Hi Everybody,
Started this thread at the request of the review team, quite rightly so as the thread it was going under was the one of assaxin 8 - you may like to have a look at that thread to follow the trail as to how I have arrived here. Click here for that thread Well the people from option bit have gave me an initial couple of pointers. With alot more to come. Through using the assaxin 8 signals I was down £50 ish. My balance on Optionbit was £1450 including the bonus (won't say too much about that). Pleased to say that since yesterday I have taken 6 trades with 5 winners and my account now stands at £1445.50 so nearly break even with a loss of £4.50. I am using the minimum trade of £10 per option. Must admit some of the trades only made it by a pip or 2, so maybe a bit of luck as well, I suppose it will swing in roundabouts and we will see what happens over time. Will keep anyone interested updated.

Cheers
John

Hi John,

Much appreciate you starting your own thread, we for sure will follow it with great interest.

Bon chance !

Well, what a week that's been, optionbit gave me a couple of tips although they haven't been in touch since my last question. I must admit I definately prefer this style of trading. I am down about £30 on my bank overall and at one stage was up about £100 made some really daft mistakes, like monitoring the charts shortly before expirey the with about 2 minutes to go quickly flicking onto the optionbit site and placing my trade. When you have made a trade it defaults back to the original currency pair so twice I had £50 going on the wrong currency pair. Sat in front of screen with head in hands shouting NOoooooo, you stupid git. I tend to look at the momentum with MACD. Optionbit said bollinger bands but can't quite figure them out. Band just seems to move up and down with the price. Trade 10 to 20 mins before expiry, however I was sometimes trading much closer that that as I could see the trending price move quite steeply. I used the Heiken Ashi candlesticks and looked for strong uptrend or downtrend. Looked at the 15 and 2 minute chart to see if they were singing of same hymnsheet. Still lots of research to do and maybe look for a good strategy. As some of you may recall I had a bit of a huff on with the constraints that are put on when you take the bonus. The money does go quite quickly, as I said about £30 down but have traded with about £1,000's worth of bets so far. So if I can keep on practicing without losing to much hopefully my bank should start to grow. It doesn't help when I am at work doing this, so can't fully concentrate. I work away from home and shall be going back home next week, so may leave it till then.

:-)

Thanks for the update John. A few interesting items - The amount you have already turned over in your account - The mistakes (all due to not being at home?) - What return do you get on each option (fixed or variable) ?

We appreciate your updates, it's quite interesting to see how someone new to the Binary's progresses.

Hi Guys,
You get a fixed rate of 81% although when you first log in it says return of 181%, this is becuase they give you back the money you bet with on your winnings. i.e. a £50 option would reduce your bank by £50 however it would return you £90.50 if you won. I must also learn money management and to control my emotions a bit more. Example. lost 2 trades of £50, so next couple of trades I had a bit of doubt and put 2 options on of £20 each. Both won - typical. So must stick to same trade amount and put on % of bank regardless - it was interesing the advice you gave to another poster, the chap wanting to settle down in Thailand.

Account balance = £5,000 - A modest 2% risk per trade = £100 or an aggressive 5% is £250 risk per trade (so £1 a PIP or £2.50 a PIP)

End of the week = +50 PIPs, £50 or £125 depending on risk approach which equates to 1% or 2.5% of your bank.

This is very much true in traditional trading, however what I have found so far is the returns can be much greater with options, I got advised to risk 5% of bank, (I'm actually risking a bit less that that) So a bank of £5000 you would be risking £250, If you won you would get back £202.50 obviously if you lost you would lose £250 however these options expire every 30 minutes, I was taking it easy and doing about 9 trades througout the day. Being completely new ot options, having traded very little in traditional forex, have quite a few courses though. I was winning about 60% of trades. Probably because of my erratic nature of my bets, £10, £20 and £50. I beleive with discipline and more knowledge this good be quite good, say he tongue in cheek :-)

Has the journey come to an end ?

Hi Guys,
No - not yet, had to go to mothers on my time off for some personnel problems so haven't had the chance to have another go at it. Still trying to figure out the best indicators to give you signals on a 30 min timeframe. Still got about £1420 in bank.

Cheers

John

Thanks for the update - Hope all is well, look forward to hearing on progress when things return to "normal" for you.

Hi All
I posted this in another thread but the forum admin directed me here. So I'll ask here:

Does anyone have any experience with a binary option trading system that actually works? Everyone here agrees that Assaxin8 is garbage, but recently I have seen ads for a system called Banker 11 which trades SP500 options. The light version trades an hour a day. I think it is made by the same guy that makes Striker9.

Since I was burned on Assaxin8, I thought I'd ask first this time to see if anyone else has any experience with this, or even with any of the other BO trading systems like Striker9

Does anyone have any positive experience with this? Is there any BO system that actually works as advertised?

Hi West of Pluto,
I've had a look at this website before for binary options system, however they can run into thousands of dollars, I started off looking at Omni 11 for forex, that cost about $2799 or somewhere about there, just to expensive, I have emailed a few times asking questions about various systems and don't get any reply, so me thinks if he can't be bothered replying to someone who is possibly going to spend that amount of money then what chance do you get at support questions, there is also no guarantee that I can see. So I don't go near any of his systems. For some reason all the binary options systems are really expensive. I'm just trying to find something in traditional fx that I could utilise for the binarys, I did get a bit of guidance from optionbit. However that has dried up. Last bit of information from them was to set up parabolic indicator, asked them I should do with it when set up but haven't heard back, that was a couple of weeks ago. Hope all goes well for you, if you come across something then give us a shout.

Thanks

John