Binary options robots, often known as binary trading software, are automated or semi-automated trading programs that traders can use for more convenient trading. In our binary options robots guide, we will answer many questions that are common among traders of all kinds. In detail, we will take a look at these questions:
Once you know the answers to these questions, you will be able to make an educated decision on whether to use a robot, which robot to choose, and how to use it.
Simply put, binary options robots are computer programs that find the trades you. A robot can analyze the market, find profitable trading opportunities, and allow you to make trades on the same dashboard. As a trader, you can control crucial settings on your preferred software, for example, the investment per trade, the money management strategy, and the assets the robot monitors.
It is important to understand that there are binary trading robots that cost money and robots that are completely free of charge. Which one will you choose is only up to you but keep in mind that trading with more expensive software does not mean you will achieve better results and more profit.
In order to actually place a trade, every trader needs a binary broker. Not all binary trading software are compatible with all binary brokers. This limitation is due to technical compatibility issues, which are not that different from a European trying to use their power plug in the United States and vice versa but are little more complex.
As long as you trade with a trustworthy broker and with a good binary options software you can expect to have a better trading experience than when you are trading with scam binary products.
In the past, the difference between binary options robots and binary trading signals was quite distinctive. While binary trading software provided completely automated trading experience, binary signals required more manual action. This means that binary options robots were offering more dynamic trading environment. Unfortunately, this also means that there were many binary scams that placed trades even when the trader was offline.
We highly suggest avoiding auto trading robots that are reducing your level of control during the binary options trading process. It can be somewhat difficult to resist the urge to rely completely on auto trading software, but keep in mind that you are the one who made a deposit, and you should have the last vote on which trades should be placed.
Now, the difference between binary options signals and binary options software is less and less significant. Binary signals providers allow traders to place a trade directly on the dashboard, and binary trading software is more oriented on semi-automated trading that requires from trader to be online and understands the process of trading.
There are hundreds of different robots out there. To find the right robot for your needs here is what you have to know about the differences between robots.
Most robots use computer programs to analyze the market for you, some use real-life traders, and some use a combination of both. Each type of robot has its advantages and disadvantages, and which one you should choose depends on which type you feel the most comfortable with.
Computer programs are the purest way to perform technical analysis. Undistorted by human interference, they can analyze the market all day long, create the most signals, and monitor the most assets.
Real-life traders offer a plus in adaptability that many traders like. They can choose which strategy suits the market best at every time and do not tackle every situation with the same strategy, as a robot sometimes would. While they can execute fewer trades in the same time and might make mistakes, many traders prefer the human element over computer generated signals.
Combinations of real-life traders and computer programs try to combine the advantages of both methods. The important thing is that you are aware of these differences and choose a service that fits your needs.
It is no secret that competition in the binary industry is pretty tough. This means that many binary products are faced with the issue of forming a lucrative price. Traders will face free binary options robots and paid binary software. Unfortunately, there is no unique advice regarding the question which binary robot to choose.
Price is not a sign of quality, and we always encourage traders to research whether or not the product is worth the money. Besides, there are many free binary trading robots that require no additional payments. Why pay something you can get for free?
Some binary options robots can take over your entire trading process – they find trading signals and execute them for you. They will trade for you even when you are offline. Sounds like an amazing opportunity? Think again. This means that you lose all control over your binary options investment.
On the other hand, there is binary trading software that encourages traders to perceive and make a decision on every trade. It is impossible for them to place a trade without the manual action. The trader has to, one way or another, accept or decline every trade delivered. It is impossible for a robot to place the trade without a prior approval. Of course, there are many once popular robots and signal providers that shut down due to not being able to adapt to new trends: BinaryRobot.ws, ForexRobot.ws, OptionRobot, Automated Binary, Simple Auto Trading, Binary Copier, Binary Signals Trader, SignalSamurai, Quantum Binary Signals, John Anthony Signals, Winning Binary Signals, Auto Binary Signals, Binary Options Pro Signals, Trader’s Buddy.
As already mentioned, prices for binary options robots can vary greatly. Also, the payment principles may vary. There is binary trading software that charges only a one-time fee, and binary robots that charge a monthly fee. If you decide to trade with such binary options robot, make sure to understand that it is an additional investment in your trading. This fact can be somewhat demotivating for beginners and traders who don’t have significant funds at their disposal or simply want to start with smaller sums.
