Welcome All Binary Option Traders
Hi everyone my name is Ken Davis. And this is my personal binary options review site
I am not a paid affiliate. I do not work for any trading platform so please understand this. Contact me only if you want to discuss strategies to trade or real un-biased recommendations of brokers out there.
Do not contact me for affiliation or paid advertising, trust me, I do not need the extra money! I simply wanted to put this site out there as from experience I know how much help a site like this could be to someone fresh starting out in the Binary trading field.
I am a 44 year old trader who grew up in North West London England in the 70′s and 80′s. My place of birth was Chase Farm Hospital in Enfield. As a youngster growing up I was more concerned with mechano and lego building than that of the financial markets or mathematics. In fact after several years of model building and frustrating the family with multiple puzzles and pieces of model work strewn throughout the home, it was prophesied that I would become a mechanical engineer. As it turns out, I never did continue with the building work in the physical sense, mathematically and financially wise it is a different story!
Recently I have received a lot of emails asking my opinion about the best binary options platform to trade with. Based on my years of experience with financial trading, I have decided to compare a few different platforms offered by the top technology providers.
I have compared these platforms according to the 6 most important factors when choosing a trading platform: pricing, execution and transparency, payouts, use and navigation, features and assets.
I compared the strike price offered by each platform with the real market spot price as shown in NetDania’s chart station (NetDania uses bid price while all binary options platforms use mid-price).
24option by Tech Financial – Close to the real market spot
Optionbit by Tradologic – Usually changing the price on market moves against the trend which makes it harder to trade for market corrections.
Opteck by MarketPulse – Very close to the market spot
TraderXP by Spotoption – FAKING market moves!!! The make the price jump 2-3 pips around the real spot price which makes it harder to profit and provides unfair trading.
24bulls by TradeSmarter – Exact market price
Execution and Transparency
How fast and fair does the platform decide to confirm or reject your trade?
24option by Tech Financial – Slow execution, rejected too many good trades.
Optionbit by Tredologic – Not Bad
Opteck by Market Pulse – Not bad
TraderXP by Spotoption – Strike price might be different from the strike you choose. Though, you will get two seconds to reject the new price.
24bulls by TradeSmarter –Fast and fair execution, though your trade will get rejected if the market jumped at the exact moment you trade.
I compared the usual payouts with the average payouts for the same game type and asset.
24option by TechFinancial – Usually offers good payouts on just a few major FX and quite low payouts on commodities and indexes.
Optionbit by Tredologic – Fair payouts, high for short term expiries.
Opteck by Market Pulse – Low payouts, especially for short term expiries.
TraderXP by Spotoption – Low payouts.
24bulls by Trade Smarter – Good payouts for indexes and commodities. Fair on all FX and high on short term expiries.
Simplicity in use and navigation
How simple and fast is it to find and execute your trade?
24option by Tech Financial – Though you can only view one chart at a time, the GUI is one of the better GUIs in the industry. Each one of four game types has its own tab, with other tabs distinguishing relevant parameters and instrument filtering. That could have been a winner if it wasn’t refreshing and changing asset order so frequently.
Optionbit by Tradologic – Not bad, though I find too many differences and it seems hard to follow when switching game types. Also, in my experience the trading platform doesn’t work fluently.
Opteck by MarketPulse – Not very easy to use or follow. Though, there is a nice tool for trading on the chart and a nice scroll for choosing the trade amount. Too bad the tool is hiding the chart when being used.
TraderXP by Spotoption – Very nice GUI and navigation panel, friendly and easy to use. Traders are offered 2 charts to view at a time or a multi-asset panel which put this trading platform in a medium level for pro users.
24bulls by Trade Smarter – Focusing on the level of assets makes the platform different from others in this perspective. Allows viewing 5 charts at a time, including candlestick charts which really makes it the best fit for technical analysis traders. You can also view other users’ trades on the chart ( this social feature is amazing!!!) and even make your personal tab with your favorite assets.
Variety of features
I checked the variety of features available according to conventional binary options.
24option by Tech Financial – ‘Short term’; 1,2,5 minutes, there are no set expiry times. For example, your trade expires exactly 120 seconds after you enter the trade. Personally, I don’t like this in such short trades. I DONT SEE EXPIRY PRICES FOR SHORT GAMES !!!
‘Close Trade’ before expiration.
