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Binary Options Robots – The Best, Plain Scam or Just Sucks?
Binary Options Robots – Is it a Scam, or Should I Choose the Robot?
I had never heard the term binary option robot until a few days ago. I was intrigued. Aside from my first humorous visions of actual robots trading Binary Options I was not that surprised by what I found. Robots are nothing more than signal providers and auto-traders, more specifically the software that makes them work. A rose by a different name, almost. Robots are a little more advanced than a simple signal service and are a very unique form of trading that encompasses many different types of tools. Automatic trading is nothing new to the investment world, just something new to Binary Options.
What is a Binary Options Robot?
Let’s Define a Binary Options Robot: A Binary Options Robot is an automated trading software for binary options. The software constantly provides Binary Options Signals and trades them automatically on your Binary Options Broker account.
In order to fully explore how robot trading works I started with a simple Google search for binary options robots. I chose the best looking result from the Google search engine and this is what I found. “WhateverRobot.com” (not a real software of course, I left the real details private) is an automated signal service provider and binary options robot. This website is a service for binary traders that places trades automatically into their accounts, similar but not quite the same as copy trading. When you copy you choose a person to follow and copy their trades. A binary options robot is a program that literally takes over your account, can you believe that!
It may sound crazy, but it’s true. One type of robot is a third party program that you download onto your computer. In order for it work you must log into the robot AND have your Binary Options account open as well. The robot program detects compatible trading platforms and takes control. Any signals generated by the service are picked up by your robot and then traded in your account. The robot enters trade information like asset, amount, direction and expiration. It then clicks the enter button and your trade is set. Hopefully it’s a good one.
Another type of robot is much more useful to today’s social copy trader. These are also known as EA’s, expert adviser’s. These programs can be used with MT4 and other types of charting software to generate signals based indicators and strategies commonly used today. This type of robot can be used for copy trading, you can follow the signals as they appear if you want too, but you can also use them as a basis for learning. Choosing a good metatrader expert adviser is the key, one that you know is good and one that you can use as the starting point for a strategy. Add to it a set of rules and money management and you are halfway to becoming a binary options high roller.
Why Robots Might Not Suck
Robots might no suck because they can take the hassle out of trading. The robots are a signal service at heart so if you choose a really good one it stands to reason that profits will soon follow. Anything that can legitimately enhance my trading and provide sustainable profits doesn’t suck in my opinion. The caveat here is that robot providers as a group are just as likely to have a losing streak as anyone else. The best ones and only ones that I use are the ones that generate signals based on standard and accepted technical analysis techniques.
Are Binary Options Robots a Scam?
Some robots are definitely a scam, no doubt about that. First, you have to know my opinion, and the general opinion of BinaryOptionsthatSuck.com about any automated robot or a signal service provides; we don’t like them, unless they provide a legitimate learning experience. At no time is it a good idea to let someone else trade your money for you, especially some robot you find on the internet.The worst robots are the ones that take over your computer. It’s like downloading a virus on purpose! Why would you want to do that? Even though you can still use your computer while the robot is working you never know what kind of hokey pokey nonsense is going on.
Yet, I don’t want to be too harsh against the businesses and people involved, especially those who are really trying to do a good job but come on people, learn to trade for yourself. If you are using Binary Options you really need to do it yourself, this is not investing it’s trading. If you want someone to take your money and lead you to profits, invest in a real retirement plan.
Things you need to know to Avoid Signal Service Scams
One more thing. Binary Options auto trading robots cost money. You have to subscribe to the service and pay a fee, and for what? So you can let someone else lose your money. If all you want to do is lose you might as well save the dough you would spend on a automated robot and have some fun yourself. There are too many free sources of tips, strategies and signals not to mention social trading platforms like CommuniTraders to waste any money paying someone for it. Check out this “famous” AutoTrader for Binary Options review (link above) and see for yourself.
My Last Words On Binary Options Robots
To the creators and operators of robots my hat is off to you. You have created a really remarkable and amazing way to trade the binary options markets. To the potential users of a robot, don’t trust them too closely. In many cases they are nothing more than the same old thing with a new twist. You should never let someone trade for you like that. If you need a place to get started an EA is a good place to do it, just remember to build it into a real trading system. Do the work, put in the time and the rewards will follow. Seeking the easy path often leads to failure. If you need help with something visit the forums at BinaryOptionsThatSuck.com and CommuniTraders. You will find all the help you need from our team of professionals and the hundreds of other binary traders you will find there
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