Is it just us or did you guys also receive tons of spam invitations by BinaryBoom.com? Unfortunately we couldn’t catch them on time and they already managed to convince hundreds, if not thousands of traders to join this obvious scam. Boom… and your money is gone, just like that. The fake Auto Traders that are coming out every week making it difficult to post a warning on time, AT’s such as Binary Boom are leaving a dark stain on the binary options industry. Online traders and ‘money-making’ opportunities seekers are being conned on a daily basis and we are here to put an end to it or at least prevent the lucky folks who will do a little bit of research on Binary Boom and realize that it’s a scam before it’s too late, from joining this fraudulent website.
Binary Boom is not only an incredibly misleading offer but it’s also hosted and sponsored by some of the worst brokers in the industry. BinaryBoom.com was launched to the public just about two weeks ago and we already received over 20 complaints via WatchDog Complaint Center and we find it necessary to post this review and warn potential victims, we also encourage everyone who decided to invest with this fraud to share your feedback and help us alert others so they understand that it’s a fact now, this is an obvious scam to us but your testimonials will help us deter others from falling victims so please take a moment and after you finish reading this review, post a comment and let the world know what you think.
Just on a side note, how on earth can you make millions online with the help of a broomstick? We clearly didn’t buy into it, knowing that it’s just another fake auto trader introduced to binary options traders, designed to make people sign up with unregulated brokers and lose their investment in minutes, hours or if you’re lucky, you will lose your account balance in a matter of days.
The fake testimonials by the same actors we’re seeing on similar money-making schemes are once again hired to mislead the public and it doesn’t cost much to hire an actor these days who will say whatever you tell him/her to say for a few dollars. Let’s face it, the Internet is a dangerous place and in reality, the organizations and enforcement agencies around the world are not doing enough to protect us from such devious plans to steal our money. Is there anyone out there? At BinaryoptionsWatchDog.com we don’t have enough power to stop these scams but we can surely hurt their business and this is one of our main goals. Let’s hurt BinaryBoom.com by alerting others that this is in fact a fake offer and a well-marketed scam!! Help us and together we can help other binary options traders and victims from all walks of life who might receive this offer via email or possibly buy into all the fake Binary Boom Review/s endorsing this offer in exchange for money!
If you decide to trade binary options, the safest way to trade is with fully EU regulated and licensed brokers, an example of a great broker we endorse is Topoption.com, WatchDog’s Top Rated Broker! They were never caught working with any of the fake Auto traders. They offer loss insurance and they are a trusted broker in the industry. Topoption is a Markets.com binary options broker, it’s important to note that Markets has been a leader in the Forex industry for over 10 years. Many smaller Forex brands are using Markets FX platform technology, they are indeed one of the most influential companies in the Forex industry. We encourage all new online traders to think twice before you sign up with offers that are too good to be true and consider starting your journey with an EU regulated broker or with a demo account. Avoid BinaryBoom.com and any fake blog that is falsely endorsing this offer and once again, please help us share the message and let’s make it very clear. Binary Boom Is a SCAM!
SO PLEASE BE ON THE LOOKOUT BEFORE SIGNING UP WITH A BROKER!!!!
The Hong kong Investment company, Forex Paradise LTD, is going viral in recent months and day-traders are asking us if it’s a another scam or a genuine opportunity. Read this important review before you fund an account with ForexParadise.biz by CEO Stefan Hendriks. Let’s get straight to the facts as we noticed that many sites that endorse this site, didn’t do a great job of relating accurate information to potential members. Forex Paradise has been around for over 5 years and yet no forum or blog concluded that it’s a scam, but is it really true?
On first look when our team navigated to the Forex Paradise website, we were completely amazed by the design, features and elements! In fact, whether or not you decide to join, you should visit ForexParadise.biz and your eyes will literally open wide! We checked Alexa.com and they maintained a powerful ranking, currently better than most binary options brokers or services. 1000’s of online users are ending up on this website based on the Alexa.com global rank. Before you get excited, as with any offer our team decides to review, we always look for ‘red flags’, even if we can’t find any negative testimonials on the web and/or complaints by confirmed, disappointed members.
The website’s CEO, Stefan Hendriks is a real person and we managed to easily verify his existence, which is a ‘breath of fresh air’ after visiting so many scam sites with fake names and ShutterStock.com images instead of disclosing the founder’s real identity. After all, if you are proud of your service, why should you conceal your identity unless you have something to hide? Forex Paradise passed this test as well, by being transparent and honest. Every part of their business is verifiable and straight forward. They are registered as a legal company in Hong Kong and in the UK. Address: Rm. 301, 43 San Fung ave, Sheung Shui, N.T. Hong Kong. Registration Number: 2252895 Hong Kong Gov companies registry: www.mobile-cr.gov.hk, www.icris.cr.gov.hk so this is clearly not an over-night scam.
Forex Paradise passed the ‘Fake Testimonials Test’ and unlike some of the fraudulent services we expose, they refrained from using Fiverr.com actors. The testimonials we found are short, reasonable and seem to be posted by real day-traders. Here is an example of a very short video by a ForexParadise.biz member:
Phuc Quy’s review and feedback on YouTube
Support is offered 24/07 in Multiple languages including: English, Spanish, Russian, Deutsch and Italian. Members are accepted world-wide and they offer a wide range of depositing options besides CC and Bank Wire. Live Chat, Direct Phone Number and Email are available to the public: email@example.com Phone: +852 580 33134.
