SetOnTrade is a new binary options trading robot with multiple trading strategies and claims of an 80% winning ratio. Like most automated systems in this market, in order for you to gain access you have to register and deposit money with their recommended binary options brokerage.
Today I’ll be reviewing the potential of the system and letting the community know if it’s a viable trading product or not.
According to the sales page the SetOnTrade program is different from the other systems on the market because it can be configured to trade automatic or manual. Traders have the opportunity to set the system to provide signals or trade for them.
The software can be set to use different money management settings. Traders can use a Fibonacci model, a martingale model or a classic model which is offered to keep trades “typical.”
SetOnTrade uses multiple indicators in order to generate the best signals. They use trend indicators, RSI, CCI, MACD, Williams and STOCH. These are very common indicators used frequently by Forex traders. I use indicators frequently in my personal trading to analyze trading signals and pick more winners. The usage of indicators alone doesn’t make for a good strategy. It’s the way the indicators are being used alongside a strategy that makes it profitable. Claiming to use powerful indicators without explaining the role in the strategy doesn’t really get us anywhere.
It’s funny that the SetOnTrade has a section labeled “why we are different” because I’m going to tell your right now why they aren’t different at all. The trading system being advertised here is actually a white label robot. That means we have actually seen this system multiple times in the past being sold by other vendors marketing the system under different names. This is the exact same product as Option Robot, Gold Binary Robot and iRobot just being sold under a new product name.
If the platform was successful in the past then I would have no problem with multiple people advertising and releasing it to the public, but that’s not the case. This exact same product has failed multiple times in the past and despite not being updated, it is still frequently being released to the public by affiliate marketers looking to make a quick buck.
One of the most disappointing elements to the SetOnTrade white label robot is that the people who provide the robot to the vendors also provide a fake demo account that produces winning trades to make the system look better than it is an to trick people into depositing money. This scam is one of the worst scams in the binary options market currently and I hope that goes away soon.
I do not recommend SetOnTrade to any of the binary today readers. This exact system has been released way too many times and way too many people have lost money using it. Please be cautious and don’t add your name to a list of traders that have lost their deposits with the software that’s already proven to be a loser.
Today I will be releasing my October income report so you can look forward to that and in the meantime I recommend you check out the #1 software on Binary Today, Binary5.