Trading binary options has a good deal of potential to help you take a big step forward in your financial life. In South Africa, binary options have become one of the fastest growing marketplaces, and having a firm grasp on what binary options are, and how to maximize their potential for yourself, is an important step when it comes to seeing what is helpful, and what is a waste of your time and money.
Binary Options robots are one of those areas where you can see a huge deal of success, or you can fall for a scam. Binary options trading South Africa, much like every other part of the world, does see its share of sites that are out there only to take your money away. Brokers are supposed to make money, but they should be providing you with a reputable service, and as such, they are regulated by governing bodies. Robots don’t have the same strict regulations that they need to follow, so you will need to be a thorough advocate for yourself and your money in this area.
Some of the things you must know if you are using a binary options robot in South Africa.
How to Use a Robot
Trading robots are easy to use. That’s why they are called robots—they do the bulk of the trading work for you, freeing you up to do other things with your time. They do involve a few steps to get yourself setup, but once you’re done with this, the process is pretty simple. You need to create an account with the robot first. This involves funding your account through the robot. Once this occurs, you can start thinking about the finer details of how you want your trades to be executed. Most robots have a way for you to adjust the level of risk that you take on. This might be something that is done automatically for you simply by selecting “low risk” or “high risk,” or some variance of this. In other cases, you might need to be more precise with what you wish to do. In these instances, you will need to define either the dollar/euro amount that you want to risk per trade (such as, $25), or you will need to define the percentage of your account that you wish to risk per trade (such as, 2 percent).
Depending on your level of expertise, any of these choices are perfectly fine. Just be sure that you are okay with the risk that the robot takes on for you. Even robots can lose money. Binary options can be very risky and it is possible to lose your money trading. Robots, when used correctly, should help decrease your overall risk, but there is no way to eliminate it altogether. For traders in South Africa, this is often a vital risk management tool.
If using a robot will help you, it’s certainly something you should consider. The best robots have a cost involved; either as a one-time fee or as an ongoing subscription. If you are going to pay for the use of a robot, then you want to make sure that your investment and your assigned risk levels are offsetting that cost. Spending $1,000 a year on a robot is only worthwhile if you are more than making up for that expense in the extra profit that is being created.
The Brokers to Choose From
In South Africa, there are several strong brokers that are recommended for use. IQOption, and 24Option all have great reputations in this country. All of these are compatible with at least one highly ranked trading robot, as well. There are other brokers out there that you might benefit from using, but these listed sources are all highly reputable and sources that we trust.
All of these brokers also offer demo trading accounts, too. If you cannot find the demo section easily on the broker’s page, get in touch with their customer service department and they can point you in the right direction. Demo trading doesn’t help you at all with a trading robot, but it can give you a feel for what using the site is like and whether or not it’s the right place for you. Whether you are using an IQ Option robot, or something else, demo trading is a good way to get your feet wet and help you gain some experience in the world of trading.
Also, it’s worth mentioning that you will need to fund your robot trading account separately from your broker account. You can use many of the same methods for funding: Skrill, PayPal, a credit card, and so on. However, because the robot operates independently from the broker and because it is technically a separate account from your personal trading account, you would need to fund your robot separately. This is a small hindrance, but something that some people get tripped up on. Knowing about it ahead of time is always better.
Words of Warning
For the most part, trading robots are not heavily regulated in South Africa. In fact, that’s how they are pretty much around the globe. This is normal because they are not actually a broker, but rather a service. It’s important to spend some time studying your available choices, checking out what others who have used the robot say about it, and whether or not it fits in with your overall goals as a trader. This might take a few hours, but it will be time well spent. It will save you a lot of trouble down the road.
Not all binary options brokers South Africa are fully compatible with trading robots. If you have a certain service in mind that you want to use, go to their website and check the list of brokers that they are compatible with. Hopefully your broker is on that list. If not, you may need to spend some time looking for a new robot, or you might want to consider switching to a more helpful broker, depending on the levels of success that you are currently seeing.
Trading binary options in South Africa is fun, exciting, and holds a lot of potential when it comes to putting extra money in your pocket. Being prepared for the risk and the difficulties that comes with any type of trading is the best way to overcome them. The use of trading robots isn’t for everyone, but it can be a helpful tool for you to start earning more money without spending as much time studying charts and timing positions.