great job BJ! this is great to watch, but is there any way for americans to do this?
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Try box options on Oanda. I did a 5% one today. Oanda's options are not as crazy attractive as the ones on BOM , but you find some safe 2-3% ones if you search hard.
Please continue this thread, I've studied Forex and I've realised I'm better suited towards binary options. I've just started the touch/or no touch option on BetonMarkets and I'd like to hear feedbacks from other traders.
Please continue this thread, I've studied Forex and I've realised I'm better suited towards binary options. I've just started the touch/or no touch option on BetonMarkets and I'd like to hear feedbacks from other traders.
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Yup. Trade binary options is better because you only risk a certain amount of money for big return if the contract is in the money. There is also possible way for risk free game ,which i have developed arbitrage system for binary trading.
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Joined Jan 2008
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Status: Trillion Dollar Man
|1,495 Posts
What happen i thout this thread was verry intresting it is a shame if it would die. Maybe you fx2protrader can tell us more about how you trades the binary options please ?
Just found your stratergy. Is this stratergy still working now that it is a few months down the line ? I have checked it out over the last few days and it does seem to work. Is it right that it can be used on any currency pairs?
I have looked at this system with interest but need a little clarification. Today 5% was given on 24 hours at 130 pips above the base price and not 150 or more. I would feel comfortable if it was more like 200 pips or so above, that is using the EUR/USD. This system though would fail if it actually touched the barrier just once in 45 days, everything then would be lost as you would have been compounding the gains as you went along. When hedging I suppose you could, having said that the price would not touch a price above a certain level, you could put in a buy order about 50 pips above using another broker, is that what you mean? However the proof of the pudding is in the eating and it obviously worked for you. Did you at any time lose a trade and then have to make it up on a hedge trade with another broker. I do like the sound of this system as it gives a steady slow return, I just need to perfect it. This sort of system is basically what I am looking for.
This "strategy" has no edge. It is called option selling and works great 95 out of 100 times but that one loss will wipe you out completely.
BOM and all the other options services aren't stupid, they won't give away 5% each and every day to thousands of traders just like that. They employ mathematicians who make sure that the market maker will make money in the end.
Option sites fool you into thinking that options make trading easier but in reality it is even more complex than trading spot.
Am still interested in this strategy. I take it you start with £200 and then after 24 hours you gain 5% which is £210, and then next day you bet £210 plus 5% which is £220.50 and so on. Is this right? Then you use another broker to hedge if the bet does not go your way entering just past a support/resistance level as a buy/limit order so if you do lose the trade you are hedged. How much do you put on as a hedge if you have bet say £200 and with which broker? You only have to lose one of these bets and your whole lot is wiped out and you would have to start again, so I presume you put on about £100 or so as a hedge.
Although last night after 3 wins I suffered a wipe out trading the GBPJPY (more on this in a min)
I have added pivot point and S/R levels to my chart along with the 200EMA and ADR20, 10, 5. I use the 200EMA to confirm from D1 down to H1 timeframe the defined direction and then I look to only enter a trade in the opposite direction if I can get at least 5% return the entry is on the opposite side of at least 2 S or R points and it is outside the ADRs, so for my trade to loose it has to swing against its present trend & take out at least two of the R/S levels and be outside the largest ADR.
I have added a few extra rules to support any trade these are as follows.
No trade if market is at a new long term high/low.
No trade if the market has been ranging around the pivot point.
No trade if the market is within 10pips of the pivot point.
My loosing trade last night I took late on, there was a red flag news on the JPY at 2350, I entered after the news BUT I was wiped out on the move of the london open (reaction to red flag as london closed at 5pm), I also noticed on analysing the trade that the market was at a long time high and had not broken its level since 2010 so looking back I should not have taken that trade.
Looking at a staking system......
I use IG index to place my trades and usually find the level i want gives me between 6 and 7 percent return, I also look at the shorter time frames to see if i can get the required return with less time in the market.
Starting with £400 bank and trading 4 days per week I will look to bet with £100 and compound until it reaches £200 ( approx 12 trades) then revert to £100 each trade and withdraw winnings daily.
I would need 4 straight losses against all the market conditions and analysis to wipe me out, Also after the first 12 trades i would be playing with profit until the inevitable loss (which so far stands at 45 days longest as per the thread starter ) at that pint i would use another £100 from my £400 and go through the same process again.
It is near impossible to back check this method, so only with input here from interested people can we get an idea of it working long term.
I can not see why the strike rate will not remain high as to loose the market would have to turn against the trend, take out S/R levels pass the ADR and move quite a distance without any news impact and in one trading session.
I hope I have missed something here as I have been looking and studying this for a few days.
I have attached a screenshot of last nights set up, I entered around 1am (3am chart time) and my entry was at the thick yellow line, you can see that it took out S1, S2 the ADR and the minor S/R levels at the spike on london open.
I sould not have been in this trade as the red flag news was during the london close so anything (which did) could happen on open.
The indicators you see I have picked up from here.
12/02/2013AUDUSD5.7%
13/02/2013No Bet
14/02/2012AUDJPY5.3%
EURJPY8%
EURJPY8%
19/02/2013GBPUSD8%
Nice steady progression, is there only me following this thread now ?
I have been trailing a further idea on exactly the same principal and am in the process of having an indicator produced, if its dead here ill start a new thread.
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Joined Jan 2008
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Status: Trillion Dollar Man
|1,495 Posts
I think you can post it in here please Please also how many trades are you expecting before one loosing and how mutch do you stand to loose on that one ?
These is no way of knowing how many trades this will run for, however what we are doing is technical analysis we are taking a trade opposite to the market trend at a time when there are no major news announcements due so volitility is expected to be low.
I also use the "greedypig" ADR indicator so I also trade outside the daily range.
The creator had experienced the 40 plus run and has not posted of a loss, my own preference is to introduce some money management and trade with profit only once I have doubled my bank (£400 split into 4 so £100 per trade @ around 5 percent return)
If I have a loss before reaching at least 12 straight wins then i would look to reconsider this method, however once i hit the 12 my £100 will be £200 and i will return to £100 to see how long the run goes on for.
I also use the additional rules i posted recently this way you have done all the market research you can and are avoiding news, pivot points and are trading opposite the trend.
I also use IG markets as they offer trades closing at 12am 4am 8am 12pm......... so you can look when the minor news is due and usually pick a close time to return the 5 percent avoiding any news and on many occasion avoiding the london open so further reducing your market exposure and risk.
The other similar method I am looking at and presently having an indicator written for is exactly the same method BUT trading the GPBUSD when the market is closed, Taking an anerage range of the closed hours and placing a trade once again against the direction and before the market open, IG seem to have been quite generous here and i regularly take 7 percent. I wont post results of that here though as I am waiting on the indicator to be produced so I can look into it further.
