Any advice

I've started looking at binary bets on FTSE, and done a few bets (winning and losing), but I'd like to try to learn (a lot) more before committing myself further.

So, I'm here to ask for advice from those of you who are successful in binary bets. ('Successful' here means consistently making more than you lose.)

What do you wish you had known/realised/learned sooner?

What advice do you wish you had been given?

What (if anything) have you read that has helped you most? (Books, magazines, web sites, etc.)

What tools or web sites do you pay for? (ADVFN?)

Do you follow a particular strategy? (This is a yes/no question - I'm not asking you to divulge any secrets, or anything you're not comfortable sharing. But of course if you want to...!)

Do you always wait for the bet to close at 0 or 100? Or do you never wait for it to close, taking winnings when they're on the table? Or does it depend?

I have lots of questions, I know, and it's a bit cheeky to just come out and ask them. But I'd appreciate any help you offer.

Cheers,

Geoff

Hi gataylor

What do you wish you had known/realised/learned sooner?
That the only way to make money long term is to develop a strategy and stick to it come hell or high water.

What advice do you wish you had been given?
The above.

What (if anything) have you read that has helped you most? (Books, magazines, web sites, etc.)
There really isn't anything that can help you. Everyone who writes - books, magazines, websites etc - has something to sell, even if it's only a viewpoint.

What tools or web sites do you pay for?
None.

Do you follow a particular strategy?
Yes. It's no secret that there are only two ways to make money long term on binaries: a) you only buy cheap bets, i.e. those that are offered at 15 or less, or b) you only buy expensive bets, i.e. those that are offered at 85 or more. In a) you are hoping that you have more than enough wins to offset your losses, and in b) you are hoping that you won't have sufficient losses to offset your wins. If you stick to either of these strategies, the only factor you have to consider is when to place your bet. It shouldn't be too difficult to work that out.

Do you always wait for the bet to close at 0 or 100? Or do you never wait for it to close, taking winnings when they're on the table? Or does it depend?
Generally, I let my bets run to the close.

Also, 1)if you do manage to develop a winning strategy, don't get greedy. It's very tempting, when you're thirty or forty bets up to start increasing your stake. The result, if you have any reverses, is that you'll lose a lot more than you would if you had stuck to your original stake.
2) Binary betting isn't a game. Treat it like a business. When you find what works, stick to it.

That's the best advise I can give. Hope it works out for you.

Cheers
riwf

Hi,

Many thanks for your advice. It helps!

riwf said:

It's no secret that there are only two ways to make money long term on binaries: a) you only buy cheap bets, i.e. those that are offered at 15 or less, or b) you only buy expensive bets, i.e. those that are offered at 85 or more.

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Surely they can't both work? If one of those consistently worked, wouldn't that mean the other one wouldn't? Or is that where the timing you mention comes into it?

riwf said:

Generally, I let my bets run to the close.

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Cool. Have you had a look at BetaExoticBets yet? As far as I can tell, their binaries don't have the notion of 'market close', instead allowing you to set an expiration time (minimum of 10 hours on FTSE). I'm curious how that's going to change folks betting patterns...

riwf said:

It's very tempting, when you're thirty or forty bets up to start increasing your stake. The result, if you have any reverses, is that you'll lose a lot more than you would if you had stuck to your original stake.

Click to expand...

Compounding like that is very tempting indeed... When would it be safe to raise your stake? Or, to put it another way, what is the longest run of losses that needs to be absorbed by the current stake level? I like what you say about running it as a business, and I think here a prudent business would have a defined supply of stake money to cushion losses but also a plan to compound wins as (if!) the money in the account grows. Or maybe the stake would be calculated as a proportion of the supply - e.g. no bet will put more than 5% of the supply at risk. (Or 1%, or 10%...)

Thanks again,

Geoff

hi

I am new to this forum and have also just started binary betting. I have to say until a few weeks ago i knew nothing about binary betting or any type of trading. A friend advised me to register on this forum and read through these threads. I am learning a lot....and the thread on binary manipulation made me think on Wednesday I thought I clicked the wrong bet during the 25 minutes frenzy....I am now suspecting some underhand tactics were at play....

Anyway, so on wednesday I took my first step in binary beting...I took the advice of starting small so I only used £60 bought at £57.2 and the market closed in my favour. I made about £100 during the course of the day and then lost £52 in the 25mins frenzy.

On thursday things just didn't go my way...I was switching positions...trying to cover my losses.which didn't work and in my last attempt to recover I did not do the right thing which was to stop loss and call it a day. Instead I watched as the money disappeared before my eyes.

Today I just spent the whole day watching and not trading and keeping an eye on the newsfeeds...yesterday's losses were caused by my lack of that piece of infor....-watch out for the new headlines!!

hopefully, next week i will start over again, hopefully a bit wiser.

Taz