Hi,

I'm a bit new to the world of trading, so please forgive my ignorance, but I was looking for some information regarding Binary Options, and in particular, the trading site 'OptionBit'.

The site gives you the option to choose whether or not the value of a currency (or other assets) is going to go up or down, and give you an 81% return if you call it correctly.

I found a strategy by a trader called Keith Jones 'The Lazy Day Trader' who claims to have come up with a pretty sound system of trading in small time periods (half an hour cycles) whereby if you bet a certain amount on the value going up, for example (£10 is his starting investment) and get it wrong, then you go again betting on the value increasing, this time with an amount such that the 81% profit would cover the loss from the first investment, and garner some profits (£26 is the suggestion he gives). If it fails again, then simply says it's going upwards again, with a larger investment which will again cover the previous losses (£65 is his next suggestion). This is done once more with an investment of £150 (if all else has failed hitherto), at which point he claims it's near 100% guaranteed that, assuming you're betting on pretty stable currencies, you will win.

Now I don't necessarily agree that it is near 100%, but using a dummy account on the OptionBit website, I made around $250 from an initial $500 account balance in a couple of days applying the same principle (albeit with slightly different, less costly figures).

To me, something doesn't seem right; it just seems a bit strange that a first time investor can be able to get such large profits so easily, and it if is that easy, why aren't more people doing it?!

I've also heard a few mixed reviews about the OptionBit website, with some people suggesting it can take quite a while for any withdrawals to come through.

As I say, sorry if I come across as very naive, but if anyone has any help or information regarding the legitimacy of this binary trading technique or the OptionBit website in particular, then it would be greatly appreciated

Thanks,

Stuart