Hi Fxtrader2011,
i know this is not the best time to ask you this as you mentioned that you signed up for BDB without any experience and turned you 25K of invenstment into 750k with help of bonus from BDB.
Would you mind sharing how you did it, what strategy did you use and how long it took you.
I will outline the strategy and what i did :
First of all , just to clarify a misunderstanding . I grew my balance from $25 k to $112 k which is the final profit position . $750 k was the turnover target which is the value of all trades placed and is the target which I achieved to meet withdrawl requirements I signed up for .The only bonus I ever got from BdB was at the start , a bonus of $25 k .
1) I traded in total for about 8 months with BdB. The first few individuals I dealt with at BdB taught me one thing - get to know what is going on with binaries and learn the detail otherwise I would lose all my money . I also got to understand that most of what I had been told to get me into investing in binaries was a bunch of fairy tales and not reality .
2) I was later taught by a Mr Reagan in the VIP room of BdB , who is a very good person to deal with. ( it is when I started to deal with the back office of BdB that the problems started )
3) The strategy taught by Mr Reagan was one to trade off resistance/ support points along a trend line highlighted by the RSI indicator in small time frames ( Either 5 or 10 min bars )
4) I would receive trade signals from Mr Reagan based on his expertise . Sometimes I would trade , other times I would ignore and other times I would delay the entry depending on what I could see simultaneously on the charts .
5) Trading was very intense , hard work . $40 - 50 hours every day for 5 days behind the computer . Trading for me was not about actually placing trades all the time but monitoring signals , watching price movements , which pairs responded better than other , etc
6) I was taught how hedging works by Mr Reagan . I used this knowledge to , in addition to signals from BdB , implement my own trading system as follows . If liked a particular trade pair direction when using the RSI indicator , I would sometimes ( not always ) place a trade in both directions about 20- 30 minutes out of expiry . I had a certain direction in mind but the hedge was about me protecting my capital and to mitigate the risk of liquidity issues preventing me from entering a trade when I needed to .If I saw that the trade still had room to go in the the direction I had originally chosen , i would place a 3 rd trade , often winning 2 of 3 trades .
7) if I did not like the price action when the time came for a potential 3rd trade , i would not place a trade . The hedge would largely protect my capital.
8) If I made money , I would sometimes stop . If I did not like a particular signal or price was too advnaced by the time a received a BdB signal , I would simple ignore . Important to emphasise that most of my trading time of 40 -50 hours / week was actually spent not trading but observing and working through what works and what does not , This would include times when I stopped trading because I had made money or lost money .
9) Because my systems both the BdB and my own system were technical based , I avoided all major news announcemnets times
10 ) My profit achievement to $112k was aided by promotions run by BdB , These were trade refunds , not bonus - these refunds were specifically designed to promote trading large number of trades .
11) Huge part of my training involved many questions to Mr Reagan , whether I won , lost or did not trade at all . Mr Reagan would spent a lot of time explaining trades and why he thought things worked and why not . And , as always , i would learn more and put my own interpretation on what I was told and what i saw .
12) I also worked out that some pairs like the JPY pairs tended to be more stable and less prone to sudden chnages in direction when using my systems of trading . This tended to suit some of my chosen trades
13) I worked with options in a time frame of expiry of between 15 - 30 minutes ahead. I found beyond that that it was less predictable for me
13 ) I traded between $2 and $10 k per trade. Not what is taught in money management principles - but it worked for me ! And I was extremely disciplined not to get too carried away .
Every step of the way , every strategy I used was transparent to BdB . When it came time to paying me what is owed that the problems started - my case has been clearly documented in my submssion to FPA .
