WikiTrader is an extremely peculiar kind of software, but not another pointless scam based on the industry’s consensus. Its captivating video doesn’t generate a lot of trust in those who have an eye for various auto trading-based scams, but the bottom line is, the WikiTrader.co software actually works. There are several instances of real-money testing confirming this, and some of these tests are available online. The tests were done by actual users and some of them by representatives of various binary option portals. These sites were given the software so they could have a first-hand look at what they would promote.
So what exactly do we have on our hands with Wiki Trader?
The person behind the innovation is Kelly Wallace, a businesswoman involved in a myriad of various ventures apparently, who has built a team around the concept of an open source auto trader. This auto trader was developed by accident, by Wallace and Tom Kingston, her partner. They apparently wanted a software which could handle their trading for them, and thus avoid having to pay broker fees and other such expenses. The software was designed to improve itself by re-analyzing the data generated by its users. Over time, after countless such feedback-loops, it got so good at it, it had essentially developed a “mind” of its own. Now then, this is where the promotional video of the product goes a little haywire. Tom claims at one point that the WikiTrader.co software is able to see far into the future of the market and that it can place trades with 100% accuracy. This is just not true though. The real money tests of the software show that while it is indeed capable of racking up profits, it will in fact lose some trades. Its actual success rate is in the neighborhood of 80%, depending on the aggressiveness of the trading and the money management method used by the individual trader.
Watch Kelly Wallace go over the innovative concept behind WikiTrader.co
Another claim that seems to be off the hook in the video, is the one according to which, thousands of dollars can be generated with WikiTrader every day. While this may be true for someone who can afford to invest upward of $500 per trade, for the rank-and-file trader, the numbers are much more down to earth.
While in the presentation, there are two programmers invited to provide information on WikiTrader, we never really learn much in this respect, other than the fact that the system is really complicated. Still though, it works, even if not quite at the level advertised in the said video.
One of the people who got the chance to give WikiTrader a first-hand go, was Judge Binary Options Kyle, who made a video of his little, 2-week long experiment. He started out with a $250 deposit, which he made with TradeXtra, one of the brokers associated with the WikiTrader project. He specifically went for the auto-trading mode, because that’s where the true power of the software resides. Without auto-trading, WikiTrader is little more than a fancy signal-service, still useful, but vulnerable to the mistakes that inexperienced traders commit when they have to actually act on the received signals.
With the auto-trader though, there is no such vulnerability, and people with zero trading experience can in fact make it work and churn out profits. Back to Kyle and his experiment though: at the end of his first week of auto-trading, Kyle had a little over $1,500 in his account. That was not a bad leap at all, from $250, but still a far cry from the sensational numbers claimed in the WikiTrader promotional video. It is also true though that Kyle adopted the most conservative approach allowed by the auto-trading function. He set his investment amount to $25, and his trades to 1 (meaning that he didn’t allow the software to have multiple trades rolling on at the same time). Over the first test-week, WikiTrader took some 15-20 trades per day…indeed a rather cautious approach, as that translates to fewer than one trade per hour. It took a total of 93 trades, of which it ended 74 in the money. While that is still very impressive, it is indeed far off the 100% mark that Tom floats in the video.
At the end of the second week of trading, WikiTrader was showing an account balance of $2,852. Obviously, it took the trader two whole weeks to generate $2,600 in profits, and not a few hours, as said in the video. Again, this was accomplished with the most conservative settings, but it was indeed a lot more plausible than the numbers floated in the video. Our guess is that if you too register an account with this trader, you’ll probably see similar results to these. At the same time, it has to be said that it is well within the realm of possibility that these numbers can be improved vastly, through the use of a much more aggressive investment approach. That will however also entail more variance and bigger risks. At the end of Kyle’s two-week trading spree, WikiTrader had registered a total of 172 winning trades, for an ITM-rate of 80%. That isn’t shabby at all, especially considering that it offers a much more realistic peak into what this auto trader is really capable of.
WikiTrader.co offers traders access to an unusually high number of trusted brokers. The minimum deposits at all these brokers are set to $250. One of these brokers is the aforementioned TradeXtra, while another one is GToption, a broker well-known from its partnerships with other working auto-traders.
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Apparently, those in the mood for more action, and with another $250 to invest, can grab an upgrade to the WikiTrader software, together with a massive cash bonus. This upgrade introduces another broker to the fold, and it delivers some copy-trading capabilities, which can further improve one’s results.
Join the software Free on Charge: WikiTrader.co
The bottom line is that with all the massive positive hype from its promotional video, or perhaps in spite of it, WikiTrader does work. It produces realistic results and viewed through the non-rose-tinted lens of reality, its profits are actually quite impressive. Definitely worth more than just a second look. Please share your experiences and feedback below our Wiki Trader Review! If you have any questions, please contact us at BinaryoptionsAnonymous@gmail.com. Thank you for taking a moment to read our view on this online opportunity.