Trader X Review
This Trader X Review will uncover what exactly the Trader X system is, if Trader X is worth it and what the pros and cons of the system are.
Trader X offers come with plenty of big promises, but before you reach for your credit card, let’s do some digging. By the end of this review, you’ll understand how much you can make with Trader X. You’ll also know if this system is worth your time and money. So, let’s get started…
Contents
How long does Trader X take to set up?
How long does it take to use Trader X?
How much can you make with Trader X?
Trader X Review – Disadvantages
Trader X Review – Conclusion and Overall Rating
What is Trader X?
The question is not quite what is Trader X, but rather who.
Trader X is, In fact, a person.
Actually, Trader X is more of a persona. An anonymous and self-proclaimed highly successful trader. A trader who has deigned to share his or her knowledge of profit-making with the world. There is, as you might expect a fee to get a glimpse of this knowledge.
You might catch a note of irony in that last bit. I’m sure just like me, you’ve heard this story before about a mysterious unnamed trader ‘revealing’ his secrets. What it usually means is that they can weave their story without the need for proof.
Let’s see if that’s the case here too…
The Trader X systems come to you in the form of books. Some can be bought on regular publishing sites like Amazon, but others are readily downloaded from various offers on the web.
All of them promise to deliver huge returns on your investments over a very short space of time. These are all aimed at getting you to sign- up for more in-depth support. This is via email, text messages and access to a piece of software and spreadsheets.
Again, this has a familiar ring to it. Before we make assumptions though, let’s see what it’s all about.
How does Trader X Work?
OK, there’s quite a bit to this so bear with me.
Trader X’s expertise lies in what is known colloquially as ‘pickpocket’ trading.
For the uninitiated, ‘pickpocket trading’ is binary trading with less of the risk. In fact, it can be more accurately described as ‘binary betting’.
Binary betting describes the act of investing an amount, the return on which depends on the outcome of a two-way event. It’s either ‘yes’, or it’s ‘no’. It’s ‘up’, or it’s ‘down’. It’s ‘touch’, or it’s ‘no-touch’.
The Trader X system in itself is simply a support service. You can purchase a book, mostly for instant PDF download, which will give you tips and advice on how to make the most of binary betting.
You may also sign up for email or text alerts when Trader X spots a ‘signal’, which is his way of saying ‘it’s time to place your bets’. Of course, he doesn’t guarantee the outcome will be positive for you, but with decades of experience under his belt, it’s akin to having a top racing tipster dropping you hot suggestions for today’s races…
But I’m getting ahead of myself here. Before we go any further, a quick explanation of Binary Betting…
What is binary betting?
Binary betting is a newer form of trading and offers better risk management for new traders. Or, for those who want to get started with a small, fixed risk in place.
It’s called ‘betting’ because it’s more like gambling than investing. Using ‘signals’ from the market, you make a prediction about the way something is going to go that hour, day, week. If your predicted criteria are met, you win.
Binary betting is relatively simple to understand. It can be applied to a range of markets, not just financial. You could use a binary betting strategy with the Trader X system to bet on foreign currency, the price of gold, stocks and some other commodities. You also don’t have to wait the whole day to make your Trader X profits, as you can choose a range of bet types to suit,
for example:
· Touch / no touch: You bet for or against the market touching a certain point within a given time frame. For example, you bet on the price of gold ‘touching’ £940 by this time tomorrow. If by tomorrow morning it has risen to £941.56, you win, because it ‘touched’ the point you selected.
· Extreme short bets: Short bets can run for five to 20 minutes and are usually placed on volatile markets such as the FTSE.
· Tunnel: Tunnel betting requires the market to stay within a certain range for the duration of the bet.
· Ladders: You bet that a market is over or under a certain price by a certain time of day.
· Hi-Lo: You gamble on today’s high or low for that market being a certain distance from yesterday’s levels.
Whichever way it is framed, binary betting is based on a solid principle of choosing one out of two outcomes. Just like flipping a coin, you’re betting on heads or tails and will either win or lose; there’s no middle ground.
