CherryCoke's ALL OR NOTHING (Binary Options) Odyssey - Page 22

Too good to be true Cherry! YOU ARE AMAZING!! :)

I have been some research on this and I have a few questions. First, I had read somewhere that the United States was going to make it illegal to trade this way unless the broker is regulated somehow. I think it is CSFC or something like that. Also, I have looked into a few sites and I have narrowed it down to tradesmarter and nadex both are .coms. what do you think about these sites, I would be willing to use a site that you use, but I would like to know if you have actually tried to pull money out of your account to use in everyday life. I have read around that it is all fun and games, and you can make a killing, as you have demonstrated, but when it comes time to pull money OUT of the account, suddenly things go horribly wrong. I would like to trade with a broker who is reputable and is not stationed is some random country I have never even heard about. Plus, do you pay taxes on your profits yearly, I heard that options trading is not under the radar of the IRS and you can go to jail for fraud if you do not pay taxes on profits, yearly. Thank you so much for your advice and help, this thread is a god send.

Thank you for the reply.

After doing a large amount of research I think I am going to with BDB.

They seem reputable, get high reviews on most sites, and are stationed in the US.

This all seems good to me, but the last part is taxing.

How exactly do YOU go about getting your profits taxed, as to stay away from Uncle Sam.

If you do not want to answer that question, it is fine with me, I will figure a way through it.

Thanks in advance.

Hi Cherry,

I just wanted to thank you for all your insight over the years that you have updated this community about all there is binary options.

After demoing successfully with binary options trading, I decided to take the dive into real money last week and started out successful with 100% return on my money, only to get wiped out by trying to trade the ultra volatile eur/usd. I learned a lot from my ordeal, psychologically I was doing everything you are not supposed to do with binaries such as revenge trading and not making the trade be the best in my favor and basically trying to hard to make money back.

I have a few questions for you.

1). I did currently use BDB and did not like that they charged $15 for the debit transaction (because they are truly offshore my bank view this as an neccesary international fee). How do you deposit/withdraw from 24options? do you use moneybookers or just your bank/credit card? what do you think the best way would be to avoid unneccesary fee's.

2). From following your posts in both DOGS thread and this one, I know you used BDB before and switched to 24options. What do you have to say about both of these sites from an experience standpoint? why one over the other.

3). When it comes to actual trading of binary options ive noticed that you do a bit of FX and commoidites as of recently, what do you think the best strategy is for a beginner? focusing on one to a few asset classes? or trying to spot opportunites among a broad spectrum of assets (ie. stocks/FX/commodities) to take advantage of potentially successful trades.

Thanks in advance for your response 

Just an FYI, I did some monitoring of the tick updates for both sites, and it seems to me that 24options.com is a bit better, would you agree cherry?

Having used both BDB and 24option, i can say without a shadow of a doubt that 24options is better. For one i find the website is much user friendly and smoother. The prices from BDB and the option not available due to liquidity are a no no no.

Plus 24option has a nice touch up/down feature i like as well as a few others. Its what YOUR comfortable with at the end of the day.

Wow,

Thank you for your help, I will not be going with BDB because a support rep is the one who told me they were on wall street in new york. I looked to verify the information, but not very far.

I am going to look at 24options.com, I am hoping I can find some type of site that I won't fear will nail me when they get the chance.

In your opinion, what would be the safest way to trade?

Do you take out funds every week in order to keep your account low and stop them from wanting to stiff you?

What site would you recommend out of those that you used?

I realize that these are a lot of questions, but being in the states, you can't be too careful when it comes to things like that.

I just want to know I am using a good company that wont try to take all my money when/if I start making some.

This is why you ask questions, things like this can happen lol.

Thank you again cherry for your help.

I just signed up with 24options.com today after speaking with a rep that was very nice to me. I told her my concern of my bank charging me $15 per deposit because the money is going outside the U.S. She immediately funded me with the $15 after I made a deposit of $400 into my account. 

I can tell you that with BDB, the customer support was not as good as the one I have experienced already with 24options.com. BDB told me they would refund the charge and I sent them SS from my bank and its been like 2 weeks and nothing.

