(Official) Forex Binary Option Trading Thread

[superman2006]

Recently just came across this FX binary option product. And currently practice in demo first.

Found out that it can be profitable if using the spot FX trading way, like technical analysis and fundamental news plus what timing you enter the trade.

But not many people trade binary option in Singapore. Don't understand why, it is much better than stock, of course it is more risking.

But if you manage to reduce risk level using various entry timing and avoid news plus other method.

It can become your 2nd source income.

 

[civicguy]

It is like gambling. Big:small. Agree ?

 

[joshrodz]

anyone heard of cedar finance?

hey i am interested to try earning my own source of income...i came across this website. CedarFinance - Revolutionary Binary Options Trading Platform .. i want to know if its legit or if anyone tried it yet...cos i signed up and they called me to welcome me...dont know if its a scam or not..

 

[superman2006]

hey i am interested to try earning my own source of income...i came across this website. CedarFinance - Revolutionary Binary Options Trading Platform .. i want to know if its legit or if anyone tried it yet...cos i signed up and they called me to welcome me...dont know if its a scam or not..

Better don't anyhow sign up, if this company was not operated in Singapore. I currently using IGmarket. Basically they have office down there in cityhall area. And MAS license.

Before you trade, must try some demo first. Binary option got lots of kind of trading either based on Forex,furture, stock index.

I myself is forex based and you have to know thing like technical analysis (eg: S&R, trendline, fibo retracement, candlestick plus market timing and much more) in order to give you an advantage.

In demo currently I manage to achieve 80% of successful rate for the past few months

Going to live very soon

 

[Knight_Rider]

It is like gambling. Big:small. Agree ?

Yeah throw a coin heads or tails.

 

[The Reporter]

is it reliable to look on just on the traders insight and buy according to that? for example if 72% say below then we just buy below? how long does it's trade last before it expires?

OR using of this graph? How can you make ?384 in just 20 minutes? and determine is it a up , down or neutral trend?

What about the trader in pyjamas theory? does it work as well?

 

[superman2006]

is it reliable to look on just on the traders insight and buy according to that? for example if 72% say below then we just buy below? how long does it's trade last before it expires?

OR using of this graph? How can you make ?384 in just 20 minutes? and determine is it a up , down or neutral trend?

What about the trader in pyjamas theory? does it work as well?

I don't trust these data or information. These information are all provided by the broker itself, and there is no way you can identified true or false.


There is no free lunch in this trading world. The more they sound easy to win money? The more they (broker) wanted to trap your money.

If you don't believe me? Try to ask those professional trader.
They will tell you " where got a such easy method to win one?"

If everyone can win? The broker can closed down their business liao.

So the best and most reliable way is to learn and practice Technical Analysis and Price Action reading which I always tell other people who wanted to becoming a profitable trader.

Price Action and TA reading is not like study a degree / cert, it is a Art not science. You need to keep looking at your chart and practice it until you are right at least 90% of the time. Then you may start a live trading.

And one last thing is don't expected those expert trader to teach you for free. You have to learn it yourself.

Beside, I learn, practice and all these price action reading and TA knowledge by myself. And goggle is my only mentor

Good luck and all the best.

 

[Futureskid]

Can someone explain to me why you would rather trade binary options than ordinary options? Binary options are capped at a limited profit. What edge do you have compare to ordinary options?

 

[The Reporter]

been playing here's what i have for my stats...

its risky though but its reaps is real good.

 

[superman2006]

been playing here's what i have for my stats...

its risky though but its reaps is real good.

Not bad.....but as you said just now, you are playing in demo. Try to put some real cash. The feeling will be different when comparing with real live trade. Trust me

When trading real cash, there is totally no room for error. Or suka suka I feel this or that way. All these are NO GO! .

You must have a set of rules, trading system and plan and strong discipling. This apply to all to high risk product like , Future,Option, Spot Forex and of course binary option as well.

 

[superman2006]

Can someone explain to me why yhou would rather trade binary options than ordinary options? Binary options are capped at a limited profit. What edge do you have compare to ordinary options?

This question is subjective. Depend on individual. Some feel that they can make more profits than this other trading product, then normally they will go for this.

Mmmm...binary option somehow is much simple than those normal option. Normal option got thing like, The greek element vega,deta. Of course.
the profits is not high is due to it simplity.

There is no edge in either.Just like when trading forex binary option / Normal forex option, you still need to peform price action and TA analysis and FA on the spot forex to determind the general direction.

You will have the high edge / winning percertage if you manage to master the art of price action reading / TA.

Who told me this? Well those floor trader expert in SGX

 

[The Reporter]

possible to give some tips on how to analysis the patterns?what are your set of patterns like? anyway we could talk this on some instant messenger? i would like to learn from u.

 

[Futureskid]

This question is subjective. Depend on individual. Some feel that they can make more profits than this other trading product, then normally they will go for this.

Mmmm...binary option somehow is much simple than those normal option. Normal option got thing like, The greek element vega,deta. Of course.
the profits is not high is due to it simplity.

There is no edge in either.Just like when trading forex binary option / Normal forex option, you still need to peform price action and TA analysis and FA on the spot forex to determind the general direction.

You will have the high edge / winning percertage if you manage to master the art of price action reading / TA.

Who told me this? Well those floor trader expert in SGX

My enquiry is for comparison through product-by-product basis only for the same investor, not through individual trading skills.

You mentioned binary option is simpler than normal option as it does not have greek elements. What does it really mean? Does it mean it is not affected by those factors at all? Thanks.

