Binary Options

[TheNamelessOne]

Hello All,

Peace to all fellow traders it is a great delight to be creating this discussion. I have a rather unique trading background I trade exotic options known as binary options. Binary options are a type of option in which the payoff is a fixed amount of compensation if the option expires in the money (ITM), or nothing at all if the option expires out of the money (OTM). It is based on a simple yes or no answer however the binary options community suffers from the same complexity anxiety as Forex traders. I will be the first to admit I used to use what this community would call squiggly line indicators they work fine on one day but unfortunately fell apart the next day as market conditions changed. I stumbled across TheRumbledOne YouTube channel about a little over month ago, and I became interested in how he uses horizontal line to make his trades. Would it be possible for me to apply horizontal lines to binary options? If so what horizontal line parameters would I need to setup? I understand that I am in a discussion with a Forex community but Forex and Binary options do share some similarities. Anyway thank you for reading my discussion if you need a more in depth definition of binary options check the article from Investopedia

Best Regards,
TheNamelessOne

[raw]

I'm demoing binaries at the moment.

Some advantages:
1. no spread
2. no commissions
3. profits not taxable (Canada)
4. ideal for scalpers.

Con's
1. Cyprus based brokerages
2. BO brokers notorious for scamming their clients.
3. Profit withdrawls are an issue.

I started off with 100$ 'wager' and at the end of the week (long or short 2 min contracts) my account balance is now 2k$ more. Again, I am only demo'ing.

I'm using m1 NINJA charts to get my tech, and only pressing buy/sell on the brokerages website. So far the brokerage is respecting market prices, and execution is quick.

I'm concerned about a potential 'scam'. 100k/mth profit means nothing if you can't withdrawl it.

[Xwing76]

I don't trust those Cyprus based brokers one bit, I signed up for a demo just out of interest, with 24, literally within 20-30 seconds of submitting the sign up, they were on the phone to me and pestering none stop emails etc, like vultures, they can't wait to suck the money out of you.

For a laugh I signed up to one of their educational webinars, knew it be bad but it was truly shocking, trying to lure newbies in with a terrible system of lagging MAs and stochastic, rsi (all the usual rubbish) plus a martingale money management, you couldn't make it up.

You Americans are lucky with Nadex, some really potential with that, properly regulated and the bull spreads with their capped loses are great, some nice strategies using them with a forex account to hedge against lose for a small cost, defo going to get involved with that whenever they open up to foreign clients.

[raw]

I'm 45min from NY/Niagara border. I can't get an account from Nadex.

I"m gonna put 250 bucks into one of these Cyprus brokers. No negative comments from what I've read about this particular broker.

See if I can make some quik kash, and withdrawl it. I may start a thread on my trades....

[Jalarupa]

Dukascopy is offering Binary Options... on Jforex...

Why worry?

[raw]

Thanks Jal, I must check out Dukas. I have an fx acct with them already.

Mayb demo with them for a bit.

Thanks again.

[Razar Remon]

I think there are many brokers offering Binary Option trading, but very few are dependable and if you ask any expert, it’s easy to know that the suggestion will be not to do it because it’s not all that worthy business as compared to Forex.

[v8power]

I think there are many brokers offering Binary Option trading, but very few are dependable and if you ask any expert, it’s easy to know that the suggestion will be not to do it because it’s not all that worthy business as compared to Forex.

I would be the equivalent of the opposite of an expert, but I took an 2,xxx to 10,xxx in about a month trading binaries. And that was with the s**t 1 to .80 s**t that was offered. There is much better RR now. But I no longer trade it cuz it got to compiicated for my dumbass (stikepoints and stuff), haha. But do you.

[Razar Remon]

Having traded for 8 years, I am still not convinced about Binary Option trading. I just feel it’s like a step-mother. However, I don’t think the concept is too much difference between Forex and Binary. So, if anyone is doing Forex well then it won’t be alien like for him to do Binary either.

[zobi]

I think there are many brokers offering Binary Option trading, but very few are dependable and if you ask any expert