Every now and again, I try to go through YouTube and look for the latest binary options scams. It’s been a while since I have done this, and sure enough, a number of new, dubious videos have emerged since the last time. These videos hard-sell the viewer on trading methods they claim are “guaranteed” to generate success. There is no such thing as a method that guarantees success in any market and there never will be. New traders get their hopes up, though, and they invest in these things. Then they wonder why they have lost so much money on binary options.

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Binary Options Trick!!! – Make $593 in Just One Hour

This video starts out with the popular “Keep Calm” meme. Very cute. They are going to get your attention by pretending to appeal to your internet-savvy nature. The next screen, which is repeated again at the end of the video, says in HUGE green letters, “$593/Hour.” It also says, “The Secret of the GURUS in Investments Has Been Revealed.” It is suggested that you “Watch this shocking video.”

This is hard-sell talk, and you will almost never see it on any legitimately useful product online. There is a kind of person who likes to purchase these hard-sell products, despite failure after failure, and somehow, these tactics continue to make money for the people who promote products this way. But you should not be fooled. Any time you see this kind of over-the-top promotional lingo, you are looking at snake oil. If you have ever seen a Western film, you have seen the snake oil peddler, a stock character who wanders the land trying to sell bottles of fluid which he claims will cure any malady. Of course, there is no such thing as a simple cure-all in a bottle. There is no such thing as a binary options cure-all either.

I also find the “$593” humorous. Notice it is not a nice round number. Clearly this person thought that somehow his ludicrous claims would be more believable if he chose an obscure number (rather how the IRS finds your tax filings more believable if they do not contain round numbers). But seriously, $593? Exactly $593? It is just as absurd as any round number, maybe even more so, since you could at least read a round number as a broad estimate.

Amazingly enough, 70,505 people have apparently wasted their time watching this video, and even more impressively, 2,519 have given it a thumbs up. That’s a lot of people who have been paid off to help promote this business. You have nothing to lose here but your money.

Holy Grail Indicator – Don’t Ever Trade Binary Options Without It!

Here is another one, published in May of this year. Hilariously, the URL in the summary already leads to a “page not found.” The summary says, “Aren’t you tired of losing money to binary options brokers? Aren’t you tired of sitting in front of your computer all day and still come out with losses?” Yes—the bad grammar and all. “Sure, it happened to me too, until I discovered this Holy Grail Indicator for Binary Options Trading.”

I say this time and time again, because it stands to be repeated often: there is no holy grail of trading and there never will be. Trading binary options is a business of risk. Desperation can tempt anyone to believe in the impossible loss after loss after loss, but there is nobody in the world who can make it possible for you to win every trade you make. You will only lose more money buying these trading systems that can never live up to their promises. And you will waste more time chasing the holy grail instead of working on an imperfect, but functional system that can make you real money.

The comment string on this video is pretty entertaining as well. Right now, the comments on display are all from different names attached to stock photos of various smiling businessmen. The comments all read identically: “You guys should check out this EXTRAORDINARY website called ZONEPA.COM. You can make money online and start working from home today as I am! I am making over $3,000+ per month at ZONEPA.COM!”

Then comes my favorite part—the part where the robot that made these comments attempts to make each comment unique by adding a random string of bizarre phrases: “The delicious thunder expands the teaching,” reads one. “The journey installs the copy. When does the giant language rehabilitate the view?” Another asks us this profound bit of nonsense: “When does the doubtful death clarify the body?”

I would not click on this link nor would I advise anyone else to, but the summary provided for Google is, “Online Career Finder, devoted to giving our guests the latest online careers available …” Totally off topic.

Binary Options – Watch Me Make $1,307 in 4 Hours Trading Binary Options

*Video has been removed

This one belongs to a guy who runs a website called BinaryOptionKings.com. To be fair, I cannot say one way or another whether he is a scammer or not. The title of the video definitely is meant to persuade you that you too can make $1,307 in 4 hours of trading, and that trading is easy and winning is automatic. On his website, he agrees to email you an eBook teaching you how to trade if you write him, for free. You are supposed to open up an account at RedWood Binary Options. So in other words, this man is an affiliate of RedWood. RedWood is actually one of the better binary options brokers out there from what we can tell.

Conclusion on this one? While there is no reason to call him a scammer, you would have to test out the guy’s system to see whether it works or not. Always approach offers for free material with caution, since they are being offered by an affiliate making money for sign-ups. The main point to make here is that all trading methods need to be personally tested by you before you use them live and expect to profit. You are responsible for your own trading wins and losses.

Traders Choose Binary Options Instead of Options Trading

Back in the area of clear scams, here is another one with a ton of views and thumbs up on YouTube:

50,963 views and 1,474 thumbs up. There is no reason for you to add to those views; while the title is not as absurd as a lot of the others, the ridiculousness starts out right from the first screen: “Come and learn my way to make loads of MONEY EACH DAY.” This sets up unrealistic expectations for the viewer.

As for the rest of the video, I have only two words: “Cedar Finance.” Cedar Finance has got to be one of the worst brokers ever to exist. In fact, they are so bad that I am not sure they can even be called a “broker.” They are scammers, pure and simple, and any time you see anything associated with them, you should run like you are running from the plague.

Binary Options $270 to $22,713 in 4 Days Live Account

Here is a slightly puzzling one:

*Video has been removed

This guy claims to have increased his account by almost 100x in just four days. It is a great thought that you could deposit the minimum with a binary options broker and strike rich within just four days, isn’t it? This video has 245,502 views, and links out to a website called binaryoptionsdaily.com, which appears to be a fairly general site on binary options trading with strategies, a forum, and so on. The thread which the video lands on includes a discussion between members about the video. The administrator, “David,” posts his “proof” here on this thread. There is no hard-sell on anything here. He is a Banc De Binary affiliate, though, and probably monetizes his site in a number of ways. It is safe to say the main objective of this video is simply to direct traffic to his site.

This does not make it much of a scam, but neither does it make it something realistic that you should take seriously. Remember, this is a person generating traffic to drive click-throughs to affiliates, not someone who is trying to make you rich overnight. There is almost no way you could responsibly trade your way from $270 to $22,713 in four days, or even in forty days. In fact, if you did that inside 400 days, you would probably want to consider yourself one heck of a trader.

Realistic Expectations Keep You Safe

Some of the videos we find online are trying to sell you on a trading system or some other product. This is a direct way to lose money. Others are only trying to get you to sign up for an account at a binary options broker. If the broker is trustworthy, like RedWood, this by itself is not going to result in losses. If the broker is a scammer like Cedar Options on the other hand, it almost certainly will. So always be alert as to the motivations of the author of a site or video, and consider carefully any offers you get, even if they are free.

Most importantly, maintain realistic expectations about binary options trading. If you acknowledge that it will likely be a journey of months, if not years, before you become a profitable full time binary options trader, you will not be taken in by people who try to sell you on the idea that you can turn over huge profits overnight. Most importantly, you will not scam yourself into making foolish trading decisions that will cost you your profits as you pursue unattainable goals.