I am reasonably new to this website but have been trading binaries since Finspreads introduced them. Firstly part time and in July 06 started full time. I don't make a bomb put I do make a living and am learning all the time. I must have made thousands of trades. Here then is just a few observations:-
1) I never double up or trade an amount that would give me serious heart pulpitations. It appears to me from reading posts that a lot of people seem to trade big numbers to get 1 correct trade and take rest of day off. You should trade regularly with smaller amounts and try to maintain a constant flow of winning trades. This builds confidence and reduces heart rate.
2) I never trade the first half hour on an hourly as more often than not, due to time frame it will move against you.
3) Maintain an open mind and try to make reversal trades aswell as backing the favourite. Too many times I see traders doing nothing but going with the favourite.
4) Watch the market very carefully. If it's a whipsawing day, trade more reversals but if it's a day when it's trending, back the favourite.
5) Have several accounts and if one goes down then you can open another trade with another firm in the opposite direction thus effectively closing your winning trade.
6) Always close a trade close to the extremes and don't wait for expiry unless you are 100% sure. That last minute can be a bitch at times.
7) Newsfeeds are great for reversals. Ftse 1 - 2 is great if big US news due at 1.30. Open your trade at 1.28pm ish.
8) We all know that binaries are manipulated in some way or another. Just remember to use this your advantage. I never trade the ftse frenzy as my fingers have be burnt too many times. IG gave me profit on one trade (4.20 - 4.25) only to take it away again 15 mins later. When I asked for proof they sent me a reuters printout of the actual prices which print every 15 seconds. At 15 secs to expiry ftse was 2 pts in my favour, on the hour, it was 1/2 point out and 15 secs later, it was 2 pts in my favour having remained unchanged for the other 4 minutes odd. It is well known that SB's manip prices in final 1/2 hour of trading, but equally, there are a lot of traders balancing books and making last didtch attempts at squeezing some profit for the day.
I think a lot of traders on this site appear to be bitter because they've lost but I can honestly say that it is extremely rare for me not to get a fill, site go down whilst in a trade or give me obscure prices and if they do, I simply hedge with another trade.
As for binaries being the quickest way to lose money, complete buncam. If your careful and sensible with them you can succeed.
1) I never double up or trade an amount that would give me serious heart pulpitations. It appears to me from reading posts that a lot of people seem to trade big numbers to get 1 correct trade and take rest of day off. You should trade regularly with smaller amounts and try to maintain a constant flow of winning trades. This builds confidence and reduces heart rate.
2) I never trade the first half hour on an hourly as more often than not, due to time frame it will move against you.
3) Maintain an open mind and try to make reversal trades aswell as backing the favourite. Too many times I see traders doing nothing but going with the favourite.
4) Watch the market very carefully. If it's a whipsawing day, trade more reversals but if it's a day when it's trending, back the favourite.
5) Have several accounts and if one goes down then you can open another trade with another firm in the opposite direction thus effectively closing your winning trade.
6) Always close a trade close to the extremes and don't wait for expiry unless you are 100% sure. That last minute can be a bitch at times.
7) Newsfeeds are great for reversals. Ftse 1 - 2 is great if big US news due at 1.30. Open your trade at 1.28pm ish.
8) We all know that binaries are manipulated in some way or another. Just remember to use this your advantage. I never trade the ftse frenzy as my fingers have be burnt too many times. IG gave me profit on one trade (4.20 - 4.25) only to take it away again 15 mins later. When I asked for proof they sent me a reuters printout of the actual prices which print every 15 seconds. At 15 secs to expiry ftse was 2 pts in my favour, on the hour, it was 1/2 point out and 15 secs later, it was 2 pts in my favour having remained unchanged for the other 4 minutes odd. It is well known that SB's manip prices in final 1/2 hour of trading, but equally, there are a lot of traders balancing books and making last didtch attempts at squeezing some profit for the day.
I think a lot of traders on this site appear to be bitter because they've lost but I can honestly say that it is extremely rare for me not to get a fill, site go down whilst in a trade or give me obscure prices and if they do, I simply hedge with another trade.
As for binaries being the quickest way to lose money, complete buncam. If your careful and sensible with them you can succeed.
