OK, I am not new to micro scalping of Forex so I've worked years on
short term indicators and fast strikes. But what I am new to is the
area of Binary Options.
Since you live in the UK, you can choose any Binary Options broker you
wish. I am U.S. based so I don't have that luxury but I use TradersWay.
They have a browser-based offering a white label of SpotOption's
platform. Since I've done this kind of "automatic button click" in other
contexts, I'm just gonna use AutoHotkey or a small routine I wrote
long ago accessible by Java JNI to click the button when my trigger
system says "go". So some manual setup, but the ultimate trigger
will be fast. The TW implementation of SpotOption does not have
an API, as is the case with many, and it also does not accept
Limit orders. You click, and the momentary price is what it is.
So you should look for a Binary Options broker (there are hundreds)
which have an API and get some software developed.
But I come back again to the most important part, which transforms
this from "gambling" into "professional trading" and that is the
** Analytics ** to support your decisions. You could contact me privately
or whatever, but there are many ways for you to take advantage
of the Binary Options concept (sometimes called Digital Options),
as opposed to the approach of ordinary "analog" Position Trading
which most of us do.
Best would be if you can specify the Option strike with a Limit Order
price, rather than a Market type "do the deal now"; but any form
of automation, and you'll want to run on a stable server Windows
or Linux GUI as you prefer with fast network connections.
I found with TradersWay (SpotOptions) browser implementations
from my Home Office, that Chrome, Firefox, Opera would hang
on their streaming quotes. We have a Linux/Centos/Gnome dedicated
box in Germany so I put it on there using Firefox, and Rock Solid
with perhaps 3-4 strike price quotes per second streaming in.
So data center quality networking you'll want. You can just access
your remote machine's user interface via VNC or RDP (for Windows
server). Automation beyond that, and how much you want to pay
for software and/or customization is up to you !
So next time you blame your browser, it could just be your
Router/Modem and a good server setup with remote access
is a great deal these days. I think they call it "cloud computing"
LOL
I can recommend
http://HostEurope.ch (or .de) for Linux and Windows Server hosting,
but get a dedicated box since many of the cheapest VPS systems are not
good enough. Lots of good providers of cloud boxes.
In the U.S. a good provider is
http://www.vpswebserver.com for
Windows server with guaranteed performance.
Scrounge around definitely read Mike's blog and reviews
and avoid "the Black List" of crooked brokers. Buyer beware
in this "emerging" area of Forex Binary Options. Check reviews and
choose carefully.
http://binaryoptions101.blog.com
Keep your contract sizes low until you see whether your Analytic
methods are up to the task... Risk modulation is the key to
survival, but you know all that, right ?
No commissions, the Losers pay your commission and the House
always keeps plenty for itself, which causes the 60%-80% payout rates
to fluctuate dynamically. They are also "in it for the money", just like us !!
As for spreads Bid/Ask not sure, but I think they use a "price" which
is perhaps a midpoint of the B/A or somewhere close enough anyway
as far as I've observed so far, but could be anything, broker specific.
I am just learning about this, and will investigate in depth a lot more
like trying to track their quoted prices, through Browser internal
"scraping" and comparing it against other price feeds, but those are
just details, all in good time. But pricing precision has been my obsession
for many years, so if you strike without delay and have a decent
Binary Options broker you'll get a fair price on your deal it appears.
Never trust Demo, always do Live trades for "the truth".
I use specialized "snap triggering" where the Market deflects a
defined amount or "pullback" and then I will trigger an entry.
Don't try to pull the trigger entirely manually if you can avoid it,
unless you're choosing like 5 minutes from now. But if you are
hitting the 30-60 second timeframes, my specialty, then you'll
need super fast specialist software to trigger your entries.
Other factors to consider, since I advocate "incremental exposure
control" is to enter multiple "deals" at differing prices and exposure
levels, as opposed to an "all in" deal which most traders use,
unwisely in my view.
I think they have some Reuters price feeds, but that's all I know
right now.
HyperScalper
