For some people, especially those who had been scammed, they are skeptical of using binary options or perhaps forex auto trader software. Well, why it is true that lots of these binary options software are created by marketers, or should I say scammers 2014, but it is also true that there are lots of pro traders world wide who realize this binary options opportunity and sell their auto trader software online.
Understand the trading jargon and technical analysis
In order to understand the way these binary options products works, you need to understand the technical analysis behind the creation of these software. As you can see, stock market and forex trading are legit business. Stock market had exist for years, even before the creation of the internet. The same goes for forex trading. Banks had been doing forex trading for years and then when the technology advances, it becomes wider and more retail traders are into this business.
It all came down to one thing – mathematical calculations
If you have been into trading business for a while, you should realize by now that all the indicators and technical analysis are based on mathematical calculations. Being a forex trader myself, I know that the price move based on certain things.
Take moving average for example. Simple moving average is created by calculating the average price of a assets over a specific number of period. Most moving average are based on closing prices. The 5 day simple moving average is the sum of closing prices divided by five. This average value keeps moving. The old data is dropped as new data comes. More info about that here.
Moving average simple and exponential are two basic indicators when comes to forex technical analysis. Lots of other indicators, such as bollinger bands, MACD and more are created based on the data from moving average.
As you can see, binary options, stock market and forex trading is NOT gambling like some people out there claims to be. If your computer or web server can make certain mathematical calculations and predictions, just like standard scientific calculators that you used at high school for calculus before, you can automate this process.
Mike’s Auto Trader and other recommended signal services in this blog are created based on these kind of strategies.
Should I learn technical analysis
The answer is: it depends on you. For short term, why not join Mike’s Auto Trader or Citidel Ltd since the creators of these software provides some kind of training to members. So you will understand how the price moves, when to close your position, when is your chances of winning is higher and when you should avoid trading.
Why it is hard to learn more about forex technical analysis online
I’ve met lots of fellow forex traders in my country and I can tell that they are suck at marketing. While they are also an introducing brokers, or should I say affiliates to several popular brokers such as FXCM, XM and Oanda, but they also have problem finding clients let alone optimize their websites on Google. While they might join certain Facebook page related to forex, some of them tend to become spammers. However, yes, I do find some trader who shared their technique for free at forex factory and babypips forum.
Forex auto trader and EA sucks
The best way to make money with forex is by learning the technical analysis. It is recommended that you rely on basic indicator provided in your MT4 or Mt5 software first before making any purchase, either that is indicator or signal services. Yes, you can purchase or design a custom indicator yourself, but you must know what you are doing. For example, you must take into calculations how moving average and stochastic works and design a custom indicator based on the calculations.
I have to admit, forex auto trader software, as well as EA, sucks. For several reasons:
1. You need to purchase a VPS hosting separately to start the auto trading process. Yes, in addition to the expensive cost of these software, not to mention the amount you need to deposit into the live account, you need to purchase a VPS separately. Otherwise, your computer must be turned on all day on the trading hours. If your computer goes to sleep, so do these bots.
2. These forex EA will become obsolete after certain times.
3. No control over your budget. When I purchased these kind of EA, I have no clue about money management, indicators, technical analysis, you name it. I am not confident to enter the trade manually.
Binary options auto trader – time and life savior for newbies
Honestly, when I tried several binary options products in 2014, Free Cash App, Desert Millionaire and more, those are scams. However, once I discovered Binary Options Watchdog, I found out that binary options does work. One of the recommended software that time was Signal Feeds. Yes, it does give me the right prediction. However, I have no idea that the software will obsolete soon. Lucky for me, once I keep on losing, I withdraw money from my broker account. So, in case you are skeptical, binary options does work. However, you must watch out for money management, that is never sacrifice more than 7% of your initial capital + profit. Remember, these software won’t give you 100% ITM.
Beginners have one thing in mind – to make money online as fast as possible. Some people claims that this is impossible.
Well, if that person claims like that, I can draw two possible conclusions:
1. Just like you he had been scammed again and again by lots of scams or perhaps outdated automated software. Yes, these kind of software tends to be outdated sooner or later especially when lots of members are using it. So far, my recommended list is still the way to go. Keep checking on Google and my recommended list once in a while.
2. While he could be making real money online, perhaps his methods is a classic ones, such as affiliate marketing, eBook publishing, eBay, you name it. All these methods works, but still it requires lots of works and yes since too many people are trying to make money with affiliate marketing, it becomes saturated and almost impossible to make a dime with affiliate marketing these days.
Samuel, I don’t believe those hype
If you’re skeptical of over hype auto trader software, such as Virtnext, Binary Options ATM and more, then, don’t buy. Go for Mike’s Auto Trader. However, keep in mind that you need to always browse their Facebook page and keep asking questions and support from fellow group members. As you can see in the Youtube video above, the one who shared their moving average strategy is also a fellow member of Mike’s Auto Trader. There’s tons of such videos in member’s area.
What about other software?
The rest of auto trader software, such as Virtnext and Citidel App are also legit. However, they are using hype, the same boring hype, such as make $2000 per day with our latest software etc. However, if I have to choose such software, it will be best to choose the one with good support, active community and then high ITM rate.