I usually bet on the IG index Binary once or twice a week. It is like day trading. I was in the money and went to lunch, came back before Dow Jones opened and had to close the bet at a heavy loss. Main bit of information I get from various web sites. Also listen to Morninhg Trader on LBC 97.3 between 5 and 6 every morning as and when my eyes open. I basically don't think any form of charting works for this particular bet. Bought a book today called "How to Win at Financial Spread Betting". I'll let you know how I get on.
Bigbusiness
Experienced member
I made some money trading on days when I thought the Dow would reverse an early move. Worked well for the first few trades but then I picked a few days without a reversal and gave it all back!
I have given up on IG for now as the online trading system has crashed a few times and every time I trade the spread seems to go against me before the order is processed. This turned one winning trade in to a small loss and was the final straw. I have also read of other traders having problems and IG wont compensate for errors with their trading platform. So they have lost my custom until they sort it out.
I have given up on IG for now as the online trading system has crashed a few times and every time I trade the spread seems to go against me before the order is processed. This turned one winning trade in to a small loss and was the final straw. I have also read of other traders having problems and IG wont compensate for errors with their trading platform. So they have lost my custom until they sort it out.
Mike Knight
Newbie
DOW - IG - Binary bets
It helps take a look at the Nasdaq pre and post market at http://www.advfn.com/cmn/pbb/thread.php3?id=2753978o
Bloomberg TV listen to news, watch facial expressions and look for futures to be at least plus or minus 20.
The Dow is very volatile at the moment and if you take a low binary entry, less than 30 and are prepared to wait the Dow should put you in the money. It will remain tricky until it breaks out one way or the other.
By the way IG don't pay a 100 ( they know how to clip the chicken ok!) as best I get is 97.
Indicators are absolutely useless, look for a strong trend on a 15 min chart to judge which way the Dow should move tomorrow then listen to the news. By which time the binary will be above 60 giving plenty of room to get killed as no stops allowed. IG have moved the 3pm close to 6 oclock. This is actually an advantage to us to have an extra 3 hours volatility.
Volatility intra day will settle down soon. There is rather more to it though for example its a good idea among other things to keep an eye on TRIN value. Its not perfect but it helps.
It helps take a look at the Nasdaq pre and post market at http://www.advfn.com/cmn/pbb/thread.php3?id=2753978o
Bloomberg TV listen to news, watch facial expressions and look for futures to be at least plus or minus 20.
The Dow is very volatile at the moment and if you take a low binary entry, less than 30 and are prepared to wait the Dow should put you in the money. It will remain tricky until it breaks out one way or the other.
By the way IG don't pay a 100 ( they know how to clip the chicken ok!) as best I get is 97.
Indicators are absolutely useless, look for a strong trend on a 15 min chart to judge which way the Dow should move tomorrow then listen to the news. By which time the binary will be above 60 giving plenty of room to get killed as no stops allowed. IG have moved the 3pm close to 6 oclock. This is actually an advantage to us to have an extra 3 hours volatility.
Volatility intra day will settle down soon. There is rather more to it though for example its a good idea among other things to keep an eye on TRIN value. Its not perfect but it helps.
Bigbusiness
Experienced member
Atlantic Drifter
Junior member
jklondon,
I'd be interested in knowing what you consider to be 'strange behaviour'. I am doing Dow binary using betfair & perhaps have had similar experiences.
AD
I'd be interested in knowing what you consider to be 'strange behaviour'. I am doing Dow binary using betfair & perhaps have had similar experiences.
AD
Did you notice the fiasco with ig index yesterday 16/9/2003.
The interface collapsed quite you might say deliberately at about 5pm gmt and was unavailable online dealing till 3am 17/9/2003.I wonder what is going on this tends to happen on when ever something important is on like greenspan etc.
rgds
zarif
The interface collapsed quite you might say deliberately at about 5pm gmt and was unavailable online dealing till 3am 17/9/2003.I wonder what is going on this tends to happen on when ever something important is on like greenspan etc.
rgds
zarif
Bigbusiness
Experienced member
Zarif,
Having watched the program about them a few months ago, they don't seem to have fixed the same problem they had then. If too many clients log on the online system crashes. At least they can be contacted by phone but I would never use their online system at busy times.
Having watched the program about them a few months ago, they don't seem to have fixed the same problem they had then. If too many clients log on the online system crashes. At least they can be contacted by phone but I would never use their online system at busy times.
Atlantic Drifter
Junior member
There was a point yesterday where betfair went down as well. Any conspiracy theorists out there?
In common with a few others here, I have also experienced what I could consider as potentially sharp practice from IG, particularly on losing out limited risk bets; but I don't see how they could influence the binary bets, so I'm happy to use them.
AD
In common with a few others here, I have also experienced what I could consider as potentially sharp practice from IG, particularly on losing out limited risk bets; but I don't see how they could influence the binary bets, so I'm happy to use them.
AD
Atlantic Drifter
Junior member
Trader333
Moderator
Betfair act as a brokerage for matching opposing views on bets only. They make all of their money on commission gained from whoever wins one side of the bet and when you consider that they turnover more than £50M a week it soon adds up.
So they are not a Bookmaker in the same way as others are as they are much more like the betting equivalent of IB and if their site goes down they lose a lot of money so I just dont believe the conspiracy theorists on this one.
Paul
So they are not a Bookmaker in the same way as others are as they are much more like the betting equivalent of IB and if their site goes down they lose a lot of money so I just dont believe the conspiracy theorists on this one.
Paul
smallpotatos
Junior member
binary bets are a great idea but when you look at the spread being quoted, 5 points (effectively a price 5% wide), you will begin to realise that the odds will always heavily favour IG (would you trade in a share that had a 5% bid offer spread.
The price is based upon volatility / time to expiry / and the underlying position at the time. Effectively you are trading in a one day option.
In the long run you will lose at this type of betting, your losses will be 5% bigger than your profits!!
The price is based upon volatility / time to expiry / and the underlying position at the time. Effectively you are trading in a one day option.
In the long run you will lose at this type of betting, your losses will be 5% bigger than your profits!!
smallpotatos said:
Not sure how you arrive at losses being 5% bigger at all.. I dont think you can extrapolate the losses like that but one thing is for sure about binery bets
You WILL lose over time simple.
No one made a million using this strategy and I hate the way the product is even offered on their DMA platform. They belong in casinos not on any serious trading platform although they are tremendous fun but I refuse to use the the IG Markets or spreadbetting tools because of this very worrying reason. Please guys do yourselves a favour.. avoid them like the plague.. dont get fleeced like this.. they are like Options but the single biggest problem is the way the spread has an uncanny way of moving against you once you enter a position and it is not based on the market its based on locking you in to a position so you cant exit easily..wake up people.
BinarySoft Chris
Well-known member
Paulds11 said:
This is complete rubbish, I know several people who make good money from binary bets (myself included!). If a particular binary provider is shifting the spreads against you when you enter a position, close the position out at another provider!
jules101 said:
Jules101,
Good for you..
but they are not tools for a novice and my answer must be taken into context using the previous replied message from me also.
Since when can you "close the position out at another provider" binary bets are proprietary instruments rather like CFDs are not necessarily interchangeable or tradable between brokers.
My comments are aimed at the novice my friend
