IQ Option engineers created the best auto trading platform so far, and we believe all traders will agree on that once they visit it. We need to know whether this robot can be a useful tool or whether it is too risky for your own money.
You are not allowed to modify the parameters under which the software generates signals and open positions. The problem is that most of the creators use martingale money management, and this strategy could easily blow your account.
Running the robot in demo mode is also possible, which makes everything extremely transparent. Basically, these robots allow you to automate your binary options trading in just a few steps, without the need to learn a programming language.
The wizard allows you to run your robot in just a few steps by choosing an already created strategy, such as Pin Bar, Piercing Pattern or Bollinger Bands. All strategies are predefined to follow indicator signals and money management.
For example, if you select the Bollinger strategy, your robot will buy a Call option when the price returns in the bands from below. If you select Piercing strategy, it will buy a Call option when the robot identifies possible reversal of a downtrend.
You can watch explanation videos for all strategies, but unfortunately, there is not much information about the win rate, and in our experience, these strategies are set to use martingale money management. Additionally, you can set profit-taking, limit-loss and number of consecutive unprofitable deals, which will help you to lower your risk.
The wizard also gives you the option to create your own strategy by combining indicators with candlestick-related signals. We will explain more about this feature in our next articles. The robot constructor will challenge your mind to create new robots that will work under the conditions you set. It might sound easy, but it actually is hard work to create a profitable robot, and one should have a deep understanding of technical indicators.
If you decide to jump into the deep end, you need to prepare and focus on three main parts: Then, you drag and drop different types of blocks, and set connections between them to build your auto trading system.
If you look at the robot catalog, then you may think this is a great money making machine. However, when you take a closer look at the statistics, the situation is not so fruitful for the traders.
Furthermore, the big profits are displayed for the last 7 days, and when you test the robot for 30 days, it might show negative profits. At least, this is what we discovered when we were testing these money machines. These robots are definitely an innovation for the binary options industry and remind us of Expert Advisors EAs in Forex. Lots of EAs are being sold, others are offered for free, but overall, they are a big part of Forex trading. It is up to you to decide whether these robots are profitable, but from what we have seen, traders are mostly losing money when they use a robot from the catalogue.
Your capital is at risk. Take this data with a grain of salt, so to speak. If the robot has been in existence for a week , the data is not going to be nearly as indicative of what the robot is capable of if the robot has been active for six months. The longer the robot has existed in active service, the more reliable the data is. You can scroll through random robots, or you can enter search parameters and look through just those robots that meet your specific criteria.
If you decide to create your own robot, be sure that you have a firm understanding of how binary options work first. Even if you decide not to use an existing robot, it can be helpful to look at some of the more successful ones and see how they are set up.
For example, if you have certain signals that you use in your normal trading day to trigger a trade, but you find that there are even more successful strategies working in other robots , you may want to adopt some of these things moving forward. One of the cool features about the IQ Option robot is that you can use it on their demo platform.
This separates it from almost every other binary options robot out there, allowing you the trader to make changes and adjustments to how the robot works, testing it out in real time before you ever auto trade with real money. For some, this might seem like a needless step. However, this is a step you should definitely take advantage of. By demo trading with the IQ Option robot , you can get a feel for how it works, fine tuning your strategy so that you can use it more effectively when you start trading with real money with it.
There are a lot of benefits to using this feature of the IQ Option platform. The IQ Option robot feature is completely free for you to use.
Because it is part of the proprietary trading platform that IQ Option uses, the broker is still able to create profits for themselves when you use the robot.
In fact, it is very helpful to them because it increases trade frequency, helping them to become more profitable. This mutual benefit ensures that the robot will be available for traders into the future. Finally, automatic trading allows you to make more out of your time. By setting up a trading robot, you can spend a few hours setting up the robot, fine tuning how it operates over the course of a week or two until it is running the way that you want it to, and then easily cut your trading time in half per week.
The benefit of a trading robot is that it makes smart and informed trades for you while you are away from your computer. These are things that you would normally need to do from your computer, eating up a lot of time. It allows you to use your time more efficiently. Just like there are benefits to automating your trades, there are also drawbacks.
One of the biggest drawbacks has to do with human error. Even though you are turning over your trading to a robot, that robot has been programmed by a human—either you or another trader.
The signals that have been programmed could have problems , and that means that you will automatically be losing money in extreme case.