Thursday, October 2, 2014

Trading Update Results

I tried the method of trading while using the portfolio of investing.com and I ended up losing 15 out of 16 trades. I conclude that just looking at a signal for a strong buy or strong sell is not going to be enough to conduct day trades. However, I did notice that going after long term trades while factoring in the daily and monthly can actually be very profitable in Forex as long as you set a reasonable stop loss. I'm still working at it, and I have managed to mine two 500 pip trades, which are monsters! That's exceeding 20% of my account balance each if it was in a live account.

For Forex, it's easy to conduct demo trades so I'm using a fake account and taking advantage of the power of charting. With binary trading on the other hand, it's turning out to be a lost cause for me. I'm still not giving up, I still have another $5500 of real money for binary trading to burn in very small increments, while learning to make a profit off of it. 

It looks like for binary trading, the win rate has to be very important in order profit immensely. You can't believe everything people put out there, especially with those trading managers. I'm definitely going to advise staying away from them and to do your own research and trade at your comfort level and discretion. If at anytime, it becomes an obsession that would ruin your relationships, I say just back off and get some help then! No sense in killing yourself while losing more money!