Many of you may already know that I, Michael Hodges, maintain a social trading account at Communitraders. It is my weekly free binary options tips and all the trades I make on the platform. It is intended as a guide, example and training tool for traders of all levels and an endeavor I have come to love.
Writing the tips, making the trades, answering the questions, using the money management and standing by my analysis has helped me in more ways than I can count. The intention is for you, the trading public interested in learning the ins and outs of the trading lifestyle, to follow along with me as I trade and grow.
You may be asking yourself “why would I want to follow along?” and I assure there is more reason than entertainment value alone. I make five trading tips each week and when it comes down to brass tacks the account is profitable and I mean really for real profitable, this is not some BS claim. You can check my profile on Communitraders any time you like; my current win rate is 58% all-time, 60% this year.
I readily admit this is not as impressive as 100%, 90% or even 75% but its a real win rate that I have held for over 2 years and one that delivers consistent profits. Other than that my tips are full of information and insight into each week’s market activity, I make other trades throughout the week and am in the forum several hours a day answering questions about my strategy and management techniques.
I tend to focus on longer term expiry as in at least 3 days and usually a week when writing my tips. From time to time I will use a one month option but it’s been a while since the last time I did that. During the week my extra trades may be as short as 15 minutes and up to a week depending on the signal I am trading.
I typically write my tips every Monday before or as the US market is opening. This is also when I usually make all of the trades for those tips so it is a good time to catch me on Communitraders. It is also the best time to get the free signals just as soon as I make the trades. I will also make other trades during the week as they pop up.
How To Follow The Geek Account
The trick to following the Geek Account and any copy trading signal is using the appropriate expiry when YOU get the tip. The point is that if you don’t follow a tip right when it happens you may need to adjust your expiry to match the one intended by the tip. If I write a tip with a one week expiry on Monday and you are able to get in at my target price on Wednesday you will need to scale back your expiry. In this example it may mean an end of week, three day or other choice of expiry that most closely matches mine. As a point of reference Monday tips with one week expiry usually close as the market the opens the following Monday, three day expiry close as the market is opening on Thursday of the same week.
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In order to follow along with this you will need a broker with flexible expiries. A few of the top platforms with expiry to fit these needs include SpotOption, PandaTS and AnyOption. These brokers all have expiries to match my tips close enough to make following the Geek Account easy and profitable. SpotOption may have the best variety of choices as well as the largest number of brokers to choose from but by no means is the only choice out there. AnyOption is of course the only one of its kind and CySEC regulated while PandaTS is currently only represented by CTOptions.
I use strict money management in my account based on the 3% rule. I use 3% of my account, rounded to the nearest round number that makes sense, on each trade no matter what. This means I can have as many as 20 trades open at one time without putting my account in jeopardy but I rarely have that many. It also means that I don’t have to worry about how much to trade or even if I have a loss or a string of losses so I highly recommend the same to anyone social trading binary options with me. Remember, copy trading is OK but social trading is better!