Episode 12 – Binary Options Scams
We were joined again by Andrew Saks-Mcleod of Finance Feeds for a slightly longer, more indepth and more serious interview! Andrew has been waging a war against disreputable Binary Options providers, many of whom target traders with high pressure selling tactics. He believes that many of these firms also target people with a history of online gambling and their sole aim is to get a deposit and have this deposit blown through, replaced and blown through again.
Some of the issues he mentions with non-recoverable deposits and and disappearing accounts are harrowing!
There is some discussion on the merits of Binary Options as a product and although neither Andrew, Tom or Owen would consider them as part our personal trading strategy, it is quite clear that there is a big difference between these scam firms and a Binary Option product offered by a reputable broker.
Tom’s Turtle Trades have been 100% losers (!) but as he has said before on the pod, this is to be expected. He has identified numerous massive trends that his system would have caught earlier in the year and is hoping to jump on one soon.
Owen had a pip-profitable week, driven by his Cable short (GBP/USD for those that don’t know what Cable is). However, in the trade post-mortem it is clear that if Owen had just gotten out of his own way when it came to messing around with stop losses and take profits then he would have made a lot more!
Tom will keep picking his Turtle commodities and Owen is currently short NZD and wondering if that is a great idea as if faffs around near his entry point.
The IDEA OF THE WEEK sees Tom consider buying AngloGold Ashanti and hoping for a renewed dividend announcement…