Binary Betting Question - Seeking Advice

I've started looking at binary bets on FTSE at IG Index, and done a few bets (winning and losing), but I'd like to try to learn (a lot) more before committing myself further.

So, I'm here to ask for advice from those of you who are successful in binary bets. ('Successful' here means consistently making more than you lose).

What do you wish you had known/realised/learned sooner?

What advice do you wish you had been given?

What (if anything) have you read that has helped you most? (Books, magazines, web sites...etc).

What tools or web sites do you pay for? (ADVFN?)

Do you follow a particular strategy? (This is a yes/no question - I'm not asking you to divulge any secrets, or anything you're not comfortable sharing. But of course if you want to...!).

Do you always wait for the bet to close at 0 or 100? Or do you never wait for it to close, taking winnings when they're on the table? Or does it depend?

Cheers,

Geoff

Answer by Ron from Edinburgh:

What do you wish you had known/realised/learned sooner?

That the only way to make money long term is to develop a strategy and stick to it come hell or high water.

What advice do you wish you had been given?

The above.

What (if anything) have you read that has helped you most? (Books, magazines, web sites, etc.)

There really isn't anything that can help you. Everyone who writes - books, magazines, websites etc - has something to sell, even if it's only a viewpoint.

What tools or web sites do you pay for?

None.

Do you follow a particular strategy?

Yes. It's no secret that there are only two ways to make money long term on binaries: a) you only buy cheap bets, i.e. those that are offered at 15 or less, or b) you only buy expensive bets, i.e. those that are offered at 85 or more. In a) you are hoping that you have more than enough wins to offset your losses, and in b) you are hoping that you won't have sufficient losses to offset your wins. If you stick to either of these strategies, the only factor you have to consider is when to place your bet. It shouldn't be too difficult to work that out.

Do you always wait for the bet to close at 0 or 100? Or do you never wait for it to close, taking winnings when they're on the table? Or does it depend?

Generally, I let my bets run to the close.

Also, two points -:

If you do manage to develop a winning strategy, don't get greedy. It's very tempting, when you're thirty or forty bets up to start increasing your stake. The result, if you have any reverses, is that you'll lose a lot more than you would if you had stuck to your original stake.
Binary betting isn't a game. Treat it like a business. When you find what works, stick to it...

That's the best advice I can give. Hope it works out for you.

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