How long does Trader X take to set up?
As I mentioned above, there’s a book or two to read. They are certainly longer than the brief explanation above, so will take you much longer to read. That said you will learn so much more.
Book purchasers get his ‘cheat sheet’ and basic method explained to them so that they can try to spot these signals themselves.
If from that point, you choose to get involved with Trader X further, it will depend on how often you choose to trade yourself. Or, how often Trader X spots a signal.
Of course, if you haven’t got one already, you’ll need to set up a trading account, which isn’t always a quick process.
How long does it take to use Trader X?
Again this depends on how many trades you wish to make during the day. The actual mechanics of placing a binary bet should not take you more than a few minutes.
How much can you make with Trader X?
As with any form of gambling, there’s no real certainty even with the best system in the world. Strange and bizarre things can and do happen, so there’s always the possibility you’re going to lose the lot.
The Trader X system helps in that it narrows down choices, giving you clues to winning strategies. But, there’s no firm guarantee that you’re not going to lose all your money.
The profitability of the Trader X systems is hard to define. Depending on which particular sales blurb you’re reading, you could be looking at £750 – £960 per week, tax-free, or £29 to £61 a day. Some parts of the promotional literature tell you that you can turn £2 into £60 in a second.
Claims like this are always a worry. What makes it worse is that there is very little information out there about how his system actually works in practice.
If we look at binary betting in general, however, the opportunity for a profit is certainly there.
It’s not without the usual risks too.
When you’re looking at how much money you can make with Trader X, what you really need to look at is how much money can be made with binary betting.
There are certainly reports of highly educated, experienced binary traders making as much as £10,000 plus per month. Practically, the majority of us at the bottom of the investment tree do not stand much of a chance of earning even 10 percent of that figure. At least, not in the early days.
Hypothetically, because a binary trade will only have two outcomes, you are likely to be right 50 percent of the time.
If you understand the market signals and have done your homework, you could improve this probability slightly. However, the thing to remember is that nobody can really predict which way a market will move. So, even with the help of the Trader X information, you are essentially betting on the outcome of a coin toss.
So while profits are possible, you have to go into this with the expectation that you will lose nearly half the time.
How much does Trader X cost?
It’s difficult to put a price on the Trader X system because there are several products out there which can get you started.
Most of the Trader X system is delivered via books, with some available on mainstream stores, such as Amazon, in either PDF or physical format.
Others are only available through a partner company of his, Agora.
Books range in cost from around £18 to more than £150 and receive mixed reviews from consumers.
Some of the most frequently purchased sources of information, according to review counts, are:
1. Fast Track Guide to Trading Binaries. This system claims to serve up a return of between £152 – £1,685 per month, tax-free, through binary trading or ‘betting’.
Sold through Agora, the Trader X book costs £37 and is offered on a money-back 30-day trial.
2. Pickpocket trader. This Trader X system claims to help you ‘rob the market blind’ in a legal manner, claiming profits of £430 – £960 weekly. It also claims you will never risk more than £40 on a single trade. It even gives you access to a website where Trader X software has been installed to make it easy to find your trades. The special introductory offer is £997, and the second year will be £1,270, although it does state that you can cancel within 60 days and get your money back. As well as the software, users will receive direct Trader X texts to alert them to hot opportunities as they arise.
3. Technical Trading Online: Although written by someone called Jerold Roth, the book was dictated to him by Trader X themselves. We found it available at Amazon for £32.29 as an e-book or for £33.99 in hardcover.
The reviews suggest that it’s a well-written introduction to online trading.
Unfortunately, it doesn’t go into enough depth for the more advanced trader.
There are other books available to purchase in either paperback or PDF / Kindle format. These range from forex focused guides to day trading tips, and are priced from around the £50 mark up to £155 or more.
The Pickpocket software claims a free 60-day trial and the Fast Track guide a 30-day trial. However, there have been mixed reports of just how easy it is to claim your money back once you’ve parted with the cash.
Is Trader X easy to use?
