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elliot wave

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  1. I'm sorry to be the witch in church here but binary options trading IS gambling. And I don't mean gambling in the way that many people accuse all trading of being gambling (me not being one of these people). Binary options trading is gambling for the following reasons. 1. The broker you trade with, regulated or not, IS the house. They do not have liquidity providers, they do not forward your trade onto the real markets or onto an exchange or anything like that. Which basically means that if you win, they lose. Simple as that. That's pretty much how a casino works right? And with such a glaring conflict of interest do you really think that the rest of their practices are completely above board? 2. They say you only have to correctly forecast an up or down movement, right? Well this is wrong. You have to correctly predict whether the price will rise or fall, yes, but also the window of time that this will take place in. Thismakes it much much harder to win. In Forex you choose when to close the trade, in binary options you have to agree to close the trade at a preset time. (Don't argue with this, I know they offer you other options too, but these are pretty inflexible and never seem to be available when you need them.) 3. Their focus on bonuses makes them much more like online gambling venues than anything else. The idea being to get you hooked on the bonus and then to not permit you to withdraw your funds with all sorts of unfair trading volume requirements that need to be met before you can make any withdrawals. This is just the tip of the iceberg people. Do your research. Last weekend while browsing for evidence I can across this series of articles: The Great Binary Options Scam Part One: Full Disclosure ...which I found pretty interesting. Have a look for yourselves and keep an open mind. There are transparent, safe and fair trading options out there people, but binary options isn't one of them.
  2. LOL I second this! Errr lets just say I'm over, past, beyond 25!
  3. I wouldn't go with brokers offering bonuses personally, I think it's a sign of a broker trying to lock customer deposits in with all the baroque trading volume withdrawal requirements they tend to operate. I trade with FxPro, haven't used cTrader yet but on MT4 there are no comissions and the spreads are competitive, I think 1.2 pips on EUR/USD. Overall very happy with the service.
  4. Hi guys, great thread, allow me to add my 11 pennies..... 1-Why. Challenge first, money second. If I don't find something challenging I won't be inspired to keep it up. 2-Commitment. A few hours a day is all I'm able to spare at present, this doesn't include commute times spend researching ares of trading that interest me. 3-Timeframe and method. Fancy myself as a scalper though probably more of a swing/daytrader 4-Account/investment size. 5k initial outlay, no pressure for it to start making money back, the funds were earmarked for this purpose. 5-Money management. Never more than 2% of risk capital per trade, anything else goes 6-Product. Primarily currencies, however have a soft spot for gold. Call me a permabear. 7-Broker. Started with FxPro's MT4 account, well actually spend about 9 months in demo mode before opening this. FxPro's demo is free and unlimited, you don't need to give over your payment details either, just a simple registration form and a confirmation email link is all you need to start trading demo. Good way to get newbie traders in, good advertisement for broker as well. I reckon all brokers should give you demos for free with no limits. 8-Platform. Ooops, just answered this! 9-News source. Hmm I'm torn. Technical indicators are working for me and have worked in the past, but at heart I think I'm a fundamental analyst. The deeper I get involved in technicals, the more the little voice in my head screams WITCHCRAFT! 10-Computer. Currently using an ultrabook to trade between office and home, always use more than one monitor. Except when at Starbucks! 11-Internet Connection. Doesn't really matter nowadays does it, all connections are lightning fast.... Hope this is useful Thanks again.
  5. I think that contests are fine as a bridge between trading demo and trading live, however, sometimes the broker offering the contest may not be the right one for you. So feel free to enjoy the benefits of these contests but don't let it lead you to make a decision you might regret later. Demo contests are not effective broker research.
  6. Not sure I get this either.... Are you asking what our favourite and least favoured assets, trading times etc are?
  7. Ok, this behemoth thread has my attention now. It'll take me about six months to get through it so I'll let you know what I think in the new year.
  8. Thanks for these links And thanks to RJo for the coding offer. We seriously can't take advantage of your kindness like that. Anybody know the easiest way to create your own EAs, from an interface point of view....? Thanks again
  9. Thanks very much for this, It's kinda what I needed to come across today. I found your advice very insightful, especially the bit about trading longer time frames. Beginners tend to trade on the shorter durations wanting to get feedback as quickly as possible and I feel this sets up a structure that can only hurt their chances in the long run. Anyway thanks again, keep the useful posts coming!
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