My Cash Bot review – And steroids is not good for you
Price: Deposit of $250 needed to get software
Is My Cash Bot a scam?
I can say one thing for certain and that is that this software is not going to make you a millionaire in 3 months. Instead it is going to cost you more money than what you bargained for. I still cannot believe that people fall for these types of products. They all have the same ring to it and uniqueness is not something that they strive for.
What is My Cash Bot
The sales video claims that My Cash Bot is a sophisticated program that will make you money with binary options. I have a bit of experience when it comes to online trading and one thing that I can say is that if there was a program that will reduce your risk to 1%, then you will pay a substantial amount of money for it (If someone would even be stupid enough to sell the program).
The sales video claims
The sales video will sometimes show enough evidence that a product is a scam but for the sake of this article I will tell you what I found suspicious.
1. It is 100% free
That is an outright lie because why would anyone give away a program designed to make you more money from binary options. This just does not make sense. The program might be for free, but in the end you still have to pay close to $250 to get it.
2. Zero risk involved with trading while using this program
This is the second lie that came from the sales video. I do not care how sophisticated your software is or how good of a trader you are, you will ALWAYS have risk. You might be able to reduce your risk from 50% down to 20%, but the risk is still there. As you can see, the owner of this product does not know a thing about trading.
3. There are only a limited amount of copies available
This is very smart way to push someone to buy a product from you. If you can tell them that there is only place for 27 people to get access to the product, then they will be more desperate to buy the product from you. It is not ethical to use this technique for someone to buy something from you especially in the make money online industry.
I also know that by the time you see this video there will already be 27 people that would have joined it. This can only be used if you really only have 27 copies of the product because this will affect the supply and demand for it.
4. Completely on autopilot
This is also one of the lies inside the training videos. I know of traders that will sit for 16 hours a day in front of their computer watching the prices of stocks to go up or down and some days they do not even make money at all. You can run it on autopilot, but do not cry if you have lost all of your investment and did not stop your trade soon enough.
What you will actually find
Once you decide to go through with this program, you will be asked to open an account with a broker. The brokers are basically a binary options trading platform where your money will be made or lost. Once you have registered, you will be asked to deposit an amount of $250 into your broker account.
I was referred to Titan Trade and this is where I came across something very fishy. The page where you have to insert your credit card details does not have a SSL certificate. If you ever come across a page that asks for you credit card details and they do not have a SSL certificate, then they can hack your card and empty it within a day.
Now you do not want that on your shoulders and personally I do not think that that page is from the actual broker and can lead to major complications for you.
Will online trading really work for you?
Trading is a real way to make money on the internet. To become rich in 3 months is possible, but you can also become bankrupt in 3 within 3 months with binary option. The truth is that it takes a lot of time, money and experience to make money with trading.
The might be a software that can increase your success to 60-70% but there will be at least the other 30% chance that will lose you money. You aloe need to do your research about the stocks that you want to invest in and there is a lot of research involved before you can think about trading a specific stock or bond.
Will you be able to build a full time income from it? Yes you can, but remember that there will be some days where you will lose money or just break even because you cannot control the market and some days the market fluctuations will be too low to profit from.
Let’s say you are successful with online trading, you will never be able to experience the feeling of having a passive income, because you do not have an asset of any sorts. There is no difference between online trading and speculating with money.
Learn how to build a REAL passive income
I do not teach short term business models on my website because I am a long term type of guy. I know from experience that the relief of a quick buck here and there is temporarily, but the relief from making money every day on a long term basis will last for years to come.
One proven blueprint I found to make a passive income is through affiliate marketing. For those of you that do not know, affiliate marketing is where you promote products from other companies which make it so easy to start off with.
The driving force of my business is the creation of niche websites and this is where the whole mechanics of a passive income come from. One of my websites is giving me $100 per month because I have not touched it since January 2015.
Now $100 per month might not look like a lot, but remember that it took me 1 month to build and I did not outsource any writers to help me out. When you use outsourcing to grow your business, you can expect to get an income of more than $6000 in 1 to 2 years.
Many people have done it and I know it is possible. If you want to know where you can get started with this business model, you can head over to the most trusted training centre that made this dream possible for hundreds of people.