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How to trade BO for a living/second income?


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18 replies to this topic

#1 Emme4x

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Posted 20 December 2016 - 03:43 PM

Hi, first of all i want to say sorry for my poor english. I want to ask to all of you how to trade BO for a living/second income. It sounds strange but i will feel happy and satisfied with myself if i can reach an income from BO ONLY of around 700€month, since i have other source of income. What i learned in my first year of experience with BO is that BO are 40%strategy and market analysis/60%emotion management/money management.

I have found a solid strategy wich is even FUN to trade, i managed to make 900% profit in 2 days(25euro+7 of bonus) i withdrawed 305 euro(wich was what i putted in BO in a year)

I had struggle to make the decisions to withdraw the money, and i was more and more afraid to open any options(i decided to take trade with 5% of the balance so when i started i did 1.5€ trade, when i reached 300€ i was more afraid to open a position of 5% of my balance(wich would have been 15 euro)
So, the question are this:

How can i overcome the fear to opean a "big" position(where i live we get paid 20 euro for a 10 hour job so it's big if you think that you are betting it to get 90% return in 5 min doing nothing basically)
How to stick to any Money Management? (I set myself a daily goal, increase the balance of the 50% daily, todays i increased it again of 200%[i loaded 14 euro and now i have 42 after 1 hour and half of screen time] i know that doesnt sound like a problem if i earn more then my daily goal, but i must learn to stick to my plan, how can i do it?
How can i not feel guilty making money this way? Once i got the 300 euro in my hands i felt great, but guilty at the same time, before finding BO, to get 300 euro i should have worked 10/15 days...

How to know when to use an exit strategy, and how much of my balance should i withdraw??


 



#2 shaileshm

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Posted 20 December 2016 - 04:05 PM

what strategy do you use?


Know Thy Setup. Know Thyself.


#3 BrianC

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Posted 21 December 2016 - 05:54 AM

Train yourself to look at the percentage, not the money, and find your comfort level. If you start to get nervous when the amount of money goes up and you still focus on that instead of the percentage, then lover the % of your balance you are willing to put on a bet, instead of 5% make it 3 or 2.5. Then built it up slowly, if you make 900% in 2 days you are building it up really fast, that means you are risking a lot, which makes you nervious, and what comes easy goes easy, espcially if you get emotional.

Let's say you put in 6% of you balance, you can even divide that in 2 or 3 stakes, making them 2 or 3% stakes, then you are not risking a big part of your balance, but if you get what equals 1 ITM of a 6% stake, whith an 80% payout that will give you around 5% increase daily. If you do not withdraw that, within a month you could have a nice profit, and that profit can keep growing, and at the same time you are buiding it up gradually and you will get used to make bigger stakes, bit by bit.


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#4 singu

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Posted 21 December 2016 - 06:26 AM

Train yourself to look at the percentage, not the money, and find your comfort level. If you start to get nervous when the amount of money goes up and you still focus on that instead of the percentage, then lover the % of your balance you are willing to put on a bet, instead of 5% make it 3 or 2.5. Then built it up slowly, if you make 900% in 2 days you are building it up really fast, that means you are risking a lot, which makes you nervious, and what comes easy goes easy, espcially if you get emotional.

Let's say you put in 6% of you balance, you can even divide that in 2 or 3 stakes, making them 2 or 3% stakes, then you are not risking a big part of your balance, but if you get what equals 1 ITM of a 6% stake, whith an 80% payout that will give you around 5% increase daily. If you do not withdraw that, within a month you could have a nice profit, and that profit can keep growing, and at the same time you are buiding it up gradually and you will get used to make bigger stakes, bit by bit.

 

This is a really good advice. This helped me a lot when i first started. I still have fear, but it's under control now. 



