm
Not much for trades at the moment... At least for what I look for. I Trade levels and trends, and This is just telling me to wait
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  • #46
  • Sep 1, 2015 10:22pm Sep 1, 2015 10:22pm
Quoting dbeach777
1 ITM Put Down, going for round 2 {image}
On your eur aud chart : did you trade the red pinbar at the top of chart?And the other chart....were you buying options where you put the arrows?If you dont mind....thanks.
  • #47
  • Sep 1, 2015 10:40pm Sep 1, 2015 10:40pm
Quoting Forexmeoff
{quote} On your eur aud chart : did you trade the red pinbar at the top of chart?And the other chart....were you buying options where you put the arrows?If you dont mind....thanks.
No those arrows get plotted by my RSI Over bought/sold Indicator. I dont pay any attention to the arrows but it does come with Audio alert
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  • #48
  • Sep 2, 2015 6:41am Sep 2, 2015 6:41am
Quoting dbeach777
{quote} No those arrows get plotted by my RSI Over bought/sold Indicator. I dont pay any attention to the arrows but it does come with Audio alert {image}
So you use the doji candle to enter, when it is outside....is that Bollinger bands on standard settings
  • #49
  • Sep 2, 2015 7:04am Sep 2, 2015 7:04am
Quoting Forexmeoff
{quote} So you use the doji candle to enter, when it is outside....is that Bollinger bands on standard settings
I Like trading doji candles on the outside of BB or very close to the outside. Any candle that closes outside I take interest in especially if they close with a tail or or making new levels. Obviously there are times these arent reliable settups such as when the markets are trending strongly or if the BBands have become very restricted, so once a breakout occurs it may be a good one and keep going.
Doesn't have to be doji on the outside either. very small candles on the outside are often a good setup bar for reversal as well. Look for half size or less candles at swing highs/lows

Yes, Standard Settings
  • #50
  • Sep 2, 2015 7:10am Sep 2, 2015 7:10am
Quoting dbeach777
{quote} I Like trading doji candles on the outside of BB or very close to the outside. Any candle that closes outside I take interest in especially if they close with a tail or or making new levels. Obviously there are times these arent reliable settups such as when the markets are trending strongly or if the BBands have become very restricted, so once a breakout occurs it may be a good one and keep going. Doesn't have to be doji on the outside either. very small candles on the outside are often a good setup bar for reversal as well. Look for half...
Awesome diary mate. Keep at it! That balance is growing nicely now
  • #51
  • Sep 2, 2015 11:10pm Sep 2, 2015 11:10pm
What a day, whew! First I kept digging myself into a hole that just kept getting deeper until I was on my last trade of the day... had I lost... From there it was a lot more trading and gradually, during Asian Session I made back my losses plus 3% I probably took 50 trades today and as usual, my win rate is nothing to brag about but I must have a bit of an edge as long as my account keeps growing.

Here's the last, and best, 15 trades of the day
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  • #52
  • Sep 4, 2015 12:00am Sep 4, 2015 12:00am
Well today was a nice and active Trading day both the NY Session and as well Asian with no draw down at any point today.
News came out before NY Open and pushed the market, creating quite a few predictable scenarios I capitalized on and then leveled off and I mostly quit trading till early Asian. Had a very nice and profitable session but it wasn't all easy and I lost quite a few along the way but persisted about an hour past my bedtime and reached my goal... A New High level of $2811.15
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  • #53
  • Sep 4, 2015 7:20pm Sep 4, 2015 7:20pm
NFP Friday... Naturally being the Optimist I am I'd hoped to Grow my account today based on the Big News Day helping me out but it ended up seeming a lot like a Ping Pong Game between me and the Market! Neither of us gave up and the day ended pretty Flat, after giving the market back a few points from yesterday.
Overall, very pleased with the progress this week!
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  • #54
  • Edited Sep 7, 2015 4:28pm Sep 6, 2015 10:53pm | Edited Sep 7, 2015 4:28pm
Ok so Im making pretty good progress with my trading goals here so why change my strategy right? Well this weekend I was reading and watching different YouTube videos and blogs on Binary Trading and this one guy had a method that caught my attention. Basically he showed me how I could
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make 3 winning trades in a row and quit for the day if I wanted to. The method he showed went something like this. I place a $100 stake on a Trade. If I loose I'm out $100. If I win Ill make 81% or $81 plus my $100. I take the $181 and place another trade. ITM trade would return $328. 3rd trade I place it all again, and a win would return $592. $492 profit for the day on 3 trades. I have had 3 straight wins many times! At the rate Im trading Id call that an excellent return and quit for the day. Heck that's much better then I'm doing! If I lose at any point my stake is only $100. Less then 5% of my total account. I haven't had any problem making back the $100 and once I did I could start the process all over again.

Market opens trades....

Winning Trades shown
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  • #55
  • Sep 7, 2015 7:58am Sep 7, 2015 7:58am
Nice, that would certainly bring " beer o'clock " round a bit faster....pick 3 good signals and you're done.
  • #56
  • Sep 7, 2015 8:16am Sep 7, 2015 8:16am
Quoting Forexmeoff
Nice, that would certainly bring " beer o'clock " round a bit faster....pick 3 good signals and you're done.

Yea, sounds too simple doesn't it? A Bit Scary too but I'll probably try it at some point, not sure yet. Id have to be convinced they're really good setups!
  • #57
  • Sep 7, 2015 8:19am Sep 7, 2015 8:19am
Not sure how this labor day Trading is going to pan out. Guess I'll just observe and jump on board if it makes sense... stay out if it doesn't.
  • #58
  • Sep 8, 2015 11:37am Sep 8, 2015 11:37am
Why.....
Why does the market give so many fakeout signals some days?
Why do 98% of Binary Options Traders lose money?
Why is it so addictive?
Why am I still trading?
Why do I think I can beat the market against the odds?

My answer.
Because there are Infinite Possibilities here!
I wouldn't change a thing.
Were it easy, everyone would be doing it and that would be the end of that!

Come on haters, inspire me...
  • #59
  • Sep 9, 2015 9:06am Sep 9, 2015 9:06am
I did indeed take a hit on my account yesterday as I kept taking bad trade after bad trade! Actually they were only bad trades because most at the last minute turned red and at one point out of 15 trades, 13 were losers! I don't believe I've ever had such a horrible run. Needless to say I'm extra cautious and have put some rules into affect as I try to regain my account balance today, this week, and on-wards. At a certain level that I consider my rock bottom balance, currently $2500, I only take the minimal investment, which is $5. If I win on that trade I double and so on until I am again taking sizable risks, that way at least my account doesn't continue to slide down into the abyss.
Which brings up the interesting question. Instead of Martingale when I lose, I could martingale when I win! Probably makes just as much sense if not more as we all get on losing streaks, and by doubling up you just lose faster. By doubling the winners, well the account multiplies. I suppose Ill experiment with that at some point.
  • #60
  • Sep 13, 2015 10:22am Sep 13, 2015 10:22am
I had an especially busy week at my day job, remodeling a bathroom, and wasn't able to give trading the attention it required.

To Re-cap the week, I did very well when the market opened and traded the account up to 3400 at one point and then Tuesday it went way South and I spent the remainder of the week nursing my way back up to about break even for the week. Lesson I hope to learn...
Beware easy gains! Its even easier to lose it!
Value all gains the same, especially Old gains.
Its unacceptable to lose previous day or week gains
I was able to prevent further loses by taking minimum risks until my trading started showing profits again
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