Optionbit by Tredologic – ‘Turbo’; 1,2,5 minutes, as mentioned above, there are no set expiry times. Personally, I don’t like this in such short trades.
‘Auto Trade’. I DONT SEE EXPIRY PRICES FOR SHORT GAMES !!!
Opteck by Market Pulse – Trading from the chart. Although the chart is hidden when you use the features.
TraderXP by Spotoption – ’60 Seconds,’ there are no set expiry times. For example, your trade expires exactly 60 seconds after you enter the trade. Personally, I don’t like this in such short trades.
24bulls by Trade Smarter – ’60 Seconds’ which actually expires at the end of next minute. That way, users can see expiry prices for each minute on the site, which is more transparent. Also, pro users can increase and buy another option for the same exact expiry. ‘Sell Back’ option before expiration.’Social’ lets you see other users’ trades on the chart so you can learn from the pros. THE ONLY ONE SHOWS EXPIRIES EVERY MINUTE
Variety of assets
I reviewed the variety of available assets on a 24hour level.
24option by Tech Financial – Great variety of assets.
Optionbit by Tredologic – Has the basics.
Opteck by Market Pulse – Good enough.
TraderXP by Spotoption – Great variety of assets.
24bulls by TradeSmarter – Great variety of assets.
Tradesmarter platfrom ( 24bulls.com) is my choice for now, I can trade 60sec and see expiries every minute ( easily i can compare with the market). They seem honest in terms of market pricing and payouts plus the overall trading experience
Throughout the early 1990′s I worked as an asset manager for one of the largest financial organizations at the time – Deutsche Bank. I still remember the original job interview clearly, there I was, full of ambitions, dreams and a face of spots, attempting to convince the piece of non moving stone in front of me why I was going to be a killer. The guy was a gargoyle and refused to show even a hint of a smile or emotion. I am pretty sure the job was going to go to some over educated prick with more experience than me, so I decided to take a chance. I remember clearly making the following statement to he who must not be named – “I don’t care if you like me or not, if you think I am capable or not, or even if you like the look of my face. The reason I am here is simple. I am here to destroy whoever you have on your sales floor and to break records. If you can’t see that or open the door enough to give me a chance go and cram the job up your ass because you don’t deserve me”. Seriously almost word for word that was what was said. At first I thought he was going to reach forward and smack my head in, what I got in return was such a surprise I think I had half a stroke – “If you ever speak to me like that again I’ll bury you, silly arrogant little shit! However, if you can bring that fire everyday, sell, fluff and close the clients daily then the job is yours, along with X salary per month with benefits etc etc”. True Story.
To friends family and most importantly my Tailor father, I could never really explain why the financial markets appealed to me in such a strong fashion. The lure of gains, risks to be taken, fast cars, fast women, parties and events, plus physically trading, wagering actual money that wasn’t my own, based just on feeling or basic data alone was probably the bulk of it, it still gives me shivers!
Once I had started as a junior account manager there was no looking back for me. For almost eight years I toiled away, through asset management, derivatives, CFD’s and precious metal longer term trades. The key was building up enough liquidity in my own bank to stop working on behalf of others being paid with commission and to actually take the next step into trading for myself.
It was never my knowledge that kept the clients coming strong and the cash flowing, I always knew it was my attitude. Throughout my time working there and even now I am known to be a cold, blunt and rude bastard. A true sales killer with a lust for blood and spoils. The best feelings I have ever had have always come from closing deals or taking huge sums of money from risky as hell trades Personally I think I would like myself if I met myself (I know terrible thing to say but true!). Why you ask? Simple. There is no bullshit with me. I won’t stand by it, I don’t need it and I have always had the ability to see through the lies and bullshit of others. Therefore making me a true force to be dealt with, especially when managing accounts or simply trading on my own.
So, you must have had a lonely life you may be thinking? Well, to some respects that is true, there have been plenty of companionable people and beautiful women along the way. But you know what they say, with enough money, anything is possible. As crude as that sounds, I still believe it to be true with every fiber of my being. Commitment to anything outside of trading has always been one of my largest weaknesses.
Anyway, to cut a long story short, after spending all that time “asset managing”, trading and taking care of others I entered into the FX spot markets just before the millennium year 2000. Right up until 2005 I was killing it. I mean really killing it.
