Binary Options
by mike55r | March 11, 2012 10:39 am
Has anyone tried trading ”binary options[1]”. Agora[2]’s Abe Cofnas has a limited time price for his ”Fear and Greed[3] Trader” service that is based on the NADEX?? This is not strictly stock related so just wondering 
Endnotes:
- options: https://www.stockgumshoe.com/tag/options/
- Agora: https://www.stockgumshoe.com/tag/agora/
- Fear and Greed: https://www.stockgumshoe.com/tag/fear-and-greed/
Source URL: https://www.stockgumshoe.com/2012/03/microblog-binary-options/
Michael,
On 6 Aug 2011, I subscribed to Abe Cofnas’ Strategic Currency Trader for one year for $995. I opened a NADEX account with a $5,000.00 paper check sent via the USPS and started following Cofnas’ recommendations but not investing real money. Found out about the paper trading feature of NADEX so started trading Cofnas’ recommendations in that area. Lost a little but basically broke even not counting the NADEX “Fee Payments” of $9 or $15 on each trade. I may have just hit Cofnas at a bad spot but I wasn’t satisfied with his recommendations so I cancelled my Strategic Currency Trader subscription on 6 Sep 2011.
Getting my $5000.00 account reimbursed from NADEX turned into a bit of an exercise. I requested the money be reimbursed to me by NADEX check which they refused to do. They insisted on transferring the funds via ACH directly into the same account that I had drawn my initial deposit check on. I am not happy with allowing electronic transfers in or out of my accounts without my express written permission but in the end I had to accept their transfer (under protest to my bank). I have tried to completely close my NADEX account but they are still spamming me via e-mail.
I have had no problems at all with Agora’s services.
Tom C.
I tried the three months or money back trial in May 2011. I paper traded for three weeks then went live. I was losing on almost all recomendations. I cancelled with one week left on the three months after losing about 15%. They said they would extend an additional three months. I said yes. I cancelled again after ten more recomendations due to losing an additional 10%. Abe was on a five month losing streak. I think I only had five winners in total. I did not have any trouble getting my refund and money back from NADEX.
Thanks Tom. This is why I love stock gumshoe! Mike
Wish I had talked to Tom before buying my Land Rover.
I spent almost a year trading using the Strategic Currency Trader which was renamed the Fear & Greed trader. I lost over 60% of my funds. Furthermore, he did not give recommendations on 9 of those weeks. Agora tried to automatically renew off my credit card which I had cancelled due to identity theft. When I got the email from Agora I complained at being shorted 9 weeks. They apologize and agree to extend the service to give me the 52 weeks that I was entitled to. About a week later, I get an email from dear old Abe Cofnas that he is leaving Agora and starting his own service Binary Dimensions and I could get in for only $500 since I had subscribed to the prior service. If not, Agora was giving me their “hot options” service. I sent emails to both requesting that they give me the contracted service or at minimum the 9 weeks from Abe Cofnas (which would give him a chance to redeem himself). So far, nothing but Agora sending their usual ads for services to me. I bought into this based on the unique nature of binary trading because you had limited loss risk though the trade off was limited profit. At this point, I see no reason to trust and recommend someone who does not fulfill their contract with me.. That is separate and apart from his recommendations.
Yes, i signed up with Abe Cofnas too. I lost a little money and then i analyzed his long term trading record and realized i would be better off betting against him. So i did and i made some of my money back.
Long story short, Abe is too inconsistent and might recommend
5 trades at a time, often 3 are losers.
So remember, do your due diligience first!
It will be important that you do not improve your size by giant jumps (you don’t need
a few losses to wipe out your whole account) however
you wish to make sure that you are consistently increasing the size of
your trades.