There are many different pieces of software out there designed to look at the markets and use pattern recognition to make successful trades without the emotions and “gut feelings” that get in the way of most people trying to make successful trades. The theory behind this type of software is that since it only looks at the hard numbers and the obvious patterns, it is going to be better at technical trading than any person. Whether or not this actually plays out depends a lot on the type of program or software being used.
Just What Is The Push Money App?
The Push Money App by Dennis Moreland and Mike Callahan is one of these automatic trading programs that is designed to scan real time moving currency pairs in the Forex market, look for a trend, and then when an obvious pattern shows itself, make a binary options trade. There are many different types of automated trading software packages online, but they don’t work the same. Aside from the various programs available, each one tends to use different trusted brokers, and the Push Money App is no exception in this regard.
The software is designed to read markets, and it’s designed to be used with a certain broker to make sure it is always functioning and interacting correctly. Nothing like connection error to lose a valuable trade and that’s what this setup attempts to prevent. After all, if a program like Microsoft Word needs to be different to work on PC or a Mac, then it is really important to make sure for a specialty software using real money that it always connects perfectly with whatever system it is using.
The Push Money App is free as a software, though according to all the sales pages there will be only a limited number released. A $250 minimum deposit is necessary to start out, so that is an expense on the buyer though the software itself is free.
In theory, the limited release should also mean better customer service and help ensure that there’s more focus on providing for customers who buy the Push Money App versus the many types of other automated software packages that just try to sell as many as possible to make money for owners who don’t care how the actual traders do.
Understanding more about this program means understanding more about the markets.
What Are Binary Options?
Binary options are a relatively new option when it comes to trading in the market, and is most commonly associated with the foreign exchange (Forex) markets, although they can be used in other markets at other times, the Forex is the best fit for binary options.
Binary options is where a trader (or computer program) uses pattern recognition and chart analysis to see if an asset (in the case of Forex, a currency pair) is most likely to rise in value or fall. The trade is then a “bet” on that asset being worth a certain amount at a set point in time. If the person is correct, they cash out. If not, they lose the entire trade.
These trades can be risky when not done properly, but they also take out a lot of the volatility in the Forex market that makes it nearly impossible for the majority of traders, even experienced ones, to succeed.
What Is Automated Binary Trading?
Automated binary trading is simply relying on software to spot the trends and make the trades when the factors indicate that you will probably be successful. Many traders prefer the cold logic of patterns and numbers to using an often wrong gut instinct.
Why Does It Trade The Forex?
Binary options need to wait for a lot of signals to come from the technical charts in the market. This means it can be a long time for any stocks or commodities to show any type of a trend, much less one strong enough to trade on. That’s just the reality of how those markets work.
However, since leverage used for trading Forex creates a ton of volatility, with price changes often happening by the second, there are tens of thousands or more signals each and every day, meaning there are that many more opportunities for a trend or counter trend to form. By focusing on the Forex, there are many more opportunities to make successful binary options trades throughout the day.
The Reputation Issue
There is a reputation issue whenever talking about automated trading software. This isn’t a judgement specifically on Dennis Moreland or Mike Callahan, it’s a simple fact that this is an arena that, when it first opened up, had a lot of scams. Understandably, this has made a lot of people extremely nervous when it comes to taking a chance on any type of automatic trading software.
In this case most of the major red flags for a scam are missing. There is no extremely high price demanding a purchase right now for software. There is a money back guarantee for that initial deposit that often is missing with other types of programs. There are people giving their names with this program instead of hiding them. Those are good positive signs in a market full of software products that can’t say the same good things about themselves.
Pros & Cons Of The Program
There are several pros and cons when it comes to using this program. It is easy to use, and video tutorials are included to help new traders through. The smaller group of people who get to use the software means more attention from customer service. There is also e-mail, chat, and phone support, although only e-mail support for non-English speaking countries. The fact that there is an offer of matching funds for the first deposit and no software download is also encouraging.
There are some potential cons, the first being only e-mail support for non-English speakers. A second is the fact that no matter how good a program, markets are volatile, and there is always a chance of losing money no matter what the trends seem to indicate. No amount of technology is going to change that for any type of trading software, though early tests claim a 70%+ success rate – which is far more believable than the scams claiming 100% profit.