Fortunately, there is a solution at hand, and that solution is the use of a binary options robot.
Before you latch onto the idea that C3PO sits at a PC screen all day, let us disillusion you. A binary options robot is usually an algorithm – a formula that automatically suggests trades when the figures and values concerning a specific currency pair reach certain, pre-defined criteria. Once this happens, a trade is then triggered.
As this flagship provider explains, you can sign-up for a binary options robot and link it to your broker account, leaving your funds in the hopefully capable hands of software bits and bytes.
Similar to binary options signals, albeit more legitimate and likely to yield a positive return, forex signals are also ways in which you can ‘follow the experts’ when it comes to your trading.
However, as this article on Invezz reveals, forex trading is a little more complicated than binary options trading. A binary option has only two scenarios – win or lose – and an option is only available for an agreed timeframe.
Forex trading has more variables – when to buy, when to sell, how much to invest, the level at which you should place a stop-loss, your acceptable loss threshold, your minimum profit threshold, and how long to hold the asset you have bought.
Because of this complexity forex signals tend to be trader-based, rather than robot or algorithm-based. You need more ‘faith’ in someone whom is providing a forex signal for you than a binary options robot. You can protect yourself from forex signal providers whose talents are not quite what they say they are by undergoing an initial trial period first.
This article was republished with permission from Modest Money.