Automated trading software is the newest online rip-off
Online trading is nothing new. Itâ€™s possible to trade online on various financial assets for a very long time now, such as forex, options, stocks and others. Some of these forms of trading are completely legitimate while some of them questionable, to say the least.
However, something that is definitely shady is trading with the aid of automated software. Yes, you read it right, there are indeed some websites out there that claim to offer automated software that is capable of telling you what trades to make in order for you to be making money.
I mean, come on! â€“ As if trading stocks or things like that would be so easy some random software could do it. Professional financers themselves are often times struggling to figure out how the market will move in the future and then some random guy actually dares to claim that he developed some automatic tool that can make you rich without any effort.
Yet, it seems that these things – called signal software – are pretty popular as seen on this website. As shown on this site, obviously these signal trading tools are not free either. You will have to usually pay around $100 per month in order to use the software they offer.
This really does not seem to be making any sense at all. I mean, there is some guy who developed a tool that can generate you free money without any effort and then he just goes out to sell that for $100 a piece.
Why would these people even sell these â€œmiracle softwareâ€ in the first place? Why arenâ€™t they just trading themselves? â€“ Obviously itâ€™s because they do not actually work and these people make money by selling the software itself.
Again, these people do not actually trade themselves as their programs and applications that they sell are useless. This is the reason they are charging a subscription for their tools. Once you pay the subscription fees it does not matter to them if you lose all your money. They got your subscription money and thatâ€™s all that matters.
Alternatives to automated trading tools
Automated online trading tools, be it either in stocks trading, forex or binary options are a scam. There are however ways to â€œautomaticallyâ€ trade and still make money. However, none of these involve software of any kind.
The only legit way of automatically trading forex, binary options or anything else financially related is though an online trading social network. Basically these networks allow you to connect with experienced traders and then use their platforms to automatically copy the trades that were manually performed by these experienced traders.
Usually, you also do not have to pay any subscription to use these tools. Instead you will have to pay a commission from your profits to the expert that you have copied. Basically, the network and the person who you copy will only be making money of you are also making money, as itâ€™s commission based.
This is pretty much the only legit way of trading automatically, as itâ€™s not a software program that decided what and how to trade on but a real person you will be copying.
Likewise, neither is this method a 100% sure-win strategy. As explained above, even experts are often times not able to correctly predict the movement of financial assets. So, never assume you just found a method you can use to win 100% of the time, as something like this does not exist.