Many traders believe that it is possible to execute binary trades simply by using the robot. However, robots are only platforms that are welcoming both binary brokers and traders in the trading process. They deliver the trade but they don’t offer it. The broker does.
To put things simply, binary brokers generate hundreds if not thousands of trades. Traders sometimes find it difficult to find the right one. With binary trading software, the entire process is much easier, as they select trades and deliver them to you. The trades, however, is still placed with the binary broker.
Many traders seem to like to select the broker first, and then the binary broker, but that is not the right way. In order to trade with binary software, the trader first has to open a binary trading account with the robot, and then select a binary broker offered. The opposite process, where the trader first registers with the broker and then looks for a binary trading robot hoping to find one that is suitable is not possible. There is a technical limitation in connecting your trades, binary software and binary broker that requires from binary traders to open an account with the binary trading software first.
As always, binary options broker that will be used for trading with the binary robot should also be reliable and trustworthy. Trading with regulated, safe, trustworthy brokers who have clear terms and conditions can always be recommended. As in life, in binary trading users should also rely on services that are already proven to be superior and reliable in every aspect of their business.
It is impossible to provide a unique answer to this question. Every trader is different and has different goals and needs. There are traders who place the trades only to experience the trading rush, the excitement fast paced trading brings. There are also traders who are calculating, developing strategies and are very studious in their approach. Of course, there are also traders who rely only on luck.
For this reason, it is impossible to say whether or not the binary robots are worth the money. However, this dilemma can be avoided if traders choose to trade only with free binary software. As there is no cost, traders can simply decide to open an account with a reliable and free binary robot, such as Binary Options Robot, and trade with one of the brokers supported on the dashboard.
There are also traders who firmly believe that binary trading software will bring them easy money and help them become millionaires overnight. Such traders are often victims of different scams that are lurking around for naïve and confused users. No matter how advanced the binary trading robot might be, we strongly recommend traders to understand all the features, risks and opportunities before they start trading. Also, don’t believe any promises regarding high profits, unless you calculated them by yourself as past performance is not the indicator of future success.
Every day dozens and dozens of new binary options robots appear. They all claim to be the best, so it is completely understandable that traders often feel like they are in front of the wall. If every binary robot claims to be a perfect choice, then which one really is?
Even though it may seem that there is no solution to this process, there is. Traders simply have to learn how to recognize a high-quality product.
Legit binary options trading software always have a document called Terms and Conditions (also known as T&C, or Legal). This documents defined the relationship between the trader and the binary trading software. It is of crucial importance to find a binary robot with clear terms and conditions. And if you don’t understand something, don’t be afraid to ask!
Good products will have good reviews, and their users will be happy to share their experience with others on forums and social media. Still, it is important to accentuate that some traders don’t understand the binary trading process and simply feel disappointed even if the product is good. Be objective when it comes to users’ experience and try to find the optimum solution.
Great binary trading software always has an amazing interface that easy to understand even for beginners. A good overview is very important for binary options traders who want to know what is going on in every moment. Also, good customer support is something that many traders consider to be utterly useless. However, customer support is the first stop when they look for help.
Great customer support can help you understand all the features and benefits that your binary options software delivers you. Make sure to ask them what you need.
Educational materials can be helpful as well. They can increase traders’ knowledge and help them be more successful binary options traders. It is impossible to make progress without the understanding of binary options markets and movements.
Every trader should be in charge of their own trades! This is a basic principle that should always have the priority over the others. While there is some good fully automated software, it is always better to choose a semi-automated trading solution that will help traders be in charge. Find a binary trading robot that offers you customization possibilities and many different features, as well as the benefit of approving your own trades.
Avoid software that trades without you or even if you are offline.
Binary options robots can change your trading and be your helpful friend on the way to profitable binary options trading. Still, as always, be realistic and focused during trading to avoid any misunderstandings and scams. Binary options robots are a way better solution when the trader understands the basic principles of trading than when the trader is focused only on easy money. Robot trading is only a tool and not the complete solution.