Description of Binary Betting
The world of betting is changing dramatically – say hello to Binary Betting.
In recent years betting on sporting events and the trading of financial markets have been moving closer to each other, and binary bets are the result of this convergence. Binary bets combine the attractions of sports betting with the flexibility of the financial markets.
Binary bets allow punters to:
- Bet on hundreds of different sporting and financial markets
- Close out bets before the event takes place
- Profit from spectacular price moves
- Bet in unusual and unexpected ways – experienced traders will love this
This is the first book on binary betting and explains in simple language what binary bets are, how to trade them profitably and how to reduce risk. Within the book there are many real-life examples of binary betting trades and minute-by-minute analysis of binary price behaviour. In addition the book includes inside tips from an experienced trader who uses binary bets in his trading day in and day out – discover the bet that pays out even when you get it totally wrong!
Find out what makes binary betting the fastest growing area of betting and why traders are switching to the new exciting world of binary bets.
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Reviews
“An impressive, thoughtful and readily comprehensible explanation of binary betting.”
- Guy Riches, Capital Spreads
“A great piece of work. Well done!”
- Nick Maughan, BetsForTraders.com
“Very comprehensive and well written.”
- Will Hardy, IG Index
“Immensely readable and my few misconceptions corrected almost immediately. Wish the book had been around a few years ago when I took a look at Binaries and decided to stay with Spreads.”
Michael Sheldon
* Once upon a time, for the vast majority who liked a punt, their only recourse was fixed-odds betting. You picked the event you wanted to punt on (usually sporting), you’d find a bookie who would quote you odds, you’d decide how much you were willing to gamble, place your money and await the outcome. If the even went in your favour, you would collect the winnings; if it went against you, you lost your stake money. And betting shops were such filthy places, populated by a collection of needle-eyed, chain-smoking Chavs and Ninjas (No Income, No Job or Assets), that it took more courage to enter the establishment than it took to potentially lose your stake money. But, just as recent society has cleaved a sharp barrier between the benefit-fed and the wage slave, so recent advances in technology and the fact spread betting has breached the confines of The City means investors can knit hedge funds from the comfort of their armchairs. Spread betting is versatile, quick and easy. You can trade a number of different financial products on one account and deal sizes are flexible so you can bet in amounts that feel comfortable to you. More importantly, it doesn’t nail your feet to the floor with the fact you have to be in the bet for the duration (like a horse race or footie match), as you can get in and out at any time. Once you’ve discovered spread betting, you’ll leave fixed-odds betting to Chavs and Ninjas. Perhaps the most high-profile trader is spread betting Guru, John Piper who made his first trade in the early 1980s and has been driving Porsches ever since. Piper is no stranger to writing books on trading, as his The Way to Trade proves. In the gospel according to John Piper, trading is a life experience – it is not like any other business. The beauty of trading is that it becomes an expression of your own personality. The truth, says Piper, is that good traders don’t do – they simply are. And to become a good trader you have to create a model built around an approach that suits you. The Way to Trade is Piper’s way of helping you do just that. The book introduces a way that allows traders to discover and explore their individual trading personality, isolating strengths and weaknesses to construct and apply trading systems with confidence and discipline in the face of the “herd” instincts in the markets. Piper’s credo is that old Chinese proverb of “give a man a fish and he eats for a day; teach him to fish and he’ll eat for a lifetime”. Rather than write a book that would be the trading equivalent of Sinatra’s My Way, Piper seeks to help traders develop an approach to the markets that is based on their own perceptions and notions of greed, fear, loss, etc. As John Piper himself once said to me: “There’s no point passing on your fear of spiders to someone who’s not afraid of spiders, but who has a morbid fear of snakes”. Quite. But the world of trading is changing dramatically – so say hello to Binary Betting, both the concept and Piper’s new book. Piper is generous to acknowledge Sally Nicoll as the person who introduced him to the concept of binary