I bought the Binary Indexes Up/Down and 20pt ladders. Basically I had the view that the DJIA was going to fall by more than 100pts at night when the futures only indicated a 40pt fall during the afternoon.
So I bought the equivalent of a $100 payout for a Binary of the Dow falling >100pts for a premium (price) of $36. This means for $36, if I'm right, I'll receive $100. This would also equate to Singapore Pools-styled odds of 2.78 which is not bad.
Then I also bought Binaries of the Dow ending at 200-220pts, 220-240, 240-260, 260-280. All at $4 each, giving me odds of 25times payout ($4 earns me $100) if I'm right.
The Dow last night ended down 1.96% last night, or -318pts.
So I only got one Binary right and earned $100. Total cost, $36 + $16 = $52.
If this isn't gambling, I don't know what is. I have no idea why the MAS allows Binaries to be offered to retail investors.
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