The mountain ranges of spot Forex prices became clear in my eyes, instinctive prediction of price movements allowed me to trade whenever the feeling was right. Not to mention the development, testing and implication of advanced strategies and basic bot trader programs, all allowing me to achieve massively high levels of profit and return in extremely small amounts of time. Past that I think I smoked my way through enough green to make old Bob Marley himself proud, along with the kind investment paid to Johnny Walker and his black label on many an evening and night out! Essentially I was a fast paced, smooth lady killer, profitable trader, with all the toys and material items you can imagine, living the lifestyle that you the young/experienced trader have always wished for.
After the rock and roll years I did start to calm down ever so slightly. After all what good is all that cash if you are not alive to spend it? Anyway, a total of five years hardcore trading and living had earnt me just under $6,000,000 clean and clear. Including the management fee’s gained through the managed funds, along with about 70% of it coming direct from my short term spot trading.
I was the proud owner of cars, motorbikes, a seaside residence in Brighton and a small villa in Marbella Spain. Unfortunately after the run I had, sitting and relaxing or even just stopping to enjoy it all was almost impossible and physically torture to me! Don’t get me wrong, the fine wine and beautiful cigars and company did make me happy and feel very entertained on a regular basis!
So, as the story goes, I got back out there. Fired up the email contact book and started to network once more. I traveled, and stopped along the way, in various cities and countries that rich wealthy traders and wannabes go to and frequent. Berlin, Zurich, Amsterdam and Paris to name a few. I met and lunched with some of the biggest fund managers out there that I could find, along with getting introduced to all sorts of platform owners, banking and tax specialists (yes you will need those soon!) and outright wannabes looking to enter the field. The human sponge is how I would advocate myself!
After a while I realised that Life in the UK was not making me happy. It may have come down to a broken relationship or two, along with a few fights and muggings coming out of the city late at night. Maybe it was just time! Either way I had some great friends out in the big apple, and decided if I was to go anywhere that is where I should be. After all, the beaches and relaxing places were seriously just not ever going to satisfy me full time.
My First Taste of Binary Options
Binary Options appeared on the scene late in 2007 and seriously burst into volcanic life come early 2008. I was amazed when I saw them, truly I had this feeling that either it was too damn easy or I was seriously an idiot not able to understand what the hell these Binary Options were all about. Fast forwards a few years and here I am, a self proclaimed “Specialist” on Binary Option trading.
Just so you know, starting out I had my fair share of problems as is always expected when you first try to trade a particular product, regardless of previous experience/trade results. Pitfalls, losses and dramas not to mention withdrawal nightmares all happened rather too frequently for my liking. All of which, as I am a very organised bastard, led to me creating a vast database of knowledge for myself and my personal trading.
From personal reviews/dissection on the platforms I liked or tested, along with being treated fairly at, to those who if given half a chance I would throw a few grenades at without batting an eye lid (told you I was a bastard!), essentially I tried to dabble, taste and test them all.
In total I believe that not only did I manage to test the leading 10 platforms out there fully under various aliases, my belief is that I really do have very useful insight and experience when it comes to this new field of training.
This really brings me to the actual point of creating a site that most likely will not be famous or known throughout the world (just the way I want it! Nothing like an underground, slightly unknown site to brighten a traders day!). My view in life and trading is very simple. Minus out all the big talk, the ego and bravado. I truly believe in one term and I try to live my life by it – Paying It Forward -
Karma is a bitch unless you treat her fairly and justly. With all the drama, ups and downs and so on that have happened in my life, I am a firm believer of passing on knowledge that can help others. In this case I hope to help all other fellow traders out there. My hope is that if you are still here reading this, that you would be of the same or similar nature.
Why create this site at all?
This website I have created with the intention to share my experience in the Binary Options market and of my trading on the many various Binary Option trading platforms, along with of course trading in general.
For over 10 years I have been trading various financial markets. Initially as a stock and precious metals trader, until I made the shift to Currency trading, shortly after my immigration to the states back in 2006.
I had some good and bad moments over the years, especially in the spot currency market. My eureka moment happened one evening when I was finally willing to accept that the success of my trading depended more on my psychological condition and less on the condition of the market.
Like many others I started to seek other methods of trading. What I felt I needed was a tool that could eliminate my emotional faults or at least minimize the adverse affects of them! That was just at the same time Binary Options trading and the new range of Binary Option trading platforms were starting to get big and where I stepped into the game.
