Friday, May 16th, 2014 by Richard Doring and Michael Freeman
After receiving an alarming email today by one of my subscribers I felt that it’s necessary to warn other traders about the inevitable disappointment that awaits anyway who wishes to try working with some of the newest and most viral automated traders and brokers who are collaborating with these services. The most popular ones include the InstantProfitApp, Wealthy Trader, German Binary Robot and the Binary Matrix Pro. My goal is not to generalize because there are good services and brokers in this industry and for thanks to all the decent folks, binary options remains the fastest growing industry in respect to day trading. Based on 2012-2014 Google Trends statistics, the interest in binary options and Forex is forming a negative correlation as old school Forex traders migrate to binary options. In a recent video I reviewed the Binary Options and Forex Trends.
I want you guys to checkout the email I received today as I find it more helpful than my own warnings, as this warning comes directly from personal experience with OptionMaker, InstantProfitApp, German Binary Robot and the Wealthy Trader which are all brands I personally would never dare to try after some of the reviews and email I received in the last months and especially around the time these products were launched. Fortunately he also included the real performance after testing these services so you can ignore any of the fake performance results and professional testimonials because it’s all part of the scheme, or should I say SCAM.
Funny is also that Norbert seems to be no German, as he can not read my German email to him. His staff answers in proper English…
although they never answer my questions. From some small details of other signal services I get the impression that most of them are produced by the same company.
Maybe you can follow up this information that one of my “account managers” gave me “secretly”: His broker company buys from a trading software company a scam trading signal system with a fancy name and with all whistles and bells, professional videos and such. For this system only his broker is named the “trusted broker”. Then the “account managers” talk to the new customers and convince them that in order to make real money they have to invest much more money making manual trades in addition.
So these various scam signal systems are ready-made by the same software company and offered to various brokers just as a marketing tool that any broker can purchase.
The BinaryMatrixPro had a fairly long list of trusted brokers, on the top was Banc de Binary.
I hope you can make use of my email.
I personally think that we should all thank Richard for taking the time to help others understand how the scam services operate and if you feel the same way, please LIKE this article or Share on Facebook or any other social media. The idea behind the automated robots is revolutionary and the ability to sync your signals service with a broker account is ideal for many of us who are unable to sit around at home all day and wait for email or SMS signals. The problem is that so many services misuse this technology and create these bait and switch type websites that are entirely focused on getting you to sign up without any intention to retain you as a longtime trader and definitely not to provide you with good results. Isn’t this considered false advertising? Yes, but they get around it by placing all the necessary disclaimers on their websites. The software is programmed to lose, in many cases and after your account is wiped out, the account manager will “come to your rescue” and mirror your own conclusions by admitting that the software they are partnered with is programmed to fail, in a poor attempt to gain back your trust I suppose.. Since you’re already discouraged and hopeless at that point after losing a lot of money, your “new friend” will advice you to deposit more in exchange for a free training, bonuses and free manual signals. In most cases you’re looking at a reinvestment of $5000+ to qualify.
In a previous video on YouTube I posted a few months ago I warned traders from depositing more for extra incentives, so if you’re considering to go with such as offer, first watch the following video!
So what are the alternatives? There are plenty of good alternatives so don’t give up so quickly. There are reliable binary options signals services and there are good strategies you can test out, I can tell you from experience that you can generate profit with a good signals service but keep in mind that there is a greater satisfaction in making it on your own without the help of anyone. Reflecting back you will know that it’s safe to say that you are a Self-Made day trader! A good comparison is when looking at how people behave with their money when they worked 10-20 years for it vs if they received a load of cash from inheritance or by winning the lottery. People tend to not appreciate the easy money and burn it quickly while folks who worked hard to get it, these are the people are truly appreciate what they have and can reflect with pride on their achievements.
If you plan to trade on your own, checkout the Binaryoptionschannel.com recommended Binary Options Brokers and make sure to subscriber to the blog for all the latest strategies. For any questions and feedback you may comment below. Thank you for taking the time to read this article and best of luck to all traders!