Today I had a really difficult discussion with one of the Binary Today readers and it raised the question “can you trust binary options account managers?“
There is no 100% yes or no, but I know I wouldn’t.
I have heard too many horror stories, and this email conversation I had today with one of my readers who will remain unnamed had a very difficult and potentially criminal mishap.
Binary Options Account Management Risk
Reader: Compliments on refreshing insight into BO. I’m a hobby BO trader from Australia and in the last week a UK BO broker, which my trading account is with, convinced me to accelerate my trades by him taking over the account. Having had a working relationship with this broker over the past 3 months and having successfully traded a volume of US$600K from my initial investment of US$40K, I allowed him to jump into my account. In one session he traded my entire account! What remains from my $40K investment is $29.10.
I have had sleepless nights and only blaming myself but still know that there are half-decent, selfless people left in the world. Hopefully through research I have stumbled across a genuine, informative site, binarytoday, that I can pick up the pieces and start to trade again.
I will be saving my pennies and investing in your recommended software and go back to what I did best, which was small but rewarding, and not jump into the shark tank thinking I’m invincible, or the broker for that matter.
As much as I would like to completely rubbish this Broker I really only have myself to blame, sort of! I’m still in partial negotiation with them and hopefully they can deposit a bonus back into my account seeing that they had such a huge trading volume. Surely there’s a kickback for them with this trading volume.
My theory is, that if they traded the direct opposite with another account, they would have doubled their trades. So another account is in the plus and mine’s in the minus. Do this with 200,000 plus accounts(which they claim) and you can see how the funds roll in. This madness would certainly work in their favour. I just don’t understand enough on how these brokers work. They’re certainly in business to make money, not give it away! It’s as if they are the Casino and the house always wins a certain percentage.
That’s why I’m leaning toward your methodology and making informed trades via signalling software and research. This is how I started with my broker until the broker said he can trade more efficiently by taking over the account, rather than advising me of upcoming trades.
My Thoughts on Account Managers
I don’t have any experience with account management in binary options myself, I prefer doing things on my own. I just don’t trust people when it comes to money and I do everything I can to avoid binary options scams.
I’m sure there are some great account managers out there but if you are ever getting an offer like this you should think twice and do your research. Maybe set guidelines on how much this manager can risk in your account and interview the manager to make them prove to you they have what it takes.
This story isn’t the be all end all when it comes to binary options account management but it should ask as a stark warning of the risks associated when you trust your account with strangers. Don’t take risks, play it smart and believe in yourself.