Forex Paradise LTD’s minimum deposit requirement varies depending on the depositing method: Perfect Money, Payeer, AdvCash – $25 or €25 Bitcoin – 0.1 BTC Skrill, Neteller, Payza, OKPAY – $100 or €100.
The minimum withdrawal is as minimal as it gets based on the FAQ page: Perfect Money, Payeer, OKPAY – $0.01 or €0.01, Bitcoin – 0.0005 BTC, Skrill, Neteller – $5 or €5, Payza – $2 or €2, AdvCash – $0.1 or €0.1 while we noticed that most of the Binary Options and FX platforms set the minimum withdrawal at $100-$200 so if you ever wish to pull out with less, your money is locked, it’s certainly not the case with ForexParadise.biz.
Your feedback is highly important to us and we would love to see members share their experiences and thoughts regarding Forex Paradise below this review. The more information we get, the better we can asses the credibility of this investment FX company. We are very optimistic, after doing an extensive research and not finding a single negative review on any blogs or forums, related in any way, to Forex Paradise LTD by Stefan Hendriks!!!
The risk exposure is very minimal if you decide to invest and today we became members of this website, depositing the minimum in order to get a feel for how it looks on the inside. It’s certainly a fascinating Forex offer and we are absolutely impressed. If you still have a reason to believe that Forex Paradise is a scam or falls under the category of ‘misleading services’, we invite you to counter our initial impression and over-all positive consensus.
Candlestick patterns and moving averages are hardly new as tools for Forex traders. However, there is a way to use moving averages and candlesticks together in a way that is quite different to what most traders are doing. The “Flying Buddha” pattern has been around for a number of years and remains very effective and profitable as a Forex trade entry technique. It can be used in all markets, but is especially suited to Forex.
Please note that I did not invent or name this pattern, and I certainly intend no offense to anyone of the Buddhist faith, which incidentally provides a great mindset to tame emotions of fear and greed which can make trading more challenging than it should be.
What is the “Flying Buddha” Pattern?
The “Flying Buddha” pattern is quite simple. Simply set up a candlestick chart with two moving averages: the 5 period exponential moving average (EMA) and the 10 period simple moving average (SMA), both applied to the closing price. It is a good idea to make sure that both of the moving averages are drawn in strong and different colors that stand out easily from the colors of the candlestick chart.
A “Flying Buddha” is any candlestick which:
1. Has a LOW above the 5 EMA, when the 5 EMA is above the 10 SMA (a bearish “Flying Buddha”); or
2. Has a HIGH below the 5 EMA, when the 5 EMA is below the 10 SMA (a bullish “Flying Buddha”).
Here is a chart showing highlighted examples of bearish Flying Buddhas. There are a total of five candlesticks which qualify:
Note that you might get more than one “Flying Buddha” candlestick in a row.
How You Can Trade a “Flying Buddha” Candlestick
If you are looking for a long trade, for example, and you see a bullish “Flying Buddha” candlestick appear, when the candlestick closes you can put an order for a long trade just above (e.g. 1 pip) the high of that candle. You can also place a stop loss just below the low of the candle.
If the price hits the stop loss before the entry is triggered, you can remove the entry order, as the candlestick has not “worked” as signifying a turn in price. The whole point of the Flying Buddha is to get you into a turn in price very early, which allows an entry with a tight stop loss, which should make your trade more profitable.
What if during the next candle neither the stop loss nor the entry price are reached? Personally, I cancel the trade entry order when this happens, because I think the turns in price that happen quickly and strongly usually make the best trade. However, there is no reason why you cannot leave the entry there, and just wait until either the entry is reached, or the stop loss is reached first, in which case you can cancel the trade entry order. If you do, don’t forget about it! You might want to set an alert to your phone to let you know when either price is reached if you are going to be away from your trading screen.
Why Use the “Flying Buddha” Pattern?
In order to reach a good answer to this question, let’s start by considering the nature of the Forex market. Most of the time it ranges, instead of trending, especially on shorter time frames. What this means is that if the price goes up one day, it is more likely to go down the following day than go up again, and vice versa. Additionally, one thing you notice from watching Forex markets long enough is that if the price goes up a long way very quickly, it is more likely to fall back to where it started than it is to keep on going up.
Once you see the truth of these two statements, you begin to see why “Flying Buddha” candlesticks can be great indicators of a turn in price, as the price usually has to have moved up or down quite quickly and with some force in order to form such a candle. The entry method described previously gets you in once the turn shows some sign of already being underway, i.e. the “reverse” side of the candle is broken first.
Another good reason to use these candles for entries is that they are often quite small. Therefore your risk in terms of potential reward can usually be kept very small. Too many traders focus on trying to make gains without stopping to consider how much better off they would be if they also gave as much thought to keeping their losers very small. In simple terms, what I am trying to say is that it is great to make 100 pips, but if you can do that by only risking 10 pips you are far better off – (five times better off in fact!) than by risking 50 pips. Getting into trades very early can be psychologically difficult, but it is actually problematic to wait too long for confirmations of the move you are looking for, because by then it is either too late, or you have to risk far too much for the reward.
Always make sure to start with a demo account to get familiar with trading before opening a real money account. Open your demo account here.