I started out with the intention of actually trying out this software but once I got through the material he presents there just wasn’t any reason. There are lots of bots out there to choose from and I think that this one isn’t worth your time. I know, I know, you want to read a great article about how this BOT works and I’ll give it to you. First though, what is the BinaryOptionBot 2.0? This is perhaps the first, it is at least one of the earliest, binary options robots to hit the market. This software provides automated signals on 15 different forex pairs and links you to you trading account for ease of trading. The platform has a few different settings for time frame so you can view the assets on 1 minute, 5 minute, 15 minute, 30 minute and 60 minute time horizons.
Unfortunately there is not much information on how the signals are derived but they are based at least in part on a percentage slide in the chosen asset and trend analysis. So far as I can tell the signals are all in the same time frame, the chart settings on the platform are merely a tool for you to use when viewing the asset. The suggested expiry is 15 to 25 minutes which I suppose to mean either a 15 minute or 30 minute option, or the next best available expiry, depending on which broker you are using.
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The signals are delivered in a window to the left of the screen and include the asset, the time of the signal and the direction of the trade, either call or put. At that point you will then need to enter the trade into your account and then wait for expiry. The BinaryOptionBot is not an auto trader or social trader at this time.
The cost of the service is reasonable sounding at first. I say at first because after watching the video and learning more about how the service works I got a little miffed. This guy, Gary Davies, is not only charging you a fee of $97 he is also making you sign up with his “approved” brokers. This is such an affiliate marketing scam that I have absolutely no desire to use it.
BinarOptionsBot Or LossBot?
BinaryOptionBot is most definitely an affiliate marketing scam. It may not seem so at first because there are no reviews, lists of approved brokers or any other broker specific marketing material on the website. However, in the end, you have to sign up with one of their approved/supported brokers in order to use the software and you have to sign up through the platform to ensure you are “using the signals accurately”. I understand the need to make money but I think most of you will agree with me in saying that I would rather just pay for a software license and/or access to a cloud based software application than get roped into a scheme like this. You already have to pay to get the software, why do you have to use his broker? I already have a broker, and for that matter, I already have more than one broker and more than one of those is on their list. What do you do in that situation? I can’t open a new account with 24Option or Lbinary because brokers typically don’t allow duplicate accounts.
Further, this guy is suggesting you develop trading habits that I frown upon. Seriously, you want me to open 5 accounts with 5 brokers and make the same trade 5 times across each platform. And to top it off he also suggests using a 5% money management regimen. This not too too high but it is high, especially for a newbie. I always suggest using a 1% management plan to start with and then move up from there as you get comfortable with trading. I have been trading for over 10 years, 3 in binary, and am only trading 3% of my account. To me, his suggestions are 5X5 bad and could lead an unsuspecting trader into a pit of loss.
Using the platform as advertised may also lead you into frustration. In order to make trades you have to enter them into the accounts yourself. Even with the accounts easily available on the OptionBot platform it will still take you a minute or two to place all the trades. Mr. Davies suggests that this will increase your chances of overall winning because each trade will come in at a slightly different rate.
To him this means that if an asset only moves a little you may win 4 out of 5 instead of 0 out 1. What this means to me is that if the asset only moves a little you have a great chance of winning 1 out of 5 which is completely unacceptable. It’s one thing to make 5 trades, good trades (5 different assets or signals), and win 3 or 4 out of 5. It is something else to intentionally throw good money after bad making 5 trades on the same asset and signal.
There is no guarantee that any one signal will even be profitable, you might just lose 5 trades at once. At 5% of your account across 5 platforms that will add up fast.