New Life?

[tomsonfmz]

Hello,
To start off I would like to say a little bit about me. I'm 20 years old man looking for a new opportunites to find in my life especially starting my career in market economy.
Since I'm a newbie with limited amount of money going into stocks is not on my mind yet, howerver I'm really interested in Binary Options.
Binary options will work perfectly for me because they dont require lots of money to invest, and since I have bills and only part time job with lots of time now because of vacation from school I'm ready to go...


Few questions for you fellas; any help will be greatly appreciate it.

How many of you here are in the binary options, and is that your only job?

What are good trading platforms who dont screw you over, and allow you to withdraw
your money? ( from my personal experience, Eztrader is not a trustable one. )

Any software that you guys use?

What articles / tutorials / books you recommend for a beginner? ( currently on 21st century and sticky on options in this section )

Thank you for any replies!!!

edit.
mainly interested in platforms that allow you to call/put hourly on a specific stock

 

[adamcollins]

"Binary options will work perfectly for me because they dont require lots of money to invest, and since I have bills and only part time job with lots of time now because of vacation from school I'm ready to go"

You're the perfect binary options customer because you don't want to allocate too much money to any one trade. This will make it easy for you to look at your first loser and say "No big deal, I'll just double up on my next one and earn it back". Just because you can put a small amount of money on any one trade doesn't mean you won't lose a large amount of money over time. Most binary option traders tend to either blow up quickly or bleed out slowly over time. I would personally stay far away from them. I know they sound super enticing up front... "Well, if I made traded five times in a row successfully, starting with $100 and reinvesting profits I'd be up to $1400!". I've fiddled with over the counter binaries but I find regular exchange options to be a much safer (and overall better) bet. Most binary option sites are made by the same group of people so there's not too big of a difference between the "top" firms.

As for reading material for a beginner, if you do decide to just trade regular exchange traded options, look at the following titles:

Stikky Stock Charts
Options Made Easy
Reminiscences of a Stock Operator
Where Are the Customers' Yachts

You'll get the basics on options, technical analysis, market psychology, and the reality of investing/trading. Don't delve into TA and try to find the holy grail because it doesn't exist. The Stikky book is really short and mainly composed of graphics. It teaches you everything you need to know about charts (which shouldn't be that much).

Think or Swim also has a great into on options. You can find it here. Read the "Swim Lessons".

I use Think or Swim for planning trades and eOption for executing them. eOption has the lowest commissions around and very fast execution times. Don't expect anything like research or free perks though.

Watch a few stocks and see how they behave over time. You'll get a feel for how they trade. Don't try to master everything, find a niche. If you can consistently make money by trading one specific strategy on one stock, do it. Just don't fill up a chart with indicators and think that it will deliver perfect, pre-packaged signals. Read the books, do your own research, but remember to restrict your information intake. There's a fine line between being adequately prepared and being paralyzed by information. Don't stop using a demo account until you're profitable and don't open an account with less than $5000 or so. Keep a trading log and revisit it to see what you did right and what you did wrong. Stop doing what you did wrong and do more of what you did right. Lastly... stick with it. Don't quit after your first four trades lose. But never revenge trade. Each day is a new opportunity so don't try to earn back what you lost yesterday.

Good luck.

 

[market_bull]

Excellent pieces of advice, adamcollins. Well said! Also learned a bit more about binary options a bit more as they were enticing to me as well.... lol

 

[NN3]

They are very good but can be dangereous. Especially if u trade on market makers like IG index where they can manipulate the prices and so on...so be careful.

What kind of strategies do you guys use for trading binary options?