Who wouldn’t like to earn money automatically? Auto Money Machines claims that you can make $250,000 or more every month ‘on complete autopilot’. Sound too good to be true?
Automatic systems for making money are a pipe dream. They’re something that everyone wants, but they just don’t exist. The only real way to automatically make money without effort that I have ever seen is to build a business up and then outsource all components of it. Even then, there is still some management involved. Plus, that doesn’t really count, because you still put the effort in to get it to that point.
So, how can Auto Money Machines make the claims that it does?
The concept itself is relatively simple and very common. Basically, the site is promoting a piece of software (he calls it a machine) that uses binary options trading. Specifically, the software looks for trends in the markets and uses these to tell users what they should do.
Now, Spencer claims that binary options is used because of how fast money moves.
In some ways that’s true. Money does move very fast in binary options trading, but that isn’t necessarily a good thing. It means that you can win, and lose, money very quickly through this type of trading.
A key part of the sales pitch for Auto Money Machines is the idea that you are trading with high accuracy. This sounds great, because it suggests that there is very little risk. That’s not true though.
In fact, the site never even describes what 99.9% accuracy actually means. The implication is that the percentage refers to success chance, but if it did, it would have been called that. Instead, the concept of accuracy is pretty much meaningless, and it certainly doesn’t mean no risk.
Risks of Binary Options
The appeal of sites like this comes from the concept of easy money. The initial pitch suggests that it is a free approach that can earn you a lot of money without much effort.
The catch is all in the wording. Yes, the software is free – but making money with it will cost.
This is an approach I hate. The site spent multiple videos hyping how much money people can make before making it clear that they have to invest first. Some people watching the rhetoric will end up pulling out their credit cards because it all sounds so good – and this is just pure manipulation.
You have to deposit into a binary options broker before you even get to see the software that the site has been promoting so heavily. This means that you have no real idea how the software is going to work before you risk your money.
Instead, you have to take it on blind faith that the software will do what the author claims. That’s a lot of faith to give an author who implied that his money making approach was free.
Here’s the thing. Binary options trading is risky, with or without software.
It is a type of trading where you try to predict changes in the market and bid accordingly. In particular, you are asked to predict whether a given asset pairing is going to increase or decrease by a certain time frame.
It sounds easy enough – just watch for trends in the market. But it isn’t that simple.
Binary options trading is fast and markets change rapidly. With binary options you are dealing with tiny timescales where markets frequently fluctuate up and down. Even if you could see a particular trend, it’s still very likely that the market will end up somewhere different.
Even software can’t predict changes in the market, and most of it tends to be no better than a human at making money through binary options.
Another catch is the money. You’re bidding with your own money and you have to deposit around $200 to even try (good luck getting any of that back out). It’s a huge risk and getting involved in trading that you don’t understand is never a good idea.
In essence, you have a 50% chance of making the right choice in a bid with binary options. If you are wrong, you lose what you bid. If you are right you get the money back, plus 75% to 85%, depending on the option and the broker.
To even break even, you have to win considerably more than 50% of the time – and that’s not easy. You end up taking a lot of risk, yet, the marketing on the site implies that making money is a sure thing. It is a very manipulative scheme, and unfortunately, a very common one.
Making money online can be done, but so-called automatic systems never have any real potential. If you want to make money online, like I do, the real trick is to start at the beginning and learn with training courses. It might seem slow and it might seem challenging, but anything worthwhile takes effort. Trusting that someone will “give you the secret” or “unlock unlimited profits” for you is not something I recommend!