Fear and Greed
Although Options Domination was opened to members of DS Domination on 16th March 2015, I felt is best to let the web site settle down a bit before embarking on anything like trading. Trading Binary Options comes with an inherent risk and having worked for over 25 years in the UK’s Financial Services, I’m well aware how easy it is to lose “your shirt”.
Besides which, every “experienced” trader of any note will tell you:
Before trading with Real Money… Practice…. Practice… Practice…
Most of the Brokers that Options Domination have tested and shown to be worthy will allow the new trader to open a Demonstration Account.
The consideration is that they’ll want you to deposit some cash before you’re allowed to practice. After having had a good look around at what is on the Options Domination list, taken some advice from experienced traders and consulted with other new members of Options Domination, I decided no to open an account with any broker just yet.
Because I found that several of the brokers offered platforms with an almost identical look and feel. It turns out that these platforms are all supplied by the same technology provider, Spot Option.
Spot Option are NOT a broker. But they are looking to attract new customers who’ll use their technology service. I have no intention of becoming a Broker, but I do like the platform. I found that Spot Option will allow people to open an account, with no ties and no need to deposit cash AND they’ll put “Play Dough” to the equivalent of $50,000 so that you can play around.
It works in real time and is connected live to the markets.
Be aware that I don’t sit at my computer all day and night, so I will not be trading every signal that is received. Also, there is no way of telling when a signal will arrive, although experience may give us some idea as to when it’s likely to be busy.
Monday 23 March
This was the first day that signal were issued. I just spent the time becoming familiar and didn’t make any trades. I’d previously spent time at Spot Options making trades of my own and learned that I still have a lot to learn. When I went to my account I was already down $800 from playing around.
Tuesday 24 March
During the 24 hour period their were 22 signals. I traded on some in the morning when the UK and Frankfurt markets were open. Later in the afternoon I traded some during the session when the New York market was also open.
There was an End of Day (EOD) signal for members at the Enterprise and Legacy levels. According to Hitesh, these EOD signals tend to have a 78% success rate. The technical signals have a 64% success rate. Inheritance members only receive the technical signals.
I made 14 Trades… 4 Lost… 10 Won… $323 Profit
Not a bad start.
Wednesday 25 March
During this 24 hour period there were 15 options trading signals; 2 of them were EOD.
I split my trades over short time periods, trying to find a better strike price.
In total I made 17 trades. Lost: 6. Won 11. Profit for the day $1,263
Now if I can do that every day, I’ll be quite content.
Thursday 26 March
I was away from my computer for most of the day and I missed the EOD.
Nevertheless, I made 7 trades across 4 of the signals. 5 Lost… 2 Won…
Result for the day: $205 Loss
Friday 27 March
Friday I learned a lesson (I hope).
Again, I watched for signals in the morning for about an hour and 2 hours in the afternoon.
I traded on 4 of those signals and made 8 trades. Result for the day $1,275 Loss
Fear and Greed
So… OK… over the week I’ve made a play dough profit of $106.
But I’ve also learned a couple of very important lessons.
These are lessons that I can’t teach you. You have to learn them for yourself…
- Manage Your Money
When it comes to using your REAL money, only trade at the level at which you feel comfortable… do that even with your Demo Account, then it will become a habit.
- Have a Plan
There’s no room on the Trading Floor for the twin emotions: Fear / Greed. Decide what is your Money Management plan… and stick to it.
In the back office of Options Domination you’ll find some very good videos on Money Management, Fear and Greed. Ignore them at you peril.
I’m going to start including some 5 Minute Trend Reversal trading… courtesy of Kevin Hokoana and Options Domination
Ready to Join Me?
You’ll have to wait until 31 March… Sorry.