You may have seen Magnetic Profits making the rounds recently. It’s presented as an amazing approach that can earn you more than $1,400 per day without a whole lot of effort. However, the system is really not what it claims to be.
The introductory video alone is a pretty good indication that the product is unrealistic. For example, it starts off talking about how magnetism is a law in money like in physics, and how this amazing system pulls money into your bank account.
That’s a claim that doesn’t even make sense.
While we’re on the topic, does it seem at all likely that this guy (who no one has heard of), has a secret group of millionaires?
For that matter –what group of millionaires spends its time refining its secret technique into a system for making money, then just gives that system away? That’s not how millionaires act.
If by some fluke that actually did happen, then you would hear about it all over the news. Why haven’t you? Because there is no miraculous system here, just another scammy sales pitch.
When a company or site starts lying to you, it’s a pretty big indication that their product isn’t as good as they claim. In this case, one of the first major indications is the claim that Magnetic Profits is free.
You actually cannot make any money from Magnetic Profits without first putting money down. This is because of the system used for making money.
That system is binary options trading.
It is a form of options trading that has become all too common recently. Every week I see new sites pop up offering the same thing in slightly different packaging and with slightly different claims.
In fact, these sites are created so frequently that I can’t review them fast enough. I’ve spoken on the topic many times in the past (like here, here and here) and to claim that binary options trading is an easy and effective way to make money is completely ridiculous.
In essence, binary options trading is a bit like betting. You either put or call based on whether you think the option is going to increase or decrease. If you are right, you win money, if you are wrong, you lose your bid.
In theory, you can work out whether to put and call based on the trends in the market. In practice, markets are very unpredictable and change frequently. Even people very experienced at binary options trading find it challenging to make money.
Can you imagine how much more difficult binary options is for people just getting started?
Plus, because you are betting your own money, you have to make a deposit with the trading broker before you even get started. This completely undermines the concept of this approach being free.
Most binary options brokers out there have a minimum deposit of between $200 and $250, making it quite expensive to get started. You also risk losing everything you deposit, especially as it can be quite difficult to get your money back out.
Now, Magnetic Profits does provide software that is supposed to make the process of trading less risky, but that really isn’t the case.
This type of software is everywhere, and just about every site like this that promotes binary options trading has similar software. Software simply doesn’t have the ability to provide you with the information you need to make good trades and it certainly can’t make good trades for you.
In many cases, the software can make matters worse, as it gives users no control over their own trades and makes it harder to learn what is going on.
A Real Money Making Strategy
Binary options trading frustrates me, because sites like Magnetic Profits try to take inexperienced beginners and get them to think that they can succeed at a system that even experts struggle with. To make money online, you actually need a system that beginners can be good at and one with a reasonable learning curve.
This is why I promote affiliate marketing. I learned how to make money this way with no previous experience or training and I have continued to grow and refine what I do.
I learned through a training site called Wealthy Affiliate and I recommend that you take the time to check it out too. Yes, the training does cost, but that cost is reasonable, and at least Wealthy Affiliate doesn’t pretend to be free like Magnetic Profits does.