Product Name: Easy Dollar System
Price: $12 (around £7.50)
Money Back Guarantee: No
What Do You Get?
– Access to a website setting out a system for making money from binary options trading.
Where To Buy: http://www.peeep.us/9a44e53f
Easy Dollar System is a system for making money from binary options trading. This is where you bet on a particular market going up or down within a specified period. If correct, you typically win 75% of your stake. If incorrect, you lose all or most of your stake money.
What’s It All About?
Easy Dollar System is a system for binary options trading. As stated above, this is a type of options trading where there are just two possible outcomes. If, at expiry, the option settles as the trader predicted (“in-the-money”), the trader receives a specified sum as profit, typically 75% of his stake. If he is wrong, however, and the option settles out-of-the-money, he receives nothing or (with some brokers) a small consolation payment.
This means you know the exact upside (potential gain) or downside (potential loss) on any trade. Unlike traditional options, binary options provide a full payout even on a single pip price movement in the predicted direction.
Easy Dollar System suggests a method for predicting which way a particular market is likely to move and a staking system designed to capitalize on this. The system can be used on any of the available binary options markets, including currencies, commodities, stocks and indices.
Do I Need Experience To Make This Work?
Experience is not required. The actual system is quite straightforward and easy to grasp. Whether it will actually work is another matter, of course.
How Much Money Do I Need To Get Started?
Aside from the cost of the software, you will need some money to fund your trading. Binary options brokers typically require an initial minimum deposit of between $50 and $250, although minimum trade amounts can be as low as $1. Some brokers will allow you to practise risk-free with a dummy account, although typically this is only granted for a short period (e.g. a day).
How Much Money Can I Make?
In theory you can make a lot of money from binary options trading, and in the UK any profits are tax-free, as it’s regarded as a form of betting. The profit when a binary option expires in-the-money is generally between 75% and 81%.
How Much Time Will I Need To Make This Work?
This is not a time-consuming opportunity. Reading the website, watching the videos, and setting up your account shouldn’t take more than a couple of hours. After that, it’s really just a matter of how much time you want to devote to trading. Please read my full review (below) before proceeding, however!
Will I Need Any Equipment To Do This?
Just a computer with an internet connection.
Value For Money?
Not in my opinion.
Does It Live Up To The Claims In The Promotion?
No. For example, it says, “You will not find a system like this anywhere else online. This is not one of those programs that hundreds of people are selling on ebay…this is 100% original content!” That is not the case. The system is almost identical to The Lazy Day Trader, which you will find reviewed elsewhere on the website.
Quality of Customer Service:
As there appears to be no way of contacting the vendor (you don’t even get an email receipt) I wasn’t able to test this.
Buying Easy Dollar System was straightforward enough, although I had to pay by credit card, as they don’t accept PayPal. Once your payment has been accepted, you will be invited to click on two banners. One of these supposedly takes you to your members-only bonuses, while the other just says “Get Access Now”.
Rather puzzlingly, I couldn’t find much difference between the two pages. Both set out how the trading system works. There are some different videos on the bonuses page, but no extra bonuses that I could see.
Both pages also “borrow” heavily from the Lazy Day Trader members site, even including some of the graphics and the message that starts, “Welcome, my name is Keith Jones. I’m a former London Stock Broker with over 8 years experience in trading currency.” If I was Mr Jones and saw this, I’d be reaching for my lawyer’s phone number.
The system itself will also be familiar to anyone who has seen The Lazy Day Trader. Basically, it involves following a third-party tool that claims to give insights into what professional traders are doing, and copying them. It incorporates a method of “retrieve staking”. This requires increasing your stake after each losing trade, so that if the next one wins you recover all your losses and still make your target profit.
What this means in practice is that if you have three unsuccessful trades in a row, by the fourth you will have to stake fifteen times the amount you staked on your original trade. This is hugely risky and makes the discredited Martingale method – where you double up after every losing bet – look cautious in comparison.
The sales page confidently proclaims that your chances of a winning trade after three losses are 100%. That is clearly nonsense. Your chances are no better and no worse than they were with the first trade.
Easy Dollar System recommends a different binary options broker from The Lazy Day Trader. The one EDS recommend is 24Option. I’d be wary about using this company myself. They have a high minimum deposit ($200) and won’t let you practise with a dummy account until you have made this deposit. There are also reports online of clients having problems withdrawing their winnings.
At least Traderush (the broker recommended by The Lazy Day Trader) allow you to practise with a demo account before putting up any cash, even if it’s only for 24 hours. Of course, the link from EDS to 24Option has an affiliate code, so if you sign up through this, the vendors of Easy Dollar system will presumably receive a commission.
Overall then, as you may have gathered, I do not recommend Easy Dollar System. If you nonetheless wish to try it, it may work for a while, but sooner or later you will encounter a losing run which will wipe out your bank in double-quick time.
In addition, I am extremely dubious about the absence of customer support and the fact that the system appears to be almost a carbon copy of The Lazy Day Trader. One to avoid touching with the proverbial ten-foot pole, I think.