 

[Shiny Things]

Mmmm...binary option somehow is much simple than those normal option. Normal option got thing like, The greek element vega,deta. Of course.
the profits is not high is due to it simplity.

You mentioned binary option is simpler than normal option as it does not have greek elements. What does it really mean? Does it mean it is not affected by those factors at all?

No, he's completely wrong. Options geek mode ON.

Exotic options have greek risks just like vanilla options do - in fact, they have a hell of a lot more of those greek risks, because the payoff is gappy rather than smooth. Especially digitals (binaries, digitals; po-tay-to, po-tah-to). Digitals have horrendous risk profiles, no matter which side you're on.

I'm assuming these binary options you're talking about are extremely short-dated, right? So they don't have a lot of vega, but they have a TRUCKLOAD of delta and gamma.

So it's deeply, deeply wrong to say binary options don't have greek risks. It's easier to pretend they don't exist, and easier to pretend that it's just a coin flip, but that doesn't make them go away.

You need to be careful with your broker, as well. Firstly, the bid-offer spread on this stuff is going to be hilariously wide (shortdate exotics always are); and secondly, they could fiddle the price feed to stop it touching your level and there wouldn't be a thing you could do about it. Unlike stocks, there's no official price feed for FX.

Who told me this? I learned it the hard way, from nearly a decade of trading the bloody things.

 

[Futureskid]

No, he's completely wrong. Options geek mode ON.

Exotic options have greek risks just like vanilla options do - in fact, they have a hell of a lot more of those greek risks, because the payoff is gappy rather than smooth. Especially digitals (binaries, digitals; po-tay-to, po-tah-to). Digitals have horrendous risk profiles, no matter which side you're on.

I'm assuming these binary options you're talking about are extremely short-dated, right? So they don't have a lot of vega, but they have a TRUCKLOAD of delta and gamma.

So it's deeply, deeply wrong to say binary options don't have greek risks. It's easier to pretend they don't exist, and easier to pretend that it's just a coin flip, but that doesn't make them go away.

You need to be careful with your broker, as well. Firstly, the bid-offer spread on this stuff is going to be hilariously wide (shortdate exotics always are); and secondly, they could fiddle the price feed to stop it touching your level and there wouldn't be a thing you could do about it. Unlike stocks, there's no official price feed for FX.

Who told me this? I learned it the hard way, from nearly a decade of trading the bloody things.

Thanks for the reply, appreciate it.

Next, i'm waiting for someone to defend binary options since they are trading and promoting binary options. How are binary options better compare with vanilla/ordinary options? Or why you choose binary options?

 

[sAVaGEmP5]

the odds and bid/ask are merely playing maths and probabilities, std dev etc calculations running live. I think in finance classes they do teach this modelling.

whenever there's demand, theres supply. If u could guess the rough modelling and parameters they use, maybe u might hv a small edge over them.

And since they are using maths to tell u the probability of whats going to happen in the next 5 min, 10 min, 1 hr, why not use it to your advantage and bet with/against them in the actual fx market ?

eg. Like if they bid/ask shows theres a high chance the price will go to 1 side, u buy the option and u short the other currency in the open market.

 

[joshrodz]

hey thanks for the advice.. will take try it out

 

[bczm8703]

hi.. recently received sooo many binary trading emails.. am wondering is it legal to do binary trading in SG?

can i trade in website who does not have office in SG in term of those legal stuff?

when i withdraw money from these trading account to my bank, do i have to buy tax and where or how do i pay the taxes, if required?

 

[Shiny Things]

hi.. recently received sooo many binary trading emails.. am wondering is it legal to do binary trading in SG?

can i trade in website who does not have office in SG in term of those legal stuff?

Yes, it's legal (but then it's legal to sell just about any crazy financial product to retail investors to Singapore, c.f. High Notes 5, Pinnacle Notes, DCDs...).

And you can trade with an overseas broker if you want, but it's a bloody terrible idea.

Let's say you decide to trade with the esteemed firm of Bukkit & Shoppe Brokers of Valletta. If Bukkit-Shoppe gives you a bad price, or rigs the FX feed so your digital bet misses by half a pip, or if their bank collapses into a black hole and takes their client funds with it, or if they just decide to take your money on a one-way vacation to Bermuda to give it a nice tan and some sea air, then there is absolutely nothing you can do about it.

These products are a ripoff anyway - the spreads are wide, there's nothing to stop them rigging the FX feed, blah blah I've already said all this in other threads. But if you insist on getting your kicks from punting FX instead of just going down to the Sands and putting it all on red, then at least do it with a Singapore-registered broker so you can complain to the MAS when things go wrong.

when i withdraw money from these trading account to my bank, do i have to pay tax and where or how do i pay the taxes, if required?

No, there's no tax on it unless trading is your business (and if trading is your business then you're going to be smart enough to stay the hell away from trading binary-option coinflips with Bukkit-Shoppe Valletta).

 

[alexchia01]

Binary Option is a gambling tool.

Based on the data they give, you bet up or down within the next x minutes. You can't change or exit within that x minutes. x minutes up, you win or lose.

This is gambling. Please don't think you are trading when you play Binary Option.

There are cases where some Binary Option Providers refuse to return money back to their clients. They either change the terms to make it difficult to withdraw, like must make $20,000 first before can withdraw or simply come up with some ridiculous reason.

If you still want to go ahead, at least choose one with office in US or UK. Any other place, better be careful.

No Binary Option Provider can setup office in Singapore because it's illegal here.