Understanding Binary Options
It took me no time at all to understand the concept of binary trading, after all making a “call” or “put” doesn’t exactly take too much thinking, I am certain that if I asked any of you if you felt the EUR/USD was going up or down within 30 seconds you would shout me an answer right? The simplicity of actually placing a trade, the way expiry is settled and the overall agreeableness of the total risk/exposure/potential profit in my eyes make Binary Options realistically the only worthwhile way to trade in today’s volatile and restless market. Unfortunately for me, even though I did enjoy almost instant successful trades with my binary trading, it was a few months until I finally managed to keep stable results on my accounts, and even a few more months after that until I started to actually take some serious money.
You see the thing is guys, I want to be rich. Not wealthy, not well off, but absolutely massively stinking rich. Richer than I am now. I’m talking 500M plus. that’s what I want and what I am after.
The plan of course is to accomplish this through financial trading only. Office jobs and working as a wage slave is something I just cannot do. This brings me to my hopes in terms of what the site itself may accomplish? Simple Nothing wrong in life with helping others and “paying it forward”, essentially letting all of you know what my opinion is on certain “online platforms” and yes I have tried and will continue to keep active on all of them.
Aside from letting you all know my opinion and thoughts and personal experience along the way, my hope is that I could perhaps set up my own Binary platform or perhaps private hedge fund in a big way. After all, who better to own and run a Binary Options Platform or Managed fund, than someone who has actually been a trader and knows what the real traders want and need!
I hope that you can learn and enjoy from my personal experience, not to mention saving some money on trading tuition fees (for all those who enjoy wasting money on expensive courses!). I will dare to put my neck on the line and actually promise you the following – if I, a complete hooligan money hungry barely educated fool, could become a good trader, and I mean really a GREAT trader (actually in profit with a lifestyle to match any “crib” on MTV), then truly anyone can including you!
However, to find true success, one must master a few key elements that I am going to share with you. Please take some time to read through and attempt to grasp my ideas. They may contradict some or even all of the ideas you have previously learnt. Refer back to my site once in a while when you can, write to me when you can if you make any progress or have any questions. There are many many many more talented and smarter individuals than myself out there, but then again I am richer than most of them! The beautiful thing about this life is that a problem shared is a problem halved, therefore advice/criticism/tips and more will always be appreciated by me and please feel free everyone to contact me directly anytime (yes I am a real live human being wanting to talk to you!).
Don’t lose your day job
I say this partially as a joke because if and when the big money starts coming I think most of us would quit the job immediately and start booking flights The problem with trading? The emotional rush, the physical and mental strain (on you, friends, family, kids etc), the lack of sleep, the restlessness and of course let’s not forget the biggest danger…..LOSING ALL THE MONEY! Now I will keep this point very simple and forgive me if my blunt way of explaining makes the hair stand up on the back of your neck but, the truth is, when we trade we are taking a risk! We are choosing to risk our money! Some people were not made to trade. Some people are INCAPABLE of taking a loss and stopping. I say this with love but seriously, if you are a gambler or someone who has serious troubles taking care of their money, do yourself, your family and loved ones and anyone connected to you a favour. DO NOT TRADE. In life we only learn from our mistakes. This is especially true with trading. To be successful in trading you must be able to take a loss on the chin, suck it up and improve or at least work out why you lost so you can learn for the next time. If the aim is to stop working full time and be like me great! The road is not super long but it has it’s dangers. Keep the job for now, set a target amount of liquid cash that you want to achieve and then run at it. If you get there, quit the job and live out the fantasy (maybe buy me a beer also? Or a bottle of good old malt?).
Timing the market
Let us assume that you meet the potential love of your life. Now what good would it be if you meet her 2 years earlier or a day late? I view the market in the same manner and consider timing to be the most critical element for success. Think about it this way, same as you wouldn’t throw your body into the ocean before making a few hesitant steps in it, you should never begin trading before ‘getting a feel’ of the market conditions. What I mean by conditions is one of two scenarios;
1) Choppy market – a market that moves both up and down relatively fast
2) Wavy market – same as it sounds, a market that moves in patterns of waves.
Anything else than this such as chart patterns, indicators, pivots, Fibonacci, Gann, Elliot are all things that have no use to us here. They may have been popular and perhaps still work from time to time with big fund managers or hero traders like Warren Buffet but for short term trading, especially binary trading they have no use to us at all (when it comes to making a trade that is!).
