I’m glad to update you on the progress on my #1Kto10KProject! My humble USD1000 account with IQ Option, started on March 1, is now at USD4225, after 9weeks of trading*! That’s a 322.5% account growth*! I think it’s an especially good achievement and also a glorious victory over the recent irregular market conditions which I will talk about in a video on my youtube channel later this weekend, which I had come to terms with and found ways to win.
*Amounts Credited Based on Correct Prediction.
Check out this screen shot!
People say that irregular conditions are best avoided. That is indeed true. Because it can erode your strategy and confidence in yourself. However, I also believe that success under the worst of conditions also give a trader the skills and experience to tackle any conditions.
It’s been quite an uphill task in the last 3 weeks, as many of you who’ve been following my updates know that my account had taken several heavy blows which I’ve been able to recover from. To be honest with you, I’ve gotten more stressed on some of them more than some of the bigger losses I’ve sustained in the past, which include -70k in a day on my big account. The reason for this, is that I wonder, what if the markets are going to remain unpredictable as it is now, for the time to come, and how will I then continue to be profitable in binary trading, which I’ve committed the past 4.5 years to teaching? I also felt that during the last time I took a big loss, it was nowhere as difficult to trade as it can be in some of the recent market sessions, and wonder how much more I could have lost if it was on the big account, and how I would have handled it?
The good news is that through several rounds of brief “R&D” time these weeks, I’ve been able to get my grasps on what exactly to do, and to be confident in executing the trading actions I felt were necessary.
I’m sure many of you who have encountered a series of “last-second-spikes” against you will know how such things affect your confidence in “pulling the trigger”. However, as traders, it’s so important that we need to be confident about what we know, the indicators we’ve used, the various experiences in profit and loss we have, to alter our game plan to continue to be able to exchange risk for reward at the right times.
Look out for my upcoming video this weekend when I will discuss about some mindset aspects in “knowing our opponent (the market) and how to deal with it”.
For those of you who are fairly new, and yet able to hold a break even, or a small profit, I want you to know that you’re doing great.
If you’ve made some loss, it’s definitely a time to evaluate if you’re over-trading, whether your money management plan needs adjustment, or do you need to re-look if you are correctly applying strategy, or if any tweaks can be made.
One thing I’ve done several times this week alone, was to go back to demo whenever I find I’m losing too many trades even on “good-looking” setups – regardless of being breakout, reversal, or direction change. I would spend at least 30mins of gungho testing to ensure I can be profitable on the demo, before going back on live. On my most recent demo-practice, (with aggressive trade sizes), I even dropped a $1400 demo account to $86! However, I knew I was ready to go, when I could compound profits on that demo balance of $86, to $350 in 20 minutes. This explains my larger trade sizes that you’ll see on my screenshot above.
You can also Click Here for a Larger View.
The weekend is just round the corner. If you’ve had a trying time, do give your eyes a rest and go out live your weekend. But for those of you who have time for R&D, you may want to sharpen up your sword with some OTC Trading (Not Available in Europe) with IQ Option OTC, which has a reliable, chartable price feed from Thomson Reuters. Check it out HERE.
Canada Broker Update
You might have missed out my video review of this ASIC-Regulated broker, High-Low which accepts International traders from many countries, including Canada (all states!), China, Japan, Turkey, and many more…
Don’t fret. Some of my channel subscribers told me I had audio-sync issues and sounded like a chipmunk in the detailed broker platform review. I’ve since re-uploaded it. Watch My Full Review of this ASIC-Regulated Broker HERE! (btw… their early-sell rates are AWESOME! Demonstrated in the video)
For those looking to join Binary Lab for FREE by depositing via opening an account and depositing with this broker, the minimum deposit is at $400, and you can email your deposit confirmation to my admin at [email protected].
Some of you may be debating between IQ Option and High-Low, so my quick comments is that High-Low has great (often superior) early-sell rates, segregated funds, generally high payouts of 80-85%, but there’s less pairs available at any given time, and certain expiry times may not be available, i.e. no 2min. I covered this is my VIDEO REVIEW, so please check that out. However, if IQ is not available to you, i.e. if you’re in Australia, Japan, or Canada, then this is definitely the one for you. Probably your best option in fact. I’ll soon release a detailed comparison of the two brokers and upload it over the weekend so guys can have a good review of the pros and cons of each.
Good trading and have a great weekend!
Founder, Binary Lab
P.S. Check out my #1kto10kproject 9th week result! FB post here…
P.P.S. Watch my High-Low Broker, Detailed Review (Specially for those in Canada, Australia, Japan who couldn’t take IQ Option) HERE!
**Profits in binary options are gained on correct prediction. We can only increase our probability in making a gain through knowledge and practicing sensible money management in cases where things run against expectation. Binary Lab was setup to empower traders through knowledge and shared experiences.
General Risk Warning: Binary options trading carries a high level of risk and can result in the loss of all your funds.