Binary betting - FTSE / Dow

This is a discussion on Binary betting - FTSE / Dow within the Fixed Odds & Binary Betting forums, part of the Markets category; Have you guys come across this scenario ?? Was watching the Binary Bets thinking about putting on a position for ...

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Old Nov 24, 2003, 9:49pm   #29
Joined Sep 2003
Have you guys come across this scenario ??

Was watching the Binary Bets thinking about putting on a position for FTSE 100 at 12pm tomorrow.
The prices suddenly changed and the FTSE was marked down by 15 points. So I placed a couple of bets on FTSE finishing > 30.
Then a few minutes later, the price had changed back again, putting my position immediately back in profit. So I closed.... :-)

A few minutes later ...came a phone call from IG saying that they were going to cancel those trades because of loss of price feed and them giving out incorrect prices...It was only a profit of about 100 quid or so...but still...

Has anyone else come across this...and are they allowed to do it ?? Especially since I had opened and then closed a position ...

Ta...
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Old Nov 24, 2003, 10:12pm   #30
 
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Talking Re: Binary betting - FTSE / Dow

jitasb,

This is the equivalent of the bookies "palpable error" and you have no recourse, other than withdrawing your business. I have looked at Binaries and you get the odd occasion when they are out of line, but not very often.

Didn't you know? Thou shalt not win! Written on the wall of every bookie in the world!

If you want to play fixed odds. Get along to the exchanges, such as Betfair. I'll see you there tomorrow. Look at the "Intraday FTSE" and I will gladly relieve you of some of your dosh mate!

All the best!


dbt
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Old Nov 24, 2003, 10:19pm   #31
Joined Sep 2003
Okay chief....

So do you still trade binaries or not ???

Still reckon they could show some common sense....if I had placed an enormous trade (e.g . 100/point) and snagged profit of 5k ish...then fair enough I suppose....but for a measly 100 quid or so...must be a drop in ocean to them....

Not sure about betfair...you sound too clever for me....I could end up in the poor house :-)
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Old Nov 24, 2003, 11:09pm   #32
 
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If I can't get an edge I don't trade.

I don't trade binaries!

dbt
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Old Nov 25, 2003, 9:15am   #33
 
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The interesting thing about binaries is that on IG or Betfair they are remarkably close to the actual probabilities. I've done lots of research on this and know the odds and markets inside out. What offen happens though is that the markets skew towards the current trend, whether or not the probability has changed so I tend to make money from nipping in at those points.

The thing that will kill you with this type of market is that around 0-5% of the time the market will move suddenly against you and you can lose a lot of money. So you have to know your payoff against reality or you will always lose in the long term.
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Old Nov 25, 2003, 10:10pm   #34
 
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Scripophilist

Can you be a little more specific or perhaps give a generalised example ?

Cheers,

The General.
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Old Nov 27, 2003, 6:34pm   #35
 
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They now do hourly binary bets on the FTSE, these could be interesting, anyone had a go of these??
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