A short while ago, I wrote about binary options and how they’re one of the easiest ways to get into day trading. The concept is relatively simple, but how can you turn it into a consistent money maker that puts a steady flow of cash into your back pocket?
That’s how we find ourselves looking at today’s review of Lazy Day Trader. It’s a system that promises to teach you how to “generate $5,000 a week from home.” But is it really that easy? And how much do I need to invest in this system? Let’s find out.
Easy Money In Three Easy Steps?
On the main Lazy Day Trader website, you’ll find that there really isn’t much in terms of navigation. You won’t find an about page, a features page, a buy page, a contact page, or anything of that sort. It’s much more straightforward than that.
At the very top of the page is your main navigation. Looking at this, you really only have to take three steps to get started with binary options and to start earning all that money from your day trading activities. The interesting thing is that this system is free and it doesn’t actually cost you anything to learn it; you will need your own money to invest in the market, of course.
So, What’s the System?
If you’ve ever played Blackjack in the casino, then you might be familiar with this basic premise. The idea is that you start with a base amount for your binary options investment. If that investment comes through for you, then you reap the profit and start again. If that investment doesn’t come through for you, then you increase your investment on the next step and try again, continuing until you’re able to cash in on one.
The video demonstration goes through a more in-depth explanation and a real world example of this strategy being put into practice. Another major component of the strategy is something called the Trader’s Insight tool. In effect, this tool lets you see what all the other traders are doing for each binary option.
Based on this real time information, you essentially jump on the biggest bandwagon you can find and follow the incrementally increasing investment amount. If you look at the the basic guide, there is a little more information about the exact process. How they came up with the 57.4%, 79.1%, 98.9%, and 100% “chance” figures is beyond me. Similarly, I’m not sure how the “magic” figures of $10, $26, $65, and $150 came to be, as I would think that these would have to shift according the relative expected return for each trade.
In any case, that’s pretty much it. The system does feel awfully simplistic and there will be inherent risks with any investment. You also have to realize that many of these binary options are on half-hour cycles, so you will be trading several times over the course of the day, monitoring your profits and losses and trading accordingly. The demonstration shows currencies, but there are binary options for indices, commodities, stocks, and so on too.
How Does Lazy Day Trader Make Money?
So, if Lazy Day Trader is giving away the entirety of this decidedly simple investment system, how does the site make any money? There is just one monetization strategy in place.
On the page for step two and on the last page, there are prominent links encouraging you to sign up for OptionBit. This is the actual platform used to conduct the binary options trade transactions. The key is that both of these links are affiliate links, presumably earning Lazy Day Trader a commission for each new sign-up.
Now, it’s ultimately up to you how you choose to invest your money and with what platform. Taking investment advice from some random website on the Internet may not be the smartest idea, but at least the system described on the site is easy enough to understand and execute.