Today I would like to share with you an interview I conducted with a trader who has been active in Mike’s manual signals group for a long time. As many of you know, Michael Freeman’s group is my first recommendation to anyone who asks me where they should begin their binary options journey. Most people prefer to take a little detour and try a few AutoTraders, but eventually, everyone realizes that the best way to trade binary options if you’re not an experienced trader is with Mike’s signals. Therefore, I’ve decided to share with you stories of traders who started their journey before you and already have a lot of experience they can share with you. I believe this can help newbies tremendously. So let’s begin!
Hello Anand Sudhakaran, thanks for agreeing to participate in this interview. Where are you from?
I’m from New Zealand.
For how long have you been a member of Mike’s manual signals group?
I have been actively following the admins on Mike’s Group almost daily for six months. I started off with 24Option but lost all my investment with them as I was fairly new to trading and my Senior Account Manager made me trade with large investments which went against me. I didn’t know anything about money management at that time which my personal broker should have advised me about. I had a good discussion with her regarding this but this was of no use and this put me off trading for a little while.
However, I didn’t give up and upon doing some research I came across Michael Freeman’s YouTube channel which really impressed me. I started looking at trading with a much more positive view and from there on I got in touch with Jacob Jones who kindly added me to the Facebook group and since then it has been history and I have been gradually making profits with the group.
Do you have accounts with other binary options brokers?
Yes, I do. With IQ Option and Porter Finance.
Some of our visitors may be looking for a new broker to sign up with. Can you comment on your brokers?
Sure! 24option seems to be very popular amongst traders and personally I found the them to be very good. A friend of mine recommended me this broker. The reason I had to stop trading with them was because I got pushed to invest large sums of money by a senior broker who didn’t teach me any money management strategies and got me to place trades with very large amounts which made me lose my capital investment. I would recommend 24option to anyone who has got good capital to invest. They have good reviews, fast withdrawal, free webinars for investors, Trade alerts for investors, Phone app for trading on mobile devices.
I found IQ Option to be very good. You can place trades as low as $1 to test certain strategies and if things work out you earn something and if trades go against you then you lose a very small amount. Another good thing i have found with them is the tournaments. These are really good and if you are a good trader you can certainly make heaps of money participating in these tournaments. It’s very easy to read charts on their trading software. They are great for beginners and people who can only afford low investments. Tournaments are a very great way of earning good money. Regulated broker.
Porter Finance is also a very good broker. You can place trades as low as for $5. Platform is very quick. Another good broker for investors who want to trade with small amounts.
Which of our signal providers do you follow?
I follow Afzal Ahmed, Snir, Rene and John Mukunju. All the admins are amazing and have been providing really good signals. Afzal is certainly the king of turbos and Rene is a master of the EUR/USD pair.
Which broker are you trading our signals with?
In total how much did you deposit with IQ Option?
Are you making money with Mike’s signals group?
Yes, I have been certainly making steady profits since joining Mike’s group. I started off with a demo account and after learning how the Admins provide signals I switched to a live account with very small investments. I have gradually increased my trading amount which I normally limit to 5% of investment per trade and this money management strategy combined with the great signals are working really great. The Admins have amazing talent and have been delivering a very high success rate of ITMs which I think is even much better than some of the professional brokers in the industry.
What’s your balance today with IQ Option?
At what hours do you normally trade?
Between 10-12GMT on my own, sometimes between 21-23GMT for Rene’s session and 1.30 – 2.30GMT for Afzal’s session.
How long did you trade on a demo before starting with a real account?
About 2 weeks after joining Mike’s FB signals group.
How much money did you make with Mike’s signals since you started?
About $100 USD I would say. I could have easily made some more money if I had been much more disciplined with money management and not entering multiple trades on a losing trade. I will send you the Excel spreadsheet which I have exported from the IQOption. Please note that most of the losing trades in that is from my own trading. Following Mike’s signals has given me most of the ITM trades.
Were you able to withdraw money?
I lost all my investment with 24Option. I had $39 USD left in my account which i was able to withdraw to close my account.
