While there could be tons of binary options trading products out there, not many of them offer some kind of free trial, or should we say a demo account before anyone can jump into a real, working account. If you tried one or two binary options trading software before, you should realize that there is some kind of similarities between them.
Problems with 95% of binary options products
1. You cannot choose what kind of broker that you like. In other words, once you’ve signed up for the software by entering your name, email and a working phone number, you will be directed to only one specific broker.
2. You cannot try the software in a demo version. In case you didn’t know, there are tons of binary brokers, usually, the regulated ones offer some kind of free trial, known as the demo account to their new traders. Too bad, there’s way too many binary options products out there don’t offer their software on a demo account first, before putting the money on a real account.
Why Option Robot is different
Option Robot, on the other hand, is different. Unlike tons of other binary options apps being reviewed on this site, Option Robot is free to try on a demo account for as long as you like. Even better, you can choose whatever binary broker that you want. While we rarely recommend any binary options software, we have to say that Option Robot gets our thumbs up.
Step-by-step process on how to sign up with Option Robot
1. You can click here and visit straight to Option Robot (optionrobot.com) website.
2. The website is pretty straight forward. There is neither a video nor a paid actor in there because there is no need to do so. You can choose to read the rest of the website and figure out what this app is all about. Or you can also choose to sign up for a free trial with a demo account.
3. There are at least 11 brokers which are compatible with Option Robot as you can see on their website at optionrobot.com. You don’t need to choose any specific broker. Just choose whatever broker that you like here.
4. Once inside, you will be able to choose whether to try on a demo version or deposit money right away. Yes, you can test this app for as long as you like with a demo account first, before putting real money on the line.
Option Robot settings and money management tactics
Whether in a demo mode, or real, you can see a neat, easy to use interface for Option Robot. On the left-hand side of this app, there are a few settings, such as brokers, support, settings, and overview.
If you want to manage the budget or trading methods, click on the settings section. Inside this section, you can see several options to make money and manage your budget. We will explain briefly on how to utilize these settings.
1. Indicators settings: These are common indicators being used to make the right predictions in trading currency pairs. You can choose whether to trade based on trend, MACD, CCI, RSI, stochastic and %R.
2. Currencies: These are the most common currency pairs being traded in forex. Those are EURUSD, USDJPY, GBPUSD, EURJPY, USDCHF, AUDUSD, USDCAD, EURGBP.
3. Expiry time: You can set the expiry time, whether 1 minute (the 60s), 90 seconds, 2 minutes, 3 minutes or 5 minutes.
4. Money management settings: You can set the money management settings, such as classic, martingale or Fibonacci. Let us explain even more here.
Classic/Safe: This is actually the default money management setting and for most newbies, this setting is recommended. If you set this software to trade based on classic settings, then the budget will remain the same, no matter how many times you’ve traded. For example, if you set the budget at $5 per trade, then with classic settings, whether you win or lose, you will keep using this very same amount of budget for every trade.
Martingale system: If you want to double your risk once you’ve lost a trade, then martingale system is just for you. The trick is to recover back your money once you’ve made any losses. This tactic had been used by some gamblers and even traders for years, and it is proven to work.
Fibonacci: This is actually the Fibonacci money management system. Fibonacci was a math expert from the 13th century that showed the world how numbers tend to repeat themselves. This system is used widely in binary options trading and the number tend to repeat themselves.
5. Max Simultaneous Trades: You can choose how many trades you like for each time period. This is the number of trades that the system will have going at the same time.
Frequently asked questions about Option Robot
Q: How can I track the results of Option Robot?
A: You can select the trading history of your broker account to track the results of this app.
Q: Can I use Option Robot on tablets or mobile phones?
You bet. This app is designed to work on any devices. You don’t need to download anything. However, you need to memorize the login password, though.