OptionRobot is one of the popular binary options trading software available today. But given that many auto trading software available often turn out to be scams, does OptionRobot stand out as legit software? Read on for a best binary option robot review plus tips and FAQs regarding the software.
The software design implements up to 6 different technical indicators that include trend, Stoch diagrams and CCI indicators. Many scam trading software will often mask their inefficiency by claiming use of a complex algorithm.
This makes it easy for you to use the software to make trades from anywhere on the globe. One of the things that stand out on the signup page copy is the lack of overhyped marketing material. Instead, the copy provides enough information regarding what it is and how to get started. OptionRobot is easy to use. Despite being a binary options trading automation software, control largely remains in the traders hands. This makes it easy for you to place trades based on your chosen trading strategy.
You can also easily turn the auto trade option off. In addition, you can customize the software to place and exit trades at predetermined time intervals. Unlike competing software which requires you pay upfront before using them, Option Robot can be used by anyone with or without money in their trading accounts. The OptionRobot binary options trading robot has set itself apart as one of the few legit trading automation platforms available today. In an industry where software creators try to trick traders into buying poor quality scam products, Option Robot focuses on transparency and credibility.
This means that traders often find themselves trusting bots with complex algorithms to manage their entire trading accounts. In fact, you can easily adjust the software settings to match your preferred trading style. Features you have control over include trade expiry, trade amount and ability to allow the software enter and exit trades automatically.
Using OptionRobot will not cost you anything. To get started, simply create a new account. Which are your favorite technical indicators? Having easy to read indicators is one of the factors which can affect the profitability of a trade.
The platform is designed such that if you set more than one indicator during a trade, the bot will only generate a signal when all indicators are identical. Each trading system makes it easy for you to easily adopt your trading style to the software. For example, if you love to minimize the risk involved in every trade, using the classic system is recommended. If accuracy is you primary concern, the Fibonacci system will be your best bet. Broker compatibility is one of the major challenges traders have to overcome when dealing with binary options trading automation software.
Option Robot software can be linked with 9 different binary options brokers. OptionRobot staff has gone to great lengths to ensure that any trader using their software is fully satisfied. Their free account is a true testament to this.
However, there are additional customer support features that stand out. Simply visiting the OptionRobot website triggers a live chat app where you can easily ask questions. The chat feature is available 24 hours and messages are replied to almost immediately. You can also access their customer support team via email.
Option Robot seems to be totally focused on forex currency pairs traders. This means that you cannot use the software to trade other asset types like commodities and indices. In addition, the software can only be used to trade 8 different currency pairs. Option Robot makes it easy for you to enter into 1 to 8 different trades at the same time.
The only requirement is that you have an active and funded trader account with one of the brokers that support the software. Overall, Option Robot is one of the top binary options trading automation tools on the market today. Here are 8 tips to help you out. Trading automation software should not be used to completely replace your trading strategy. Many traders make this mistake and end up losing their entire account balances.
This fact alone means that as a trader, your input before executing any trade will be necessary. But how can you actually leverage the Option Robot software to increase chances of winning majority of your trades? Here are 8 tips. Even then, the auto trade feature needs to be used sparingly during the first months of trading. Initially, your focus should be placed on learning how to use the different software settings and see how they affect your trades.
The technical analysis tools offered by OptionRobot are meant to give you a glimpse about the movement of a particular asset. These are supporting tools and they should be used alongside fundamental analysis to get a clear picture about possible asset price movements. Fundamental analysis involves identifying news or events that might affect change in an assets price movement. Such information can be sourced from news, market reports and press releases.
Neutral markets are characterized by little or no price movements. This means that entering a trade will most likely result in zero or no profits.
To make the most profit, set your software to enter and exit trades when the signals indicate a bearish or bullish trend. Option Robot has done a great job by allowing traders to invest in only 8 of the leading currency pairs. Remember that price volatility can change in an instant for example, in the event of a natural disaster. As such, you can easily protect yourself from incurring huge losses due to a small market change.
Use the OptionRobot free account to test different account management strategies. This means investing a small amount per trade if you open multiple positions at a time. Option Robot allows traders to place up to 8 different trades simultaneously. This could lead to overtrading. That is, you might be tempted to open a high number of trades in anticipation of huge profits.
Huge profit potential is always accompanied by huge loss potential. These are easier to keep track of.
With binary options trading and especially software, nothing is cast in stone. You might easily come across new hot trends and tips regarding a specific currency pair or even a profitable strategy you can implement using OptionRobot.
Never execute any hot tip without testing it first. Option Robot is free and testing out new strategies and tips is one way to make the best use of the software. The Martingale trading system is designed to allow faster profits generation from successful trades. However, the risks involved are unusually higher compared to using the Classic system or the Fibonacci system.
Before entering a single trade, always make custom settings on the OptionRobot settings panel. Using the aforementioned tips, here is a practical example you can copy. How long a trade will run really depends on your trading strategy.
My preferred trading method is Fibonacci due to the accuracy it offers. This will further ensure that the software only enters a trade when it receives an identical signal from all open technical indicators.
In addition, I never have more than 2 open trades running simultaneously. With regard to the currency pairs I select to trade at a particular time, my choice is largely determined by the currently open market. This example seems pretty straight forward. For example, what do you do if you enter into three consecutive losing trades?
A good strategy would be to stop trading for the day, go back to the drawing board and analyze the trade histories. Then come up with a trading strategy for the next day. However, this is easier said than done. Most people will try to reverse their losing streak by placing new trades which could lead to more losses. OptionRobot is a browser based binary options automation software.
Opening an account with Option Robot is free. The software works by entering and exiting trades on your behalf on a number of selected online brokers. Compared to competing binary options trading bots, traders will find it easier to customize the software to match their trading styles.
It offers 6 different technical indicators and 3 different trading systems to choose from. In addition, the software can be linked to 9 leading binary options broker platforms.
In addition, it includes a demo account which allows you to test the platform without investing your own cash. However, it includes unique features which if leverages properly, can see you profit from a huge percentage of trades entered. Option Robot is browser based. This means that you can access it via any internet enabled device including your smartphone. Option Robot can be linked to broker account held by 9 different brokers. Many of these brokers are licensed and regulated by leading financial authorities.
In addition, some of these brokers have built a good reputation for providing quality options trading platforms. Theoretically, Option Robot software can generate well over40 different trading signals.More...