Hello my dear traders!
I am back on the subject of automated trading. I’ve tried many in the past but been mainly disappointed. Mostly because there are so many scams about. You’ve probably seen many of these. The funniest I found was by an Austrian “master trader”. The site asked you to join a webinar – this was obviously pre recorded and had fake attendees. Every webinar was the same and featured the same fake traders on “live chat” claiming that the master trader had saved their lives. What a load of bs. They could’ve at least tried a bit better on the execution of the fake webinars. But this is not at all what I want to get into today.
Although I have been sceptical on automated trading in the past, I must admit that technology and services have come a long way. I tried to set up my own signals in the past and tried to automate my trading but not with very much success, mainly due to the lack of programming skills. So, to get to the point. I’m trying out a new app – Binary Options Automation.
Binary Options Automation – How Does it Work?
This is an auto trading robot – a software that trades for the users on their broker account.
To be able to use this you’d need to download the app and create an account with a broker through the software. You can download it on the Google Play Store.
The app itself doesn’t handle the deposits or withdrawals – these need to be done though the broker. Thankfully there’s more than one to choose from, I’ve found that this annoyed me when looking at other apps. A lot of them only give you one broker so in the case of me not liking this broker I have actually decided not to use the app. Some of Binary Options Automation approved brokers are – Finpari, Magnum Options, BinaryTilt, Empire Option, 365 Binaryoption.com, Banc de Binary and many more. US traders also accepted. Minimum deposits are around $200-$250.
The robot promises a 86% win rate on Low/Medium risk signals, and around 60-70% on Moderate/High risk signals.
You can set up what strategy you want to use – whether feeling lucky and using the moderate to high risk signals or keeping it on the low and medium risk settings. If you’ve read my previous stuff you probably already know that I would recommend you to use the more conservative strategy.
Then the next step is to set your trade amounts. This varies between different brokers, the lowest amount is $5 per trade. I recommend starting with that and increasing the trades once you’re seeing solid returns.
On top of this you can also choose the assets you want the robot to trade with. By all means you can select all of them if you like but in my opinion the best ones are with high trading volumes so your most popular ones – let’s say EUR/USD etc are always gonna be a safe bet.
What is the difference between High Risk and Low Risk strategies?
High risk seems to have a lower success rate but also provides you with more signals for trades. The lower risk strategy has a higher success rate but produces less signals so in total your robot will be trading less. I’d always go for less is more. Regarding these signals – you can choose from different signal providers. Each signal provider trades its own strategy and you can select the trader you like to follow.
To mitigate the risk even more you can set your stop loss limits, daily trade limits and trade amount limits. I do recommend setting it all up reasonably and keeping to strict money management rules. Yes it’s a robot and it doesn’t have an emotional connection to if in case many trades go south but even with a robot it is a good idea to set your limits accordingly to your trading account balance. Read more about money management in my post.
I’ve been testing it for about a week now and am getting quite solid results. I invested the minimum of $200 and have set my trades to be at $5 each. I’ve set a daily loss limit at $25 and of course taken the more sensible and low risk strategy. So far I am in the black and have made a profit of $72.36. If this nice upwards streak keeps continuing I might even think of raising my trade amounts. So far so good. In all, good marks from me. User friendly and works great. You can go and get more info on their site.
Have you used this app? If so, tell me what your experiences have been?
What other automated trading apps do you use?
Let me know in the comments!
Disclosure: This is a sponsored post that contains affiliate links. I received compensation in exchange for writing this review. Although this post is sponsored, all opinions are my own.