#5 Tripack

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Posted 21 December 2016 - 06:35 AM

@emme4x I would say that bins is even 80% of emotions management.
The fear of opening big positions has to do with emotions too, and since you do well with smaller positions I wonder why you would want to trade big ? Greed ?
You do not need to overcome the fear of opening big pos, you need to overcome the temptation to do so.
If you go that route not only you will want more & more but you will blow in moments what took you time to accumulate and you will start to act stupid. Do not forget that with bins once "bets are closed" you don't have any control so the only thing you can control is your approach.
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#6 ani6878

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Posted 21 December 2016 - 07:02 AM

Train yourself to look at the percentage, not the money, and find your comfort level. If you start to get nervous when the amount of money goes up and you still focus on that instead of the percentage, then lover the % of your balance you are willing to put on a bet, instead of 5% make it 3 or 2.5. Then built it up slowly, if you make 900% in 2 days you are building it up really fast, that means you are risking a lot, which makes you nervious, and what comes easy goes easy, espcially if you get emotional.

Let's say you put in 6% of you balance, you can even divide that in 2 or 3 stakes, making them 2 or 3% stakes, then you are not risking a big part of your balance, but if you get what equals 1 ITM of a 6% stake, whith an 80% payout that will give you around 5% increase daily. If you do not withdraw that, within a month you could have a nice profit, and that profit can keep growing, and at the same time you are buiding it up gradually and you will get used to make bigger stakes, bit by bit.

 

I liked your advice. It is very professional. A good emotional control at trading binary options is part of the key to succeeding . It happened to me at the beginning. I follow some stricted and disciplined rules. 

 

Thanks for your supports.


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#7 Emme4x

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Posted 21 December 2016 - 08:37 AM

@emme4x I would say that bins is even 80% of emotions management.
The fear of opening big positions has to do with emotions too, and since you do well with smaller positions I wonder why you would want to trade big ? Greed ?
You do not need to overcome the fear of opening big pos, you need to overcome the temptation to do so.
If you go that route not only you will want more & more but you will blow in moments what took you time to accumulate and you will start to act stupid. Do not forget that with bins once "bets are closed" you don't have any control so the only thing you can control is your approach.

I bet bigger when i have bigger bankroll because i use a fixed 5% of my balance to open a position, example i have 100 euro so i open a position of 5, i got an itm, the next position that i'll open is still 5% of 104.5 euro, so it would have been 5.22 euro. When i managed to get 300 euro in my balance the 5% would have been 15 euro and that was big for me.

And greed yes, i trade because i want more money, like all of us


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#8 Emme4x

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Posted 21 December 2016 - 08:39 AM

what strategy do you use?

Strategy fisher, you can find it on the 60 seconds strategy forum, i edited it a little to suit my style of trading



#9 Emme4x

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Posted 21 December 2016 - 08:42 AM

Train yourself to look at the percentage, not the money, and find your comfort level. If you start to get nervous when the amount of money goes up and you still focus on that instead of the percentage, then lover the % of your balance you are willing to put on a bet, instead of 5% make it 3 or 2.5. Then built it up slowly, if you make 900% in 2 days you are building it up really fast, that means you are risking a lot, which makes you nervious, and what comes easy goes easy, espcially if you get emotional.

Let's say you put in 6% of you balance, you can even divide that in 2 or 3 stakes, making them 2 or 3% stakes, then you are not risking a big part of your balance, but if you get what equals 1 ITM of a 6% stake, whith an 80% payout that will give you around 5% increase daily. If you do not withdraw that, within a month you could have a nice profit, and that profit can keep growing, and at the same time you are buiding it up gradually and you will get used to make bigger stakes, bit by bit.

Thanks, i think that i would start to do so, but with such small balance is it worth it? I can be easily happy if i get 5% profit daily with a balance of 1000 euro, but i play only with low stacks



#10 BrianC

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Posted 21 December 2016 - 09:50 AM

Thanks, i think that i would start to do so, but with such small balance is it worth it? I can be easily happy if i get 5% profit daily with a balance of 1000 euro, but i play only with low stacks

 

Yes, but if you con build up a bigger balance than you actually "need", you will be must calmer taking trades with a low percentage of your balance. Believe me, being calm and not emotional is huge advantage when trading bins.