betting. There’s a neat symmetry here, as it was Piper who helped Nicoll – then a novice trader – to develop her own system of trading, which she outlined in the book Bets and the City. So Nicoll outlined the concept to Piper who, he admits in the introduction of this book, became a convert and was quickly hooked. In recent years betting on sporting events and the trading of financial markets have been moving closer to each other, and binary bets are the result of this convergence. Binary bets combine the attractions of sports betting with the flexibility of the financial markets. Binary bets allow punters to bet on hundreds of different sporting and financial markets, close out bets before the event takes place, profit from spectacular price moves and bet in unusual and unexpected ways. To my knowledge, this is the first book on binary betting and explains in simple language what binary bets are, how to trade them profitably and how to reduce risk. Within the book there are many real-life examples of binary betting trades and minute-by-minute analysis of binary price behaviour. In addition the book includes inside tips from an experienced trader who uses binary bets in his trading day in and day out. Piper even outlines the bet that pays out even when you get it totally wrong! To understand what a binary bet is, you must first understand what a bet is and the opening chapter concerns this (don’t be tempted to skip it – it’s an important primer for what comes in the later chapters). As with The Way to Trade, Piper’s aim is get you thinking about binary betting as it relates to you, rather than cosh you with what he thinks you should do. The first four chapters – A Quick Overview of Betting, What is a Binary Bet?, Trading Binary Bets, Different Types of Binary Bets – work towards chapter 5 – Getting Started. In this important chapter, Piper outlines how to choose a binary betting company, open an account, viewing charts, funding your account (margining), placing a bet, closing a bet, bet size, limits and stops, monitoring positions, dealing times, times to trade and spreads. Piper admits (in the Real-Life Trading Examples and Ten Binary Betting Tips chapters) that binary betting is addictive and that anybody starting out with very little trading experience with spread betting should limit themselves to bets of 1p per point. I’d also recommend those interested in binary bets read this book. Like The Way to Trade, it’s a cross between a workbook/guidebook and a self-help manual. But just as any sensible person would never attempt to trek through a jungle without first boning up on the dangerous beasties that inhabit it, so you should never blunder into a market to trade something you only dimly understand the concept of. Especially not when you can have someone as experienced as John Piper as your guide.
Margaret Moore
Contents of Binary Betting
About the Author
Acknowledgements
Preface
Introduction
Who should read this book
Why you need this book
How this book is structured
1. A Quick Overview of Betting
Betting
Types of betting
Summary
2. What is a Binary Bet?
Comparison with other fixed-odds betting
Complementary binary bets
Risk and reward
Binary bets – the market today
Summary
3. Trading Binary Bets
Binary betting prices are continually changing
Closing out a bet early
Trading bets
Summary
4. Different Types of Binary Bets
IG Inde – financial bets
IG Inde – sports bets
Betfair – financial
Betfair – sports
BetOnMarkets – financial only
BetsForTraders – financial only
HedgeStreet Inc – financial only
ChoiceOdds – financial only
Summary
5. Getting Started
Choosing a binary betting company
Opening an account
Logging in
Viewing charts
Funding your account (margining)
Placing a bet
Closing a bet
Telephone
Bet size
Limits and stops
Monitoring positions
Dealing times and times to trade
Spreads
Taxfree
Regulation and compliance
Commissions
Taking profits
Summary
6. Real-Life Trading Examples
Six trades
Summary
7. Ten Binary Betting Tips
Appendices
I Directory of Binary Betting Companies
II Differences between spread betting and binary bets
III Different ways of expressing fixed-odds bets
Index
John Piper has been involved with markets since his early twenties. In the late 1980s he started to trade options full time and did so right through the Crash of 1987 – an experience that stands him in good stead for markets today.
For over a decade he has been the editor of The Technical Trader, the leading newsletter in the UK for those who trade futures and options markets worldwide. His articles bring a fine edge of analysis to markets and how they work.
He trades full time, making consistent profits, and now manages money for selected clients at Berkeley Futures Ltd, a firm regulated by the SFA. He lives in Cobham, Surrey and in Massa, Italy.
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