Binary trading

jdw2000

Bloke on TV reckons he got rich doing this... any experience/knowledge of this amongst the esteemed members of the forum?

snorebits

I may not be an experienced member here, but I know one thing. This is something to avoid. Binary trading is a wolf in sheep's clothing - it should just be called Binary Gambling. Essentially you are betting on whether a stock, commodity, market is going to be up or down. But the caveat to this is you are predicting the result in the next 30 seconds! Seriously, not even the best traders in the world can do that. Please heed my warning or you will most likely have your savings drained very very quickly.

HappyHarry

jdw2000 wrote: »

Bloke on TV reckons he got rich doing this... any experience/knowledge of this amongst the esteemed members of the forum?

1. It's gambling, except you may be dealing with a company that won't pay out even if you "win". The gambling commission warn against it.
http://www.gamblingcommission.gov.uk/news-action-and-statistics/news/2016/Binary-options-scams-warning.aspx

2. It's unregulated. The FCA warn against it.
https://www.fca.org.uk/consumers/binary-options-uk


3. Did they not show you on TV all the other Blokes that lost a fortune doing it? There are many, many more of them than there are winners

You'd almost definitely be better off donating to a charity.

snorebits

Even more reason not to get involved. Unlicensed and unregulated means that if you did win you would probably never see your money...

paddyrg

Hmmm people bigging up one or another type of gambling often have a horse in the race (if you'll pardon the metaphor) - either seminars or a share in a 'best platform for beginners', or whatever.

Binary Options really are pure gambling, it's just dressed up as being 'legit' and about 'beating the market', etc.

jdw2000

paddyrg wrote: »

Hmmm people bigging up one or another type of gambling often have a horse in the race (if you'll pardon the metaphor) - either seminars or a share in a 'best platform for beginners', or whatever.

Binary Options really are pure gambling, it's just dressed up as being 'legit' and about 'beating the market', etc.

If you mean me, then you're wrong. I don't even know what Binary Trading is, hence the thread.


Last night there was a TV program on in which a female presenter meets rich people. She stopped an expensive car in Sloane Square in London and asked the driver how he made his money. The driver was a young black man who said he made his money through Binary Trading.

That's why I started the thread.

bigadaj

jdw2000 wrote: »

If you mean me, then you're wrong. I don't even know what Binary Trading is, hence the thread.


Last night there was a TV program on in which a female presenter meets rich people. She stopped an expensive car in Sloane Square in London and asked the driver how he made his money. The driver was a young black man who said he made his money through Binary Trading.

That's why I started the thread.

If he's made serious money from binary trading then he's probably running the platform/scam/bookie.

Malthusian

jdw2000 wrote: »

Last night there was a TV program on in which a female presenter meets rich people. She stopped an expensive car in Sloane Square in London and asked the driver how he made his money. The driver was a young black man who said he made his money through Binary Trading.

Either he owned a binary options website or he was a "signals provider", who are basically tipsters who make money by getting people to sign up to a mailing list and then telling them which options to buy.

The clever part is that they have two mailing lists, and they tell one half of their mugs to go long and the other half to go short, which means that they are guaranteed that with any given bet 50% of their client base will be happy. Which, while not high enough for the mugs to make money (the house margin means that as ever they lose money on average with every trade), is high enough to keep them on the hook.

I was reading up about binary options last year (only out of morbid interest, obviously) and found a website that was digging in to such a tipster and his various aliases and goings-on. It popped into my head because he was also a young black male living in London with a penchant for flash cars. I expect there are dozens of young black male binary options tipsters so it could have been a totally different guy. Anyone who knows me will know that this is not a racial thing - there are no doubt plenty of white ones as well. Your description just struck a chord.

I haven't been able to find the website again because binary options firms have flooded Google with fake reviews, fake forums and fake exposes.

Needless to say nobody who signs up to one of these websites makes money.

Which programme was it?

masonic

jdw2000 wrote: »

Bloke on TV reckons he got rich doing this... any experience/knowledge of this amongst the esteemed members of the forum?

:rotfl:

Nothing further to say.

jdw2000

Malthusian wrote: »

Either he owned a binary options website or he was a "signals provider", who are basically tipsters who make money by getting people to sign up to a mailing list and then telling them which options to buy.

The clever part is that they have two mailing lists, and they tell one half of their mugs to go long and the other half to go short, which means that they are guaranteed that with any given bet 50% of their client base will be happy. Which, while not high enough for the mugs to make money (the house margin means that as ever they lose money on average with every trade), is high enough to keep them on the hook.

I was reading up about binary options last year (only out of morbid interest, obviously) and found a website that was digging in to such a tipster and his various aliases and goings-on. It popped into my head because he was also a young black male living in London with a penchant for flash cars. I expect there are dozens of young black male binary options tipsters so it could have been a totally different guy. Anyone who knows me will know that this is not a racial thing - there are no doubt plenty of white ones as well. Your description just struck a chord.

I haven't been able to find the website again because binary options firms have flooded Google with fake reviews, fake forums and fake exposes.

Needless to say nobody who signs up to one of these websites makes money.

Which programme was it?

The program was called "How’d You Get So Rich?", and it was on last night at 10pm on Channel 4.

This particular guy was saying that he used to work in McDonalds until he got into Binary. And now here he was getting stopped by this female presenter because he is driving a supercar and is apparently very wealthy.

TrustyOven

jdw2000 wrote: »

The program was called "How’d You Get So Rich?", and it was on last night at 10pm on Channel 4.

This particular guy was saying that he used to work in McDonalds until he got into Binary. And now here he was getting stopped by this female presenter because he is driving a supercar and is apparently very wealthy.

lol

So he bought a depreciating liability, one that will cost him money.
Instead of increasing wealth, he chose to spend his money and display his flashy (rich) life.

Wealthy != rich. Clue's in the title of the TV program. And in your word "apparently". It's all just for the sake of appearance.

Seems that Binary Trading is a definite thing to avoid.