#11 Tripack

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Posted 21 December 2016 - 10:45 AM

Just like I said on chat: "for a "job" to become consistent revenue source it has to become a routine and not an emotional rollercoaster".
I don't mean by that that it has to be boring, on the contrary, but routine stuff doesn't impair your objectivity as opposed to constant high emotions. So fun with detachment, a bit like a computer game if you want, when game over ok ok let's try again and eventually you get there.
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#12 JustANoob

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Posted 21 December 2016 - 12:18 PM

Once you have a job no matter how irrelevant it is ; trading becomes 10x easier because you stop pressuring yourself to get results from trading which funny enough results in better trading :D

 

The trick with the trade size is to expand your comfort zone slowly. Use a conservative 2-3% money management and dont increase it often ; even if you are making a decent profit stay with the same sizing for one-two weeks at time. It will help.


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#13 Emme4x

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Posted 21 December 2016 - 06:02 PM

Once you have a job no matter how irrelevant it is ; trading becomes 10x easier because you stop pressuring yourself to get results from trading which funny enough results in better trading :D

 

The trick with the trade size is to expand your comfort zone slowly. Use a conservative 2-3% money management and dont increase it often ; even if you are making a decent profit stay with the same sizing for one-two weeks at time. It will help.

When you say 2-3% you mean that i should bet 2-3% on a single options, or should i split it to bet totally 2-3%, right now im going with 5% and i dont feel pressure if im under 150 euro on balance, once i start to bet 10 euro im a little nervous then before even if its still the 5%.

By the way i stop trading if i get 3 otm in a row so it means that i lost 15% of my balance, is that too much?



#14 JustANoob

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Posted 21 December 2016 - 06:40 PM

When you say 2-3% you mean that i should bet 2-3% on a single options, or should i split it to bet totally 2-3%, right now im going with 5% and i dont feel pressure if im under 150 euro on balance, once i start to bet 10 euro im a little nervous then before even if its still the 5%.

By the way i stop trading if i get 3 otm in a row so it means that i lost 15% of my balance, is that too much?

2-3% per position and when I say per position I mean a setup. If you want to enter twice on the same setup(for the better average price) then split that 2-3%.

 

it is different with all of us; but using fixed stop loss will help.

I always trade in a single 3 hour session and do 5 wins or 2 loses (whatever happens first).


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#15 shaileshm

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Posted 21 December 2016 - 06:44 PM

To trade BO for living, you need to beat the market on a regular basis. For this I suggest 1st try demoing for a few month and get consistent profits there. If you cannot be profitable in demo, you cannot be profitable real money, because of emotional factor.

 

So first get profitable on demo for a few months.


Know Thy Setup. Know Thyself.


#16 Emme4x

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Posted 22 December 2016 - 08:57 AM

To trade BO for living, you need to beat the market on a regular basis. For this I suggest 1st try demoing for a few month and get consistent profits there. If you cannot be profitable in demo, you cannot be profitable real money, because of emotional factor.

 

So first get profitable on demo for a few months.

I honestly think that demoing in my situation is worthless, because the strategy i use is really solid, so i can beat the market daily, the problems comes when i get emotional, and on demo there's now way that you can simulate the emotion you get while trading with real cash


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#17 Emme4x

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Posted 22 December 2016 - 08:58 AM

2-3% per position and when I say per position I mean a setup. If you want to enter twice on the same setup(for the better average price) then split that 2-3%.

 

it is different with all of us; but using fixed stop loss will help.

I always trade in a single 3 hour session and do 5 wins or 2 loses (whatever happens first).

And what if you do 2itm and 1 otm, you still aim to get a total of 5 itm or if you get another otm you end the day with 2itm2otm?



#18 JustANoob

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Posted 22 December 2016 - 11:24 AM

And what if you do 2itm and 1 otm, you still aim to get a total of 5 itm or if you get another otm you end the day with 2itm2otm?

 

correct, if I spot a good setup I will go for it. IF it fails (and even the most perfect setup can indeed fail for whatever reason- that is why we use money management) then I will walk away 2-2


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#19 Someoneelse

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Posted 25 April 2017 - 04:53 AM

I was able to trade profitably after about a year, before that mostly drained my deposit, so in order for trading to become your second source of income you must be patient and work hard.






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