CherryCoke's ALL OR NOTHING (Binary Options) Odyssey

THIS THREAD IS FOR

Binary option trading is an acquired taste. There are those who love it and those who simply hate it. This thread is for those who have an exquisite palate for it.

Edited by cherrycoke - 8/9/11 at 4:56am

AIM OF THIS THREAD

Document my binary options trading (REAL account) journey.

Share my passion with like-minded, would-be and fellow Binary Option traders.

TRADING EXPERIENCE

Traded (passively) vanilla options for about 16 months (2008 – 2010)

Traded (passively) pennies for a month (2009)

Started (passively) binary options trading in Apr 2010

HISTORICAL PERFORMANCE

After 16 months of vanilla options trading, managed to achieve profit-margin of 12%.

Entire invested amount ($400) was lost on pennies.

Profitability was achieved after three months of binary options trading.

INTRO

I am currently gainfully unemployed, by choice. I intend to stay this way for the rest of 2011 (savings had been set aside for this plan) while trading binary options to supplement my lifestyle. I intend to use the next 12 months to validate my passion and aptitude in trading before deciding if this could be my next profession milestone.

Why binary options?
I chanced upon “DOG’s Binary Option Trades” thread and I love it. I was skeptical at first but decide to take the plunge. For more information on binary options trading please visit the thread. It is a good start-point for all would-be-interested binary traders and skeptics. http://www.hotstockmarket.com/forums...ad.php?t=78189

TRADING APPROACH

I will be trading via 3 binary sites. ANYOPTION, STARTOPTION & GLOBAL OPTION.

My start-up capital (real account) would be US$1,000.

My trading window will broadly starts from 0800 till 1700 GMT.

I would only risk up to 20% of the current trading account per trade unless justified.

I will only enter up to 4 trades per day unless justified.

There will be no specific targets or level that I set to achieve each trading day.

I’ll let the market condition dictates my trading profile and risks appetite for each day.

A-GAME

My list of trading assets as of now includes;
Gold futures (COMEX)
Crude Oil futures (NYMEX)
Silver futures (COMEX)
Copper futures (COMEX)
NASDAQ 100 futures

My game would predominantly be riding on momentum in the form of breakout, pullbacks, channels and strong intraday trends, if any.

I would only be trading the hourly options.

I’ll be armed with basic indicators like SMA, EMA, MACD, CCI, RSI, ADX and Volume while augmented by S/R lines. These indicators are use for long and short term assessment of the assets.

I’ll also be watching out for daily “Breaking-News” to add more indicative power to my indicators.

SHOWSTOPPER

My rule of thumb, no more trades for the day if I incurred 2 losses in a row unless the market condition changes in my favour.

TRADING REGIME

Due to the trading hours of AO, SO & GO and me being in Singapore, I could only be starting my trades towards the end of Asian market hours and the opening of Europe market. And I’ll extend it till the midday of the US market.

I will post all my entries instantaneously and update it hourly or at the close of the trading window (options expiry time).

At the end of my trading day, I’ll post screenshots of my accumulated trades and account’s tally. These will be accompanied by a short “report” on the decisions and analyses I made throughout the day.

There would be no screenshots of charts unless it is discussion-worthy. And for this to happen, it would be after US market hours.

Trading window 0700-0800 EST (Trade #01)

GOLD PUT @ 1382.77

Market sentiment: Gold has been drifting lower since the opening of Eurpoean market. Most probably they are waiting for the US market to react to the China hike rates (over the weekend news).

TA: All indicators pointing to a near-term downward trending since 2am EST. Its range-bound between 1382.6 and 1385.

Justification: Once it hovering around the day's low of near 1383 region, i watch for the volume. And there was a spike in volume (SELL) around 6.30am. Thats when i decided to ride the trend downwards.

This is a very strong entry signal for me

GOLD PUT @ 1382.77

EXPIRED @ 1381.7 (ITM)

i intended to place $200 for it. And when the expiration came, i had $750 in my account !!!

Only then i realised i had place a $1000 instead of $200. It is due to the fact that i had been DEMO-ing with $1000 for all my trades in the past 2 months that it happen so naturally, now. Butter-fingers

,yes indeed. Amazing thing is that GO instantly credit my "bonus" of $300 (or 30% of $1000) into my trading account.


Go get'em, mpr !!