How many times have you heard the phrase ‘the trend is your friend’? How many times have you found yourself thinking that the market price just HAS to go the other way. to reverse it’s movement as it is too high or too low. This style of thinking is a TRAP. It is the sick part of the sub conscious that play’s with the pair of balls you need to physically trust your instincts! So what to do? Easy, look at Binary trading for what it is, a simple, mathematical problem. Want my advice when wanting to find the trend? Look at the time frames you are dealing with. For me, I love the hourly Binary trades. For others it will be different but lets focus on the hourly for now. If I sign in and look at the chart how do I find the trend? Easy, I look at the previous hours of movement and I ask myself just one key question. Do I feel the price of the asset has been moving up? Or do I feel it has been moving down?
Once you have a feel of the trend and are coming to making a decision or a trade itself. Simple personal, bankroll and time management will help you to achieve a greater success on the trades you place. Again feel free to contact me personally to talk about strategy and placing of trades. If there is one thing I love to do it has to be talking and sharing trading strategies and ideas with like minded individuals
My personal view of trading – Victory Loves Preparation
33% Direction Assessment – Finding the trend direction
33% Risk management – Deciding on trade amounts and level of bankroll
33% Trading strategy – Frequency of trades, assets traded and placement 1% Luck – Never hunt for her, but lady luck can and will help
Elimination of psychological pitfalls
So guys, if you are still with me well done we are almost ready to move on. Just before we do let’s lay some very simple ground rules in preparation against our own psychological pitfalls.
Firstly, Decide how much money you can afford to trade. This does not mean work out from a total of liquid cash what you want to start an account with. I am asking you to decide and work out exactly how much money you have access to, that you can actually trade with. For some this will be a few hundred. For others a few thousand. For a small percentage this will be much more.
Second, find a safe place for the money! Is the platform trustworthy? Has it got good reviews? Does it have a license? Regulation? Segregated bank accounts? Do they trap you with automatic “cash bonuses”? Do you have the ability to withdraw? Do they have the right assets for you to trade? Are the payout percentages worthwhile to trade on? All these questions and more will need to be answered if you are going to have a good experience. Best advice from me? DO THE RESEARCH!
Google is a tool that is rarely used to it’s fullest, forums and chat sites can be good also. Beware of the “forum” site that is actually a paid portal sending traffic to certain platforms, the vies are almost always biased and based solely on how much the platform pays to the operator of the site. Lastly, every platform uses live chat. Click and talk to them, ask them the questions you want answered, find the place that will take good care of you and make you happy, deposit an amount that can last you as long as possible (considering there may be losses or some time until great results are regularly happening) and remember that the more you deposit, the more bonus money you can get from these platforms!
Send me an email directly – email@example.com – to talk about anything in regards to trading or the platforms out there or even future business requests/plans/advice etc. Most of all thank you so very much for coming here and reading, and of course the very very best of luck out there!
Ken Davis firstname.lastname@example.org
Great information given on this post. i enjoyed reading all the information you have provide and will surly take some of your advice. But aside from that, what platforms are you using when you trade?
Ive been playing the demo for market it world for a while now and I'm doing very well but I'm having trouble deciding what company to use what is a safe company to go with
Outstanding advice ........ never thought to ask about licence , trust-worthyness , ...... ect. . Outstanding !!!
Almost forgot ....... what is the the most reasonable amount of time that I should expect any withdrawal od funds to take . Concidering that the site is ligit .
I will follow you in the future,tell me when you start your own platform,i am trading FOREX now.
Björn from Gothenburg Sweden,checking platforms Binary Options just now hope to start trade soon
Good one there
I like this. May God bless you mr ken davis.
I find this almost unbelievable. I have hear of Traders making huge sums of money on other peoples securities;
but to make gains on the up/down decision seams to easy and it would be a hoot if i had the mantra to pull it off.
ps. what the hell am i rating?
Great website, very informative, love the language you speak Ken, beats all the usual b!!!!!!ks, that we all come across, good luck mate, take care.
Good read, thanks
Many thanks for the pointers on sucessful trading.
I will keep learning the skills to make money. Kris
please give your opinion of this platform,I am fairly new at this but I like this platform very easy to trade on,but i cannot find any reviews or info. on this platform. Thank for your help