New to trading, BO tips welcome.

[bearmybull]

Hey FPA. I live in Germany but am from the US originally. Make my money as a musician since the early 80's, had my own band, owned a large studio, done film, TV and ad music, worked as a touring sideman, smoked, drank and took em all at some point in my career. Married with 2 kids, living rather clean now...... But, well, in Germany, the beer, I mean..........it is good............

I am very new to financial markets. I have been training myself to be able to trade binary options. I have no account, and am only trying to learn. When I think I have enough basic understanding I will move on to a demo account.

My initial browsing around the site, it seem binary options are not the mainstay here. It is the only trading I have researched as of yet. I am a total newbie, and in my 50's so work as a musician is - sadly - simply getting more tricky every year. I now mainly play covers for weddings, parties and company events. Yuk..... (German top 40 can make you lose your lunch at times...) But the music market caters to the young, and competition is fierce. So I am looking into any way I can supplement my income. My kids are always saying stuff like "I'm hungry". The nerve......

I dont have any pipe dreams of becoming the next market giant or whatever, and know I may not make it at all in any kind of trading. But I am not dumb, know risk management (was a part time online poker pro, with close to 2 million hands played, results somewhat sobering however) and am willing to study and work. I will only be able to invest a small amount of money, if I invest at all. I am thinking + - €500. Of course, as I mentioned, I will be doing a lot of work learning what I need to know before I do any real money live trading.

So I guess that's it in a nutshell. Any tips or ideas are welcome. Is this the right forum for a BO trader? Is BO the way for a newbie to start?

And if you need a good guitarist, well......lol

 

[FxMaster]

Welcome to the FPA, BO trading is okay as long as you choose the right broker, you might want to look into Forex too.

 

[FxMaster]

If you wish to you continue with BO then you can start learning from this section Learn Forex Binary Options

 

[bigdolly]

Well, I am glad that you participated our wonderful community. Here you will certainly get into the basics of financial speculations and maybe get advanced view on the current state of things.

First of all pick an asset you are going to trade with - oil, gold, indices, etc. I wouldn't advice you to disperse your interest on a large number of assets - slipping down to the gambling is the crucial issue for any newbie trader. Next thing is focusing on type of anlaysis you are going to conduct - fundamental or techy. Personally I do not believe in technicial guys cuz IMO, this is a mere juggling with fancies - finding pictures, forms and patterns in charts . Aggregating important news and facts and trying to work out market outcome - this is a true challenge for me. Regarding trading platform and broker - do not hurry with that, especially with real account. Demo training doesn't lead to any tangible losses but allowing you to render real trading environment.

Also, pay close attention to financial regulator your broker is subject too. As i live in EU I picked Optiontrade as it regulated by MiFid, the regulator, which makes broker services legal across all EU. It ensures that your trading is protected by government body what seems to my sufficient guarantee. But don't forget about taxes. Check it out with your future broker and there with experienced members what is the taxation for German traders and how this procedures are handled out.

Here are the guides I was using for my self-education:

FPA
Investopedia
Optiontrade tutorials
Wiki

Feel free to ask any questions you are interested in.

Cheers

 

[bearmybull]

Thanks for the replies.

I am not sure where I want to start, or - TBO - if I even do. I am looking into any (and an ever increasing number, which is making my brain overload) viable and possible means to make a side income. I first stumbled across BO, and reading and research led me here.

Since I will have a very small start up capital - €500 - it is a question of where and how to use it. The opinions are obviously staggeringly different. I am in the position where I have to decide if the amount I have as starting capital is reasonable to even start with. Forex, Binary Options, the lottery, poker, the options are endless............ (sarcasm intended). But seriously, I am a total newbie, and am simply trying to learn a bit, and then if I see an avenue that - IMHO - has a believable potential, then give it a shot. With preparation.

I am not sure if a noob has a chance in todays marketplace, or, if he does, my investment capital is just too ridiculously low. If we look in %, lets say a great return is 12-20%, thats a whopping €60-100 in my first year....uhhhhhhhh, maybe that job at the gas station is looking better all the time.

But there are lots of stones out there, and I am turning this one over.... Who knows???

In any case, I do appreciate the input. And I like the forum. Thanks for having me.

 

[FxMaster]

As per my knowledge there are 60-70% BO are scams in Market, please read this CFTC warning about BO brokers to get proper point about BO brokers and then take your decision.

 

[bearmybull]

As per my knowledge there are 60-70% BO are scams in Market, please read this CFTC warning about BO brokers to get proper point about BO brokers and then take your decision.

Thanks for the warning. I heard about FPA through a BO forum. They seem to be very legit (the forum I mean) and actively address the issue of scam brokers - of which there are many, and your 60-70% quote above is very true, perhaps even conservative. I am in the process of learning how to use the various strategies that are offered, including things like MT4 and many signal indicators etc. The forum offers a lot in the way of help for a BO trader and is similar to FPA except they concentrate only on BO.

So why am I here, you may ask, if I have such a great resource at my disposal? 2 reasons, so far. 1: Because I am not sure BO is the way I want to go, or if another form of trading would be recommendable for a guy in my position as I described in my OP. And 2: It seems to make sense to me to try and use all the information and advice of experienced financial market traders I can find.

I do not want to advertise for other forums, so I have intentional not mentioned their name. But, I would value your opinion on if this is a trustworthy source of information. Is there a section here where I can publicly mention the name of this forum and find out what FPA thinks of their value as far as information and advice goes?

 

[FxMaster]

Thanks for the warning. I heard about FPA through a BO forum. They seem to be very legit (the forum I mean) and actively address the issue of scam brokers - of which there are many, and your 60-70% quote above is very true, perhaps even conservative. I am in the process of learning how to use the various strategies that are offered, including things like MT4 and many signal indicators etc. The forum offers a lot in the way of help for a BO trader and is similar to FPA except they concentrate only on BO.

So why am I here, you may ask, if I have such a great resource at my disposal? 2 reasons, so far. 1: Because I am not sure BO is the way I want to go, or if another form of trading would be recommendable for a guy in my position as I described in my OP. And 2: It seems to make sense to me to try and use all the information and advice of experienced financial market traders I can find.

I do not want to advertise for other forums, so I have intentional not mentioned their name. But, I would value your opinion on if this is a trustworthy source of information. Is there a section here where I can publicly mention the name of this forum and find out what FPA thinks of their value as far as information and advice goes?

You mean to say that you want to know feedback about some particular BROKER ?

 

[bearmybull]

You mean to say that you want to know feedback about some particular BROKER ?

No. I want to know if anyone here has heard of the other forum, and if it is considered a trustworthy source of info concerning BO. I do not want to mention the forums name untill someone says that is ok, as I dont know if that is allowed (or seen as spam) or, if it is allowed, if this is the right section to ask this.

 

[AsstModerator]

There's an extensive discussion about which binary options brokers are regulated here...

https://www.forexpeacearmy.com/fore...53-binary-options-regulated-scam-brokers.html

It is too bad that Roaming went over the edge in some other threads. Before that, his contributions were valuable.