PayDay – The Automatic System that Replaced Prime Analyst
PayDay was developed by the broker Banc de Binary in order to replace Prime Analyst. It is an algorithm that analyzes the assets in the financial markets through mathematical algorithms and technical indicators. When the robot finds a forming trend, it gives a signal of Put or Call (above or below), leaving the decision of placing the order up to the trader. The main idea is still very similar to its predecessor.
Like other systems on the market, PayDay uses the Trend Following Strategy, which has already been explained here on the blog. The advantage of using this system is that it does all the work for us, so it is ideal for those who have no trading knowledge, or prefer not to do all the technical analysis.
PayDay seeks to identify a trend, and usually a trend means that particular asset has been systematically dropping or rising. In this situation the system identifies that the asset is continuing the trend to keep moving in the same direction and gives you the entry signal.
Even if you are not a fan of automated systems, this type of system is increasing because of the advantages it offers, in particular in the ease and speed with which it makes technical calculations and analysis, and the results that some of these systems are able to achieve. In addition, there are many people interested in trading binary options, but they do not have trading knowledge and have no interest or time to learn.
However, it is essential to realize that all systems have days when they are unable to get good results. This doesn’t mean that system A or B is bad, but simply that there are days when the market doesn’t work well for certain strategies, and each system uses its own strategy. On these days it is important to follow the advice that can be found in the E-Book I wrote about automatic trading.
It is also important to understand the differences between the fully automatic and the semi-automatic systems. Compare the differences in this article.
Like I always say, there are no perfect systems nor foolproof strategies. There are days that the best strategy or system or Robot doesn’t work, and other days that everything works 100%. If you’re interested in trying PayDay , please do so for some time with multiple assets until you get the results you expect. If on the contrary you do not get the results you expected, you should not continue with the losses.
Remember the advice I always give. There are days that the market is not good for trading. If you have losses on 3 consecutive orders, stop trading and don’t trade anymore for that day. Come back the next day.
PayDay – Conclusion
Is Payday just a copy of Prime Analyst? In some ways, yes. Both the platform and the strategy are similar. Will the results be the same? The Prime Analyst robot had been having poor results and therefore Banc de Binary has decided to end it.
My opinion, based on my own tests, is that this new robot isn’t much better than Prime Analyst, therefore it won’t offer great results.
Even if its designers had time to study other Robots like Prime Analyst and tried to make this “update” better than the old Robot, I think they are still far from other proven Robots like as Algobit.
EXCLUSIVE BLOG PROMOTION
I have an exclusive offer for my readers. When you open an account on PayDay using the link from the blog you will receive 10 risk-free trades (5 USD each one). This means that the first 10 trades with losses will be free. This way you can test some orders and verify for yourself the Robot’s results, knowing that you will have no risk of losing. To obtain the exclusive offer open an account with the following link: PayDay. In addition to the promotion, also request the Trading Guide for Automatic Systems, exclusively for my readers. Before deposit please contact me to get the promotion.
If you decide to try a Robot, before depositing ask me by email or Skype (see contacts) to send you a Trading Guide for Automatic Systems. This short guide has a set of rules and advice that will help you use the Robot in the beginning. Even when trading with automated systems it is very important to comply with some rules that can be the difference between success and failure.