Once your account is set up and you have selected the proper risk amounts for your personal needs and comfort levels, then you only need to spend an hour or two a week monitoring things until you are ready to close out your account. That hour or two is spent looking over the reports that will be generated so that you can confirm that the robot is still doing all of the things that you expect it to do. You want to make sure that you are not losing money, and that if your risk factors have changed at all, you are accounting for this in the proper way.
There are a few easy ways that the robot allows you to control your risk. One of them involves selecting a daily stop-loss point. If you are uncomfortable losing more than $100 per day, for example, you can choose this number and if you ever lose this much, the robot will automatically stop making trades for the remainder of the day. Or, if you want to limit the number of trades made per day, you can set a limit here, too. If you want to ensure that no more than 15 trades are made in a given day, you can set this limit so that your account is protected in this manner, too.
Choosing a Broker
Binary Options Robot requires that you use a binary options robot to make your trades through. When you are creating an account with Binary Options Robot, you will be required to select a broker with which to do business with. If you already have a broker, don’t worry. A separate account will be created for you through the broker. The broker list is fairly limited right now, but that’s a good thing for most traders. This robot selects only the best and most reputable brokers with which to do business with.
Really, the main thing for you to consider is that the broker you select is regulated and provides services to traders in your area. Although the Binary Options Robot is a third party trader, you still want to ensure that you are following local laws as carefully as possible so that you don’t have to worry about any sort of legal issues if they were to arise.
This list of brokers is still expanding, so if you don’t see a broker that you want on this list yet, there’s a chance it could be included in the future. If you want to, you can choose more than one broker if you wish.
Binary Options Robot does have VIP accounts available for some of their clients. These accounts give you all of the features that a normal account has, but comes with a few added benefits. Some of these include different algorithms to apply to your trading, extra levels of risk management, and additional expiries to choose from in your automatic trading. What’s great about this is the fact that VIP Accounts are free on a limited basis. If you want extra free usage of a VIP account, you can always make an additional deposit or refer people to use the robot.