I have withdrawn $30 USD from IQ Option to test the withdrawal process and I didn’t have any issues receiving the money. I managed to receive the money within 3 business days which was quick.
Porter Finance – For some reason the accounts department has closed my account and are in the process of refunding me my $200 investment. They can’t cancel the withdrawal so I have to wait for the withdrawal to happen. I cannot login to broker as my account has been closed by accounts department and my $200 USD investment is being refunded. They can’t cancel the withdrawal therefore I need to receive the withdrawal first before I can decide whether I should reinvest with the broker or not.
What is the advice you would give to a newbie trader, just starting out with Mike’s signals?
Here are my tips for newbie traders starting with Mike’s signals:
- Start with a demo account. Once you have got a hang of how the admins post signals then switch to a real account with small trade amounts initially and then gradually increase your trading amount once you become good at taking the signals.
- Always try to get a better Strike rate than the admin posting the signal to have a better chance of the trade ending ITM.
- Be patient and do not try to force a trade. If you miss a signal or getting a good strike rate, then skip the signal and wait for the next one. It is better to be safe than sorry and not worth risking a trade by forcing it. Sometimes it may end up ITM by luck but most of the times I have found out that you end up losing the trade.
- Follow good money management strategy. Try to risk at most 5% of your capital in a trade and if possible much lesser, maybe 2%.
- Do not enter multiple trades on a signal, unless otherwise advised by the admin. If by chance the signal goes against you then you end up losing even more. You can always make up for the lost trade with another good signal.
- If possible, try to join the webinars by Afzal and Snir. They give you a lot of tips and strategies which can help you in long term to become a very good trader. The webinars can also help you see how they usually give signals.
- Take time to go through the nice compilation of videos by Jacob Jones which are very useful binary options strategies.
Are you using any other signal service or autotrader?
Yes, I have been using Signals Binary as well for a few weeks now. They provide end of day trades. I can say that I have managed to get some ITMs with Signal Binary but the success rate is not that great. The results are not very consistent. The rate of success with Signals Binary has not been that great. I have a standard plan which gives you 10 signals – 8 for currencies and 2 for commodities. They say you can get 70-75% success but honestly i don’t think the success rate is that high. Usually if you are lucky it can be 50-60%. I can provide more information as I test their signals.
I have been mainly using Mike’s Signals since I have joined the group as I think there are no better signal providers with such a high success rate than Mike’s Group.
Do you trade on your own using technical/fundamental analysis or strategies?
- Price action.
- Bollinger Band and RSI strategy to identify potential reversals.
- Support and Resistance.
- Candlestick Patterns.
- Trend Lines.
Any other feedback/comments/complaints/suggestions?
Group users can sometimes clutter the wall with unnecessary comments which should be deleted. I think Admins should turn off commenting on posts after sometime once a signal is over because some members sometimes comment quite late which can push the post much higher on the wall and sometimes signals can be missed because of that.
Can we share your email? Link to FB profile?
Sure! My email is: firstname.lastname@example.org.
My Facebook profile is: https://www.facebook.com/anand.sudhakaran.77
Any final words?
Thought I’ll mention my score today after Afzal’s turbo session and following him properly. I got 6 ITMMMs today 100%. managed to make about $25.
Advice from Jacob
Congratulations, Anand! You’ve started trading with a demo account, learned how to follow our signals and started using a real account. You were able to slowly build up a nice balance on your account. You are aware that your profits come from following Mike’s signal providers and that losing money usually happens when you try trading on your own. Trading on your own using strategies such as those you’re using is awesome, but I suggest practicing on your demo account, dedicating your real account only to our signals. At least until you are able to consistently win trades on your own. Then you should also apply to become a signal provider yourself!
Meanwhile, follow our signals on your real account, slowly increasing your trade amount. The reason you’ve only made around $100 in 6 months is that you’re trading very small trades, mostly $1-5 per trade. By now you probably know that you can trust our signal providers, so I would suggest increasing your trade amount to 10% of your account balance. That would be around $25-30 per trade at the moment. Then, your account will grow much faster and you’ll be able to start seeing much greater profits very soon! Please continue and update us on your progress and thank you for sharing with us!