There platform runs a bit laggy or simply does not have real-time streaming quotes as I have seen with 24options. I can tell you first hand that I got screwed out of like 4 trades with BDB and pretty much pinpointed how. As soon as you go to press up or down on an asset class, the streaming seems to completely stop for some reason. I was screwed out of getting the best price that I could because of that.

As for taxes, I will not report this to the IRS. I spoke to my friend who is an accountant and told me that as long as I didnt give my social security # to the site, I wouldn't worry about paying taxes on the gains.

But, at some point, wouldn't someone, somewhere, start asking questions? Maybe with your bank, who DOES have your SS number. Why are you transfering 10,000 USD to your bank account from across seas? Where did this money come from? That is my fear. If I could just spend my money as it was in the broker account, I would do that, and as seeing how the money technically is not in the united states, you could avoid any form of taxing.

Also, has anyone had anything to do with nadex? I am just wondering how much profit potential I could get out of nadex as apposed to 24option, its seems it is much less, and nadex seems like a completely different concept than that of 24option.

Any insite?

I've been trading forex after hours when I get home from work for the past couple months and decided to try binary's again having gained a lot of forex knowledge:

10/10 ITM +$198.75 Using only $25 positions.

My strategy was simple:

1) Opened charts on every forex pair 24option is offering. (Checked forex factory to see if any currencies had news inbound, closed their charts out if they did.)

2) Do TA on the 3 or 4 pairs that have options expiring in the next 20 minutes. If there was no obvious support/resistance or chart pattern developed or clearly developing, I'd minus it off right away.

3) Find target areas on the 5min chart where I'd would like to go long or short.

4) If the chart is hitting my target area with less than 10 minutes left till expiring, I'd take the position.

5) DON'T STARE AT THE CHART AND WAIT FOR THE DEADLINE. lol it's too emotional following every + and - babypip

I did have 2 trades make the money by 1 baby pip, but am feeling good that most of my trades were good by a large margin. If I can keep this consistent, I'll up my ante.

8/10 ITM... kind of. I tried a new method of averaging into a couple trades. I was experimenting to see if was worth it to take a position that I liked, but was still a good 15-20 minutes to expiration. For the last EUR/USD trades; all three $25 positions ended ITM, but in hindsight I would rather of took one $75 position when I made my last trade 8min before close.

IMO it's worth it to let a good setup go if it doesn't time correctly with the tail end of the binary time frame.

Nice trading Semper! I think cherry would be proud 

Me on the other hand, not so much. I managed to wipe my account of a value of $400 today after a very volatile session that I just could not read right for the life of me.

I asked my account manager at 24option.com to inform me of how I could demo for a while so I can practice a strategy that I can be comfortable with. With that said, I think I am going to give FX a breather, and give a good try and demo'ing commodities such as gold and oil and possibly some equities as well.

I noticed that cherry uses the touch up and touch down binary trades almost all of the time, with the occasional boundary plays. I am going to do more research into those types of trades and demo them out with a new approach I am going to take.

Overall, I am really dissapointed in myself when it came to binary options trading. I love the concept of the trading these types of contracts, however, my extreme lack of judgement and discipline puts me at -$900 thus far. I am really determined to do what I should of done in the first place though, which is to demo more and explore to see what my nitch is with this type of trading. 

Quote:

Originally Posted by Akedemik 

Nice trading Semper! I think cherry would be proud 

 

Me on the other hand, not so much. I managed to wipe my account of a value of $400 today after a very volatile session that I just could not read right for the life of me.

 

I asked my account manager at 24option.com to inform me of how I could demo for a while so I can practice a strategy that I can be comfortable with. With that said, I think I am going to give FX a breather, and give a good try and demo'ing commodities such as gold and oil and possibly some equities as well.

 

I noticed that cherry uses the touch up and touch down binary trades almost all of the time, with the occasional boundary plays. I am going to do more research into those types of trades and demo them out with a new approach I am going to take.

 

Overall, I am really dissapointed in myself when it came to binary options trading. I love the concept of the trading these types of contracts, however, my extreme lack of judgement and discipline puts me at -$900 thus far. I am really determined to do what I should of done in the first place though, which is to demo more and explore to see what my nitch is with this type of trading. 

Thanks!
 

I wish you the best of luck. FX is difficult to pick up. Just so you know, I did lose several hundred when I first started learning and trading forex. And I was using small positions so I consistently got beat up.

Keep at it!