Binarybet update

[Lord Flasheart]

Have read all the recent post and just wanted a more up to date opinion on binarybet.com and what will happen if I start winning consistantly. On the phone they assured me that they lay off most of their bets so they really dont care if you win. They will only reduce bet sizes if their liability is unbalanced> All comments welcome

 

[options]

I'm just thinking about using Binary bets myself as it's part of IG and I have had very few problems with them.

I can't really see there being any trouble at all.

Heard people say that they have been put on 'manual' when they get too good for a company such as this. Can't remember which one it was. Don't think it was Binary bet.

I will say the first time you get a re quote or put through to a dealer, then leave the company straight away. Because of the speed of binaries this just cannot be allowed to happen.

Go for it. You have to get consistently good before you may have any problems. And if you bet with any size with only a short amount of time to go. They will not have the time to 'lay' it off.

 

[donaldduke]

Have read all the recent post and just wanted a more up to date opinion on binarybet.com and what will happen if I start winning consistantly. On the phone they assured me that they lay off most of their bets so they really dont care if you win. They will only reduce bet sizes if their liability is unbalanced> All comments welcome

"They will only reduce bet sizes if their liability is unbalanced"
What does that mean exactly?

I didnt think they hedged, infact in one of their online presentations they said they dont hedge any binarybets as its hard (impossible?) to do so.

If you make serious money (read 10s of thousands of pounds) on binaries, it has been my experience that you get put on manual and bets get rejected, and the price may be requoted away from the price originally quoted.

I dont trade often so rejections are not a problem for me, but for someone getting in and out often it is serious.

If you are only out to make a few thousand a month then they will probably ignore you. Problem is if you can
consistently make say 3K a month bettting 5 pounds a point eventually youll be tempted to up your betsize...

 

[Lord Flasheart]

thanks guys most reassuring,I only plan to make 3-4k per month so should be ok

 

[candles]

I've only just discovered binary spread betting. I think i get it:
If say the spx to close up is at 20, then my max loss is 20 pips x my stake
If it closes up the bet closes at 100 and I make 80 pips x my stake
If it start to go my way i dont have to wait until the close and can take my profit early.

Can you put in 'limit' type orders. I've noticed from watching the homepage to get a feel for it that sometimes the price flashes for a split second and then its gone. Can you say, for example, that I want to close by spx to close up binary from 25 at 45 as a limit order?

Also, am I right in thinking you can open an account with as little money as your stop out price is? Like, I could bet £1 per point and had £20 in my account I could buy the spx to close up at a price of 18-20?

hope that made sense. All very new to me...

 

[Lord Flasheart]

Your right on all accounts, just to add that you can also get out of any bet at any time so buy at 20 sell at 60 gives 40 profit.Im sure you worked that out as well.There are no limit orders with most binary companies malthought there may be some software that can do it

 

[shadowninja]

The problem with IG Index/Binarybet was the lack of stops. Easy, enough, you may say, but if an instrument is to close above 105 (for example), and you're in, and the current price is 104.9, and it's about 5 minutes before the end of the hourly binary, so the binary is currently 80%, if it jumps up 0.2 points to 105.1, the binary will just spike to 20%.

 

[candles]

cheers, mate.

 

[lqislouis]

The problem with IG Index/Binarybet was the lack of stops. Easy, enough, you may say, but if an instrument is to close above 105 (for example), and you're in, and the current price is 104.9, and it's about 5 minutes before the end of the hourly binary, so the binary is currently 80%, if it jumps up 0.2 points to 105.1, the binary will just spike to 20%.

:arrowu:
hi shadowninja,
i actually wondering cuz im new al new here, so does binarybet.com works? wel basically i know how it works, but how do we go about the pips or so called points? it says 0- 100, so depending on the market at the time i wish to stake? if at that time lets say its 30, and i aim to stake to go up, and it goes up each pips 1 point? so it goes like 31,32,33,34,35 etc... and if up to 40 i feel its enough of my profit i just close it, and ofcuz if goes the opposit way thn im on losing...

 

[lqislouis]

and how about extrabet.com? it goes by ladder right? once it reached the ladder you bet for you'll get your profit for how much you stake at that time...??? please help

 

[riwf]

:arrowu:

i actually wondering cuz im new al new here, so does binarybet.com works? wel basically i know how it works, but how do we go about the pips or so called points? it says 0- 100, so depending on the market at the time i wish to stake? if at that time lets say its 30, and i aim to stake to go up, and it goes up each pips 1 point? so it goes like 31,32,33,34,35 etc... and if up to 40 i feel its enough of my profit i just close it, and ofcuz if goes the opposit way thn im on losing...

That's correct. If the FTSE is down on the opening price and the offer is 70 to close down and 30 to close up, you can bet either. If you feel the FTSE will move back up then place a stake on it to end up. If it does go back up. you can let it run to the end, if you are confident that it will close up, in which case you will win 70 x your stake. On the other hand, if you are only confident that it will retrace a little but close down, you can close out your bet at any time, in which case you will win the price when you close the bet - 30 x your stake.

Regarding ladder bets. You only win if at close the instrument (FX pairs or index) is above the rung of the ladder that you have bet on, or, if you're betting against the house (laying) if it's below the rung of the ladder you have bet on.

Hope this helps.

Good luck
RIWF

 

[lqislouis]

hi RIWF,
yea i kind of understand that thanks, thats really helps... well binary isnt FX market? cuz im with "interbank Fx" im doing live trading as well, so if thats under FX i can view the market from my software of "interbank-fx" so is there any binary bet for FX? and whats FTSE stands for?> hehehe sorry... truely new, but i do appreciate the willingness and the kindness of you to reply this.. thanks once again and what are the time frame avail? 5min? 1H? 1D?

and you are betin on FX ladder right? could you teach me more on that? if me i would just watch market from my FX software cuz i have my template that to know its uptrend or downtrend.. and what abt the time frame for ladder as well? which web are you havin your acc ? extrabet.com?

