Don’t be a Sucker – Part 1

3 Jokes, 3 Binary Options Strategies that Suck

You know what, we all make mistakes and I am the first to admit it. Sometimes I take a trade and after closing it at a loss, I re-analyze the setup and slap myself over the face for entering the market in such a stupid way. But this is nothing compared with some of the traders out there. Believe me, the level of naivety out there is through the roof sometimes and that’s exactly what sharks take advantage of. The scenario is this: a newbie comes into the market after he heard from a friend of a friend that another guy made thirty thousand bucks in just a week trading the financial markets. Now the newbie wants a piece of the pie and rushes to invest with a broker…but he has a problem: he has no clue of what to do and no system to trade. He then starts to look for the elusive “Holy Grail”. Enter the Shark: a so called “seasoned veteran”, “expert trader” and “market guru” that for some reason wants to share his system that made him millions of dollars…but he won’t share it with everyone, usually there is a limited number of copies to be sold and he urges you to “Act now” and avoid missing out on the opportunity. Hahaa…I’ve seen sites that sell this kind of systems with the announcement “Last 10 copies…Hurry!” and you know what, they still had 10 copies left 2 years later. The truth is that they will sell the system as long as there are buyers and don’t fool yourselves into believing that the system is actually developed by a real successful trader. No way! But our newbie unfortunately falls for the trap and buys the system only to find himself losing more money due to the crap signals given by the “system”. His search for the Grail starts all over again, but this time with renewed belief that he will find it. Now, our newbie is just that, a newbie and eventually he will stop searching for the Grail and start learning the basics of trading. He will evolve from a newbie to a trader…but there is another category: the newbie that evolves into an idiot. This guy will never stop the stupid things he is doing and will never have a strong foundation for his trading and will jump from system to system trying to get rich overnight. Next we are doing to focus on this kind of fool and some of the systems that they use in their futile attempt to rule the market. Some of the systems that I am going to bring to your attention are paid for, others are free, some of them even work to some extent, but they all have something in common: the fools that follow them.

 

“God must love stupid people; He made so many.”

60 Second Profit System

 

To be honest, I was shocked to see that a lot of people actually use this strategy and I think the only explanation is in the title: God made a lot of stupid people. The 60 Seconds Profit system is actually a binary options module for the well known Martingale System (Click here for the Full Martingale System Review). This system could actually work, but only if you have unlimited resources, plus, believe me, it won’t make you rich no matter what. Too much people are being drawn to “Get rich systems” like a bee to honey. I know it might offend some people if I call them stupid, but I think it’s stupid to believe that this system will make you rich. I must tell you, I had a great time when I reviewed this system and please read the full review because I know you too will have a good laugh. Here’s the link: https://www.thatsucks.com/full-review-of-60-second-profit-strategy/. The system requires me to place trades in the same direction over and over again, telling me that by the fourth trade I will have 100% chances of success. Excuse me for a moment while I wipe my tears because I’m laughing so hard…again. He gives me absolutely no sound reason why the fourth trade will be a guaranteed winner and the worst part is that he tells me to gradually increase the amount at risk, so starting with a mere 5 dollar trade, by the fourth one (remember, the one I will definitely win according to him), I am trading 100 dollars. Well, that’s a really big risk compared to my first trade and please, guys, don’t fall for it. This strategy is definitely “NOT approved” and not recommended by me, in fact I urge you to stay away from it and never believe any claims that this strategy works. If someone indeed had success with this strategy, it was because they were lucky. Pure luck, that’s all. Don’t be one of the many!

 

“For every idiot proof system devised, a new, improved idiot will arise to overcome it.”

Pinocchio

 

The “Pinocchio” strategy, also known as Pin bar is one of the best ones around and it withstood the test of time. It’s being used in different forms since the early days of Forex and I actually back tested it for about 2 years, using the daily chart. The results were outstanding and the strategy is still a big part of my trading, with some modifications. The strategy is simple enough for a medium level trader to get it right and it doesn’t use any indicators. However, there are some guys that pretend they trade Pin bars and price action, but when I look at their charts, I realize their trading has nothing to do with the original Pinocchio strategy. I mean, a little modification is ok, but if you clutter the chart with 10 more indicators, you are not trading Pin bars. It usually all begins with an indicator and then the “improved idiot” starts to add indicators to filter out bad signals from the first one and soon the whole chart is full of lines and indicators and Pinocchio exits the building through the back door. The worst part is that when their accounts are busted, they blame the Pinocchio strategy and never realize how far from the original system they are. To read my article on the Pinocchio strategy, click here.

 

The Genius is only needed for the first Step

The Lazy Day Trader

 

Yes, my friends, after the 60 seconds profit strategy, many more came. On of our “beloved” guru, expert, Shaolin monk of trading, the one and only Keith Jones, has deiced to copy his system, and rename it different…. You see, the genius is only needed for the first step, now the fools continue, bringing us another ridiculous system. This one is even worse, because if I want to trade it I have to risk even more money, but it’s similar to the other one because it’s based on the same idiotic principle: by the fourth trade, you will have 100% chances of success…totally not true in my opinion. Anyway, the thing I like the most about his strategy is when he explains that I need to place a certain amount of money on any given market and that “We call this a Trade”. What I get from this is that he assumes that all the people that will use his strategy have absolutely no idea about the financial markets and they are in need of explanation of the word “trade”. Come to think of it, that is the profile of a guy that would use his strategy; only a naïve guy, with no market experience would ever go close to a system like the Lazy Day Trader. Do I still need to say that the system sucks? …yes, I do: It utterly SUCKS – stay away! In fact, I’m not sure who the genius is and who is the stupid guy here: maybe Keith Jones is the genius and anyone using this strategy is the stupid one… Click here for the full Lazy Day Trader Strategy Review.

 

3 More Jokes, Next Week!

 

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