Binary Options traders always look for new ways to profit from binary trading. In our last article we’ve seen what binary options signals are and how they work, because more and more traders seem to be convinced that auto trading is a good thing. Another tool, similar to auto trading is the CToption binary replicator, which we will discuss in detail in this article.
Overview of CTOption Binary Replicator
Binary Options Trading has seen major advancements in the last few years. First, retail traders were able to gain access to the exclusive industry through online platforms. Then, the minimum investment capital needed to operate an account in the trading industry met a sharp decline. Fair to say, more progressions were made than could be contained in an article. This article though, will expatiate on an innovative feature from CTOption, the CTOption Binary Replicator.
What is the CTOption Binary Replicator?
The title of this article contains an inscription that is bold in nature, “Making Money In Your Sleep.” While making money with the Binary Replicator feature is not really tied to if you are or are not conscious, the basic premise of using the features rests on the fact that you can make money without you making the trades.
In plain terms, you do not have to make a trading decision. That decision is made for you. By who?
By professional traders with a proven track record of success. You could say then that the binary replicator is a new application of the ‘standing on the shoulder of giants’ saying. Herein lies the difference between the CTOption Binary Replicator and a binary trading bot or EA.
How does the CTOption Binary Replicator work?
First off, you have to be on the CTOption trading platform for the binary replicator to work. Once you have access to the feature, you are able to choose from a list of traders whose trades you would like to replicate.
Choosing a trader or a number of traders is the hard part, as you have to be careful to avoid losing money as opposed to making money in your sleep (more on this later in the article). However, once you have made your choice or choices, you assign a set amount of money to a trader.
What follows then is that, when a trader you follow makes a trade, the same trade is replicated on your trading account with the set amount of money you assigned to the trader. For every trade that is made by the followed trader, the same set amount of money is traded on your account for each of those trades.
Summarily, how the feature works can be understood through the name of the feature. Quite simply, you replicate the binary trades of a trader you follow. Consequently, the outcome of the trade of the followed traders reflects in your trading account. If the trader you follow makes a profit, you make a profit. If however, the trader makes a loss, you make a loss.
This simple fact about the feature underscores why these tips would be repeated for the second time in this section.
- Be careful about the trader you choose to follow
- Be careful about the set amount of money you assign to each trader
Why you should use the CTOption Binary Replicator
There are several advantages of the CTOption Binary Replicator. The feature enhances flexibility, convenience, profitability, and scalability of your binary trading operations. The benefits of using the binary replicator include:
- Choose any trader you want to follow, sit back, and watch your profits increase
- Choose as many professional traders as you want
- Stay on tab of the performance of the traders you follow anywhere: on your PC, a tablet, or a mobile device (iPhone or Android)
- Remove non-performing traders from your followed list anytime
- Increase or reduce the set amount for a followed trader at any time
- Monitor the activity of professional traders using ‘Manual code’
How to Use the CTOption Binary Replicator
Steps to follow to Use the CTOption Binary Replicator
- Log into your CTOption Account
- Click on ‘Replicator’ at the top right of your account page
- In the ‘Follow Leader’ page that opens, closely monitor the replicator indicators (Win Rate, Profit, Copiers, Trades) to choose an appropriate trader to follow
- Click on ‘Copy’ for a selected trader
- Fill in necessary details like the set amount per trade in the pop-up that appears
How to Ensure Continued Profitability using the CTOption Binary Replicator
- Choose a successful professional trader
A successful professional trader has a track record that screams consistency. Professional traders who are successful may not have made the most profits, but their profit to loss ratio will be the highest.
This is why the most important replicator indicators to note when scanning for a trader to follow are: Win Rate and Trades. The Win Rate is a percentage that represents the number of profits made: the higher the percentage the better. The Trades indicator represents the number of trades placed by a trader: it reflects on the Win Rate. The higher number of trades the better.
Here is the important part!
It is important that you follow a trader who has a Win Rate of above 70% with a decent number of trades.
- Monitor the consistency of followed traders regularly
You should monitor your account regularly to ensure that traders are consistently profitable. You should note though that the replicator metrics in your list of followed traders is different from the main list of traders.
In your list of followed traders, the Win Rate is tied to the number of trades completed starting from when you added the trader to your list. As a result, the Win Rate of a trader in your list will virtually always be different from the Win Rate of the trader in the main list of pro traders.
The implication of this discrepancy is that you may follow a trader with a Win Rate of above 70% in the main list, but who after a certain number of trades will have a reduced Win Rate that may be below 70% in your list of followed traders. In a scenario like this, it is oft advised that you stick with the trader for a while longer.
- Add and Remove traders from your list of followed traders when necessary
In time, there will be traders that meet your selection criteria. It is important that you identify them soon enough and copy their trades.
Contrastingly, a few traders on your list may begin to falter. Patience is a virtue, but so is financial wisdom. Traders adopting questionable strategies or begin to trade recklessly should be removed from your list as quickly as you added them.
- Money Management
Your capital is your lifeline. It is recommended that you do not risk more than 1% of your capital per trade. Even with this strict measure, tread with caution when assigning a set per trade amount to a trader you follow.
The smart thing to do financially is to set a per trade amount of a fraction of 1% of your total capital for new traders you follow, or followed traders who are showing signs of failing. When you observe sustainable improvements, you raise the per trade amount marginally. Subsequent increments should stop at the 1% limit.