 

[Splitlink]

I have not been following the binary prices. Could anyone tell me what the Footsie's quote was on Friday, when the price was around 6600 at 1330? Here, we have a sideways trading index that was, halfway through the day, within a few points of breakeven.

Split

 

[Lightning McQueen]

Hi Split, I don't know much about binaries but I have been following them recently, learning 😕

Around the time you have asked the hourly ftse to rise was priced about 60, to fall was around 40.

I hope this is what you were asking for, as I said I dont know much on these things :cheesy: I have charts if you would like them, let me know.

cheers

Lightning

 

[Splitlink]

Hi Split, I don't know much about binaries but I have been following them recently, learning 😕

Around the time you have asked the hourly ftse to rise was priced about 60, to fall was around 40.

I hope this is what you were asking for, as I said I dont know much on these things :cheesy: I have charts if you would like them, let me know.

cheers

Lightning

Yes, if means to me that the SB's were not sure where the market was going and they were on the fence at 50. A risk of 40 points is a hell of a lot, IMO, for a bet that was going to close in 30 mins. If anyone can convince me otherwise, I am all ears. 😕

 

[Lightning McQueen]

Yes, if means to me that the SB's were not sure where the market was going and they were on the fence at 50. A risk of 40 points is a hell of a lot, IMO, for a bet that was going to close in 30 mins. If anyone can convince me otherwise, I am all ears. 😕

Ah, do I see a plan emerging over there 😎 , sure its possible? but I havn't sussed it yet...bit on the slow side I am 🙄 charts to follow, they're on another pc.

Lightning

 

[shadowninja]

There is a strategy for catching those massive spikes. I used to play it on FTSE and Wall Street. *goes to find his notes*

Here we go.

It's what I call ShadowNinja's Binary Hourly Switch Method (it works for the Twenties and Fives and the rush is even bigger).

1/ If percentage drops to under 20% before halftime (30 minutes for hourlies) and hovers then buy if FTSE Daily indicates rise.
Buying low controls risk, acting as stoploss of 20-30pts in case system crashes. (Have lost lots playing binaries when my PC crashed!!) If FTSE Daily moves in one direction then hovers, then changes direction in 3 consecutive FTSE Daily ticks then it's a good indicator. If no hover and FTSE Daily indicates continual move, then obviously don't buy. Buying after the halfway mark is more risky because there are less switches from 0% to 100%. It is the way of binaries.
2/ Set mental rolling stoploss as 20% less than max profit hit during a climb.
Don't be greedy or could lose any gains if it switches again.
3/ Stoploss at 5pts below.
Never lose more than 5 points (£10 for £2/pt) in a trade. In reality this becomes 10 points (£20 for £2/pt) because of reaction times!
4/ Stay away if: huge swings (eg over 100% as can only trade trends) or not much movement (variation of only 10% for several minutes makes it difficult to make any money)
5/ Use Moving Averages on Advanced Tick Chart with FTSE daily.
Can determine if it's about to switch or point of inflexion or if it's still continueing to move in the same direction.
6/ Do not buy after halftime as it is most likely to have decided its direction even if it does move around a lot.
Usually too risky but check FTSE Daily chart for gems.
7/ This works with Twenties.
8/ If massive drop or a lot of volatility on the Twenties, slow it down by using Hourlies.
9/ Do not trade the trend.
This system works for switches only. Use end of day figures for trading the trend.
10/ Greed and impatience = loss.
Profit could rise but it could fall and be lost. Impatience makes you think you have to be in every trade.

The reward/risk is about 5/1 and the probability is about 70% when you time it right.

If you lose your money, don't blame me. Binaries are hard work. I did turn £50 into £500 in a couple of days. Also lost it in a couple of days. That gives you an idea of how tricky binaries can be. In theory, if you were ultra disciplined and had a bit of luck on your side, you could turn £20 into about £5000 in one day, playing FTSE and Wall Street hourlies, Twenties and Five Minute Frenzies. You could probably work this method on FX and so on, if you have enough hands and eyes, and crank that target to £10k a day. Hey, can you feel the excitement and greed? Did you feel your eyes widen? That's the feeling of you about to lose a lot of money. :cheesy:

If you are undisciplined, faint-hearted and easily excited, this is not for you.

If you are not sure about the meaning of my notes, don't ask me to explain. I don't quite understand them now; made a lot of sense at the time. 🙄

-Darren

PS Binaries are deadly. Good luck.

PPS Don't blame me if you lose your money and the shirt off your back. If you do make a killing, mine's a pint. Ta. 😉

 

[Splitlink]

Hi Shadowninja,

I'll buy you a couple of pints, with pleasure, just for explaining the logic of binary---which I didn't get!

You convinced me just the same and that makes it worth the beer.🙂 🙂

Don, of course, is invited to the celebration!

Split

 

[Lightning McQueen]

Hi ninj

Blimey, thats a lot to take in in one go, I will check it out, thanks for posting, I'm sure split, you and I are way off the thread topic now, so perhaps a mod could split this off into a binary strategy thread or something so we could continue in a more fitting thread, or not as the case may be, wot with the mods being a bit sparse of late 😆

cheers

Lightning

 

[shadowninja]

I should take the beer before you can't afford to buy it. 😉

Remember, discipline is the key more than ever because there is no protection from massive spikes: I've seen it go from 90% to 30% in 2 seconds (that is, 60 point change!) when I've gone in at the wrong time. Binaries do not take prisoners!