Binary Options Robot Review
Binary options traders based out of Singapore have so many choices, but not all of them are worthwhile. With a huge number of brokers and other services to choose from, not only is it difficult to find the right products for your needs, it is really easy to get overwhelmed and not make any progress.
We’ve put together this brief guide to help eliminate this issue. Here, we will talk about Binary Options Robot, one of the newer and more exciting products out on the market for binary options traders. While we can’t specifically tell you if the software is right for you, we can give you all of the information that you will need to make an informed decision when deciding to sign up for an account.
What is it?
Binary Options Robot is a software program designed to automate your trading for you. That doesn’t mean that to be successful all that you need to do is put some money in an account and sit back, relaxing. Trading successfully is never that easy. The best traders, in Singapore and all over the world, need to be active in their trading, whether they use a trading robot or not. Binary Options Robot does much of that work for you.
How to Get Started?
If you’re interested in using Binary Options Robot, the first step is to create an account with them. You will be asked a few standard questions, like your name, country of residence, email address, and the currency of your choice. These are all routine questions in the world of finance, and they fulfill basic legal obligations by the broker. You will be asked to verify your identity more completely later on in the process.
In these regards, Binary Options Robot is very similar to a broker, but it’s not a broker in the traditional sense. Instead, it acts as a third party intermediary between you and the broker that you select. That’s the next step in using Binary Options Robot. You will need to select a broker to work with. As a trader based in Singapore, you have a lot of different choices here. For more information on how to choose the right broker, we’ve posted reviews of some of our favorite brokers here on this website. Check out our reviews or ask other traders which ones they prefer.
Depending on the broker that you select, your minimum deposit will vary. For most of the brokers that Binary Options Robot supports, the minimum deposit is $250. You can deposit by credit card, e-wallet, or a wire transfer right from your checking account. The right method for you depends on what your needs are. Credit cards and e-wallets are quicker than wire transfers, but all funding methods have pros and cons. Make sure you spend some time thinking about this before you fund your account.
Once the account has money in it, you can start trading.
Using Binary Options Robot
Now that you have an account set up and ready to use, the next step is to actually use it. Before you can start auto-trading, you need to do some basic housekeeping. You will need to select which assets you want to focus on and the amount of risk that you’re willing to take on. You will also need to set your risk cap per day, and the amount of risk (low to high) that you want each individual trade to take on.
Binary Options Robot has a primary focus on currency pairs. However, if you don’t want to trade the EUR/USD, you can set the options so that this underlying isn’t used. This is a feature that comes in really handy when as asset is moving in an erratic manner that technical analysis is unable to accurately predict.
We also wanted to pass on a few tips for you. Once you set up your trading account, you’re not done. Yes, you have things the way you want them, but your situation will change. Let’s say that you have a cap set at $100 per day, but your trades have been extremely successful and $100 represents a tiny fraction of your account now. You can likely increase your profitability by bumping this number up. Or, if you know that the USD/JPY is doing really well right now from an automated trading point of view, you can set the Robot so it’s just trading that asset in order to maximize your gains. Knowing how and when to make adjustments will help you to be more profitable as you gain experience with this tool.
Do You Need Experience?
No, you don’t need to have binary options trading experience to use the Robot. It helps, though. When you have trading experience and know how to analyze trades on your own, you can use Binary Options Robot more effectively. Knowing when to increase or decrease your risk, and knowing which assets to avoid and which to pinpoint can help you to gain an edge over just adjusting your settings once and leaving them.
Money management skills are necessary before you use this software. You don’t need to have experience trading, but you should have a strong sense of how to best use your cash. For example, if you have your settings at risking no more than $100 per day, but your account has grown to $50,000 in size, you are missing you on a lot of trades that could potentially help you grow your money even more quickly. If you have your risk at $100 per day, but have only $200 in your account, your risk of ruin (losing everything) is very high. Knowing how to spot these things might seem like common sense to most people, but actually keeping an eye and implementing these money-smart practices will help protect your money more thoroughly.
Binary Options Robot Singapore
We highly recommend Binary Options Robot for use by traders in Singapore. Whether you’re using it as a small part of a larger trading strategy, or it is your primary source of trading income, there is a lot of potential for profits with this software. We all know that trading is tough, and binary options trading can be very risky. There’s a strong chance that you can lose money using these tools. Having a solid strategy on your side can help lower risk, although it’s not a guarantee. Binary Options Robot is one way that you can implement a money management strategy to help you create a profit. It’s not a guarantee, but many people have found that it works for them.
So if you’re looking to start trading, we suggest that you take a look at Binary Options Robot to see if it is right for you as a Singapore based trader.