Binary bet or Spread bet

Hi, I'm new to trading, starting up with about 400.00 that remains from an old online poker account, I no longer play poker due to time constraints and had to raid my bankroll as i got married last year.

I do have good habits as regarding bankrolling requirements and obviously at 400.00 I'm looking at low stakes. In time i will be able to save to build a more realistic roll but want to get learning on this initial stake. I have no illusions about getting rich quick, this is really about the challenge and getting an education for now.

Right now I'm winning a little betting on the Dow through ChoiceOdds. My question really is whether binary betting is a good way to get my feet wet with trading or whether I'd be better off opening up a finspreads account and spread betting?

Silvershade,

I am fairly new to trading as well, and have been dabbling with both binary and spread betting.

It's not that one method is 'better' than another. Each method has it's place. I personally enjoy the range of bets you can make using binaries. E.g. One touch, range bets, hourly Up/Down which can fit really well as part of a trading strategy - or even to hedge.

With binaries you are basically betting on a yes/no outcome. It is very easy to lose your whole outlay, caught out by the often sudden quote changes.

I started with IG index. They allow you to start off at 10p/point which is great for getting the feel of it and testing out a strategy.

There is loads more information on spread betting and binary betting on those sections on this forum.

I am currently working on a plan,with a particular view towards binary betting the 'one touch' and 'hourly' FTSE. I would be interested to know how you get on.

Happy trading.

Lots of great info on Binary betting here if you are interested... it is the bulk of my trading now...

www.trade2win.com/boards/forumdisplay.php?f=97

SB has it's place but I get far more 'bang for my buck' with binary.

I suspect the spreadbetting firms profit margins are greater with binarybets.This is because basic spreadbetting margins are pretty cut-throat.There are also too many firms springing up,so I suspect some may go bust.