This bot is essentially a trend following Expert Advisor . It operates on the currency pair EURUSD (M15) and so it is kind of restricted if you are keen to trade other currency pairs. When I first started, I was always asking about the strategy that the Binary Bullion Bot uses but like many other forex bots in the marketplace, it’s like a black box where no description is given as to how they arrive at a final decision whether to buy or sell.
Basically, it’s been programmed to automate the process of forex trading so even if you are a newbie and unsure of how to configure the Binary Bullion Bot systems, don’t worry. Just start with the default settings and don’t mess with the settings until you know what you are doing. That is how I started. I generally have the itch to fiddle with settings but I found that the fault settings are good enough to start with.
The entry of any trade is centered on the volatility indicator running with two different periods. When this indicator shows that volatility is changing, a trend is considered to have started and the Expert advisor will open a position. If it is discovered that the market is going against the trend, the position will be rapidly closed with an average loss of 30 pips. The bot will then wait for another situation with good profit potential.
On the Binary Bullion Bot other hand, if the market moves in the right course as forecasted, then the EA starts to add to the current position. It can reach up to five times its original quantity. Of course in reality, markets can retrace and the positions will not always run their course. But when they do trend as forecasted, they can give a lot of profitable trades.
Trades are opened whenever the forex bot finds that the trading conditions are met throughout the day and night. In this case, the opening positions are not restricted to any specific trading session. The EA opens and closes its positions at the start of each bar and doesn’t send a stoploss and take profit target with the order.
As far as parameters is concerned, the basic Binary Bullion Bot version does not have all the features that some other forex bots have. It allows you to set the lot size manually and there are also parameters for controlling the volatility configurations.
If you are interested to do more configurations yourself, look out for the advanced edition that gives you access to more settings such as the Wave Trailing which is a form of trailing stop and more volatility settings.
The advanced version also has a reinvest capital option. This can be a form of money management that is more advanced and you can increase for each specific quantity of profit made.
To me, the Wave Trailing parameter offered by the advanced edition, is useful. I found that it has been able to improve a bit on the profit in comparison to the basic version. Trades that delivered a lot of profit are allowed to operate for a longer time and thus able to get more gains when this feature of Wave Trailing is enabled. However, some traders did find that there is a higher drawdown risk but most don’t mind.
Regarding lot sizing, you can set the number of lots manually. You are asked to use 0.01 lots for balances under $250 and 0.1 lots for balances over $2000. However, this can depend on your tolerance and style of trading.
As for currency pairs, the program recommends running only on EURUSD M15. I believe you would get the best results are with the one highly recommended.
The Binar Bullion Bot complies with the no-hedging rules. It now offers the option that will allow you to enable compliance with FIFO. This is essential if you’re using a US broker that implements this FIFO rule, otherwise you will not be able to buy and sell.
Over-all, this forex bot, despite its lack of many functions for the basic edition, is in my opinion one of the best trend forex bots. The price is well worth it and is a one time payment. I personally found the Advanced Edition well worth it. If you are worried about the Binary Bullion Bot settings, don’t be. This is an easy bot to handle and when you start just go with the default settings.