Monday 25 th july I traded GBP/JPY long term 5 day trade going by the traders recomendation of a call with a 91% in favour of a call option,i placed a lot of money going by recomendation and was horrified when today i lost by over 400 points,im new to trading and up until now have followed what traders have predicted on the platform i use and havent really lost,so lm totally pissed of.Can anyone tell me why it is that so many traders could get the call so wrong?
The following user says Thank You to Bert2468 for this post:
Googling BigOptions which is your listed platform it appears that they are a Binary Options Broker. I think if you look around here and other trading related places that the reviews of Binary Options Brokers are are generally pretty bad, it's just too easy for them to stack the deck against you.
Regarding your trade in particular, again if you look around and do some research you will find that the standard advice is never risk more than 2% of your account on a single trade.
Finally with regards to your question regarding following others, I think you will have a lot more success developing your own understanding, and your own methodology than trying to copy others. It takes time, and it isn't easy, but if it was easy everybody would be doing it.
The following 4 users say Thank You to SMCJB for this post:
@Bert2468, a bitter experience indeed.... if being more self-directed is an interest, you might look at these two: tastytrade.com and dough.com . Google Tom Sosnoff if curious about the background. Good luck going forward.
Please don't ever believe that anyone is ever going to deliver a consistent trade calling service. It just doesn't exist. As far as the % accurate bs, it's all hogwash. Those numbers are increadibly manipulated. If you do not have the time or energy to commit to learning to trade, you would be much better served keeping your money in a bank or placing it with a professional with a solid track record to do the dirty work for you.
The following 2 users say Thank You to Inletcap for this post:
In addition to what everyone has already mentioned, you may want to make a habit of looking to see if there is a scheduled release of any high impact news that could affect your position. Most of these major announcements are scheduled in advance. You could look back and see what kind of impact the last release had on the market you are trading and adjust your position or close it if necessary.
On Thursday around 11PM EST, BOJ released its interest rate decision, in addition there were a number of other financial reports that came out early Friday EST that could have added to the impact.
Mostly because "it quite often happens". Especially in the murky world of forex.
Really, you need to decide whether to learn to trade yourself or to follow others' recommendations.
If you decide to follow others' recommendations, you need to learn how to verify their track-record independently (this is an "acquired skill" and a far from simple one), and to be aware that there are so many thousands of different sets of recommendations "out there" that there are always going to be some that have a good track-record over the last few months without that necessarily indicating that they're any more likely than random ones also to have a good track-record over the next few months (which is what will be relevant to you).
Bigoptions - FSA warns against them.It is some kind of a scam broker.There is a lot of ,,brokers'' now which calling and saying some like this - hello we see great oportunity to make big money send us money and you will be rich ! It is a plague here - if you send money to ,,institution'' like that you have 90 % chance of loosing money.They hire people for one month, buy them a pre paid card and force them to call clients to collect their money.They mostly dont even say name of their own firm,just saying some like this ,, Hello I call from London I have a great deal for you !Just buy .... and wait ! you will be rich.
Many people who dont know how markets work was fooled and lost money.They buy private data from Forex brokers .It is poor scam and definitelly not legal.Try go to court or at least contact FSA