Binary trading is a simple principle to understand. If you have read the books and are receiving the alerts, the practice is equally as easy. The issue is not whether it is easy to use, but how well you can cope with losing nearly half the time. Not for everybody.
Trader X Review – Advantages
Trader X, as an investor, is a person who obviously knows what they are talking about. The positive reviews of his books are testament to his knowledge of the sector (with the caveat I’ll mention in a minute).
It’s easy to start trading, as long as you can get an account. Also, each trade does have the potential for a good return.
Trader X Review – Disadvantages
Now the bad news. Unfortunately, none of the books go deep enough into the subject to warrant the high price tag.
Other books out there (as well as free information on the web) will probably do as much for your trading career. Trader X’s books are As far as the Trader X software goes, there have been many similar products marketed by Agora which have subsequently been pulled.
Some of them were so close in nature to the Trader X offers, such as the previously mentioned FX Pickpocket and others with names like Bedtime Trader, 100% FX Review, Snapback FX and more.
Of course, the biggest disadvantage is that you need to get your head around the fact you’re going to lose nearly half the time. This doesn’t mean win one lose one, this means lose five or six, win six or seven. This takes an awfully strong constitution to ride out those losses.
Binary trading is a literal rollercoaster of an experience.
Trader X Review – Conclusion and Overall Rating
The Trader X binary betting system is not for the faint of heart. The lower-priced books offer a relatively good basis for starting out trading in this manner. Positive reviews on Amazon and Goodreads suggest that people have found them good at an introductory level.
However, for the prices (£17 – £37+), there’s not much here that can’t be found in other well-reviewed books for less money. Amazon is awash with binary trading books for £5 or less, and there is a lot of free information online too.
Make sure you shop around before committing to the Trader X binary betting system as there are lots of other choices out there.
One last word about the refund…
In a closing point regarding whether Trader X is worth it, beware the promise of a free 60-day trial, as it might not be as easy as you think to obtain your refund.
The web is littered with reports from consumers of problems with Agora refunds. You may well have a different experience, but don’t rely on the ‘money-back guarantee’ as part of your buying decision.
The overall verdict for the purpose of this Trader X review is that there’s not much here that isn’t offered elsewhere for less money. Although the software and text messages seem like a nice touch, it’s relatively easy to learn binary betting and spot the ‘signals’ yourself.
Trader X seems like an experienced, successful trader himself. But, these products are probably not worth your investment.
Has any body actually used this?
I tried the Pickpocket Trader a few months ago, but gave up and got my money back. Out of 5 trades recommended, 3 were successful. The reason I gave up on it was the relative infrequency of trades – 2 in one week was the best I did, with usually only one recommendation every 7 to 10 days. I have copied and pasted a paragraph from my email to Trader X which sets out the problem.
“As I am contacting you anyway, I would like to clarify whether my thinking is correct. It seems to me that this service was a bit overhyped, and that the potential returns are not that great unless using very large amounts to trade. As there are stated to be some three or four regular opportunities a month, I have worked out the following, and would be grateful if you could correct my reasoning if necessary. Say there were 50 trades in a year, returning on average 80% a trade with a 70% strike rate, and using £100 a trade. This would yield 35 winners at £80 = £2,800 and 15 losers at £100 = £1,500 – a net total of £1,300. Now, obviously the return might be up to 90% in some instances, and there could be a few more trades than the estimated 50, but neither factor would significantly affect the overall picture which is that even at £100 a trade, the annual return would more or less cover the annual fee. This then leaves your occasional big hitters which return a lot more (2,000% or so, you state). Am I right in my basic reasoning, and does this mean that the service relies overwhelmingly on those occasional large returns in order to yield a decent annual profit, or does one have to make up for the infrequency of trades by using much larger amounts, which of course would require a bank substantially larger than the recommended minimum of £1,000. Even to use £100 a trade requires a bank of £2,500.”
I received a somewhat waffling response to that, with no real effort to refute my conclusions, so I cancelled. No problem with getting my money back from agora.