Most traders are trading newbies without much trading experience in the binary options industry. Because of that, they choose to trade with auto trading robots that are way simpler to trade than manual trading. Besides very simple features, traders are often wondering how to begin trading prices and more important, how to place a trade. If you plan to start trading OptionRobot, this article may interest you. OptionRobot is one of the various binary products on the binary market and traders often have same questions about their investment journey. To help you with that, we will explain it in this guide.
Is OptionRobot for Beginners?
Automated robots are mostly developed for traders with no trading experience. OptionRobot has prepared for beginners by providing various article guides that will help them in process of registration and trading. From our perspective, beginners can use it, but they need to be aware, they have to learn some things in order to understand and become successful. OptionRobot created a simple trading platform with basic trading options. It is not much different than other binary robots except it provides an OptionRobot demo account too.
How can I Register and Start Trading with OptionRobot?
The registration process is really simple and it requires to fill basic information. It takes only a few moments to create an account with OptionRobot. Traders are offered to open an account with a broker during the registration with OptionRobot. They administer only three binary brokers: Banc de Binary, StockPair and Tropical Trade. It is not much, but for beginners, it is more than enough. After traders have accepted OptionRobot terms and conditions, they are ready to continue to deposit.
Do I have to Deposit with OptionRobot?
No, traders don’t invest their funds with OptionRobot. OptionRobot is a third party software that provides free services of auto trading with binary options. We say this because there are a lot of traders that don’t understand the difference between robots and brokers. So, OptionRobot provides three available brokers traders can make a deposit with.
Traders can deposit with broker trough OptionRobot platform
OptionRobot has enabled traders to make a deposit through OptionRobot platform. On the left side of OptionRobot portfolio, traders can see several options on the menu. To make a deposit with a broker, just click on Brokers tab and you will be able to see brokers list. Traders should see a list of three brokers, along with broker they have decided to trade with. The preferred broker will also have available Deposit Money button where trader needs to click, in order to continue. This button will redirect traders to official broker website where traders will be welcome to login and make their deposit. This is an easy process and it takes less than few minutes.
Placing Trades with OptionRobot
Now, when a trader has deposited and made his first deposit, he can begin auto trading with OptionRobot. When you login to your OptionRobot account, there is an auto-trading button available. This option has to be enabled in order to start trading. First, check if your account has been funded with the desired amount. If you have been using a credit card or E-wallet, your funds should be visible in just a few seconds.
Before you let OptionRobot place any trades, go to Settings tab, which is placed on the left side of the menu and set available options according to your preferences. OptionRobot provides several options that include: trading assets, expiry times, trading methods and indicators.
Depending on your trading preferences, traders can define the amount of investment and a maximum number of simultaneous trades. OptionRobot provides only eight available trading assets and all of them are currency pairs. This is acceptable for beginners because eight assets are more than enough to start with, but later, when traders improve their trading experience, it could become boring.
Furthermore, traders can define trading amount they wish to invest while auto trading. Depending on a broker, the trader has registered with, this amount can vary. Besides trading amount, traders can define a number of simultaneous trades OptionRobot will trade. This number varies from 1 to 8, depending on preferences.
OptionRobot has a few features we have found a bit complicated for binary newbies. First of all, OptionRobot offers only short term options: 60 seconds, 90 seconds, 2 minutes, 3 minutes and 5 minutes. Short-term options are considered as riskier and harder to predict than long term options.
Three Trading Methods Available on OptionRobot
OptionRobot can place trades by using three different trading methods: Classic, Fibonacci, and Martingale. This option could make some basic issues because traders have to know what each of those methods presents. Traders who have registered with OptionRobot are mostly trading newbies and probably they don’t know what Martingale method does. If you want to know more about trading methods, there are various educational portals that may be helpful for research and learning some basic info.
Apart from trading methods, traders can set their OptionRobot to place trades using various indicators. The same thing happened here, we are not sure if traders are familiar with various indicator names and they don’t know what they do. To make sure you are choosing the right indicator, make a research before real trading.
After setting all those options, OptionRobot is now ready to place trades. Traders don’t need to do anything else, except turn the Auto Trading button on. The OptionRobot portfolio will show live results, and traders will be able to see assets that are waiting to be traded. OptionRobot settings can be changed at any time and traders can simply add more broker accounts to the same platform. By adding more brokers, traders are able to diversify their trading plan and they can use different trading options with each broker.
We think OptionRobot is binary software that will be more appropriate for traders with more experience. There are a lot of setting that demand high level of knowledge about binary trading strategies. Besides OptionRobot is placing trades automatically, traders must be aware that it is important to understand what which option means in order to trade with it.