Mirror Trader Review

Mirror Trader Review: Some time ago, a new binary option robot by the name Mirror Trader was released to the market. You may or (most likely) may not have heard about it as a lot of Automated Trading Software are released every day and it’s no longer a big deal. Also, the previously thin line between legit option robot and scams has gotten so blurred that no one knows the difference anymore. As a result, people are so caught up trying to figure which of the existing Binary Options Signals bots are legit to note the new entrants.

Nonetheless, a couple weeks ago, we received some complaints about Mirror Trader (a relatively new trading system) and how it loses almost every single trade costing traders a lot of money, despite having an alleged accuracy of above 90%. To distinguish ourselves from the usual Internet trolls who don’t have anything better to do with their time, we decided to dig deeper into the issue and develop our own unbiased opinion based on collectible facts. Our findings are presented here and we do hope that you are in a better position to make a good decision after reading through. In case of any queries or concerns, our communication channels are always open. Don’t forget that our recommended binary option brokers are always on your side, like IQ Option.

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Mirror Trader Review

From its name, you might have deduced that Mirror Trader is developed on the concept of mirror trading. For the sake of new traders, it is imperative to first have an idea of how the Mirror Trader system operates before even analyzing its features. In a nutshell, this is not your average trading robot which normally executes trades depending on traders’ set preferences. As its name suggests, Mirror Trader is built around the concept of copy trading, which has become a thing in the recent past. John Harrison, the alleged founder of Mirror Trader, claims that he’s an expert trader and that he built the system to help rookie traders get some good returns from binary options, their lack of experience notwithstanding. As such, the system copies, or rather, Mirrors, his every trading move and performs the same actions through the accounts of the traders in the system. Therefore, John is able to ‘share’ his profits with his clients. Ironically, these ‘clients’ don’t pay anything to get that little favor and for any normal person who has learned the hard way that there’s no such thing as free lunch in this world, that may sound somewhat strange.

Mirror Trader

How is Mirror Trade Different?

From all the above, you might be wondering how mirror trading differs from the conventional auto trading. Well here’s how:

  • Generally, mirror trading involves ‘Master’ and ‘Slave/Servant’ accounts. The master account is basically the one whose actions are copied and normally belongs to the expert trader(s) running the system. It controls the other accounts which copy its actions. Like in Mirror Trader, the entire copying and execution of trades occurs within a very short time. This ensures that trades are executed at the exact time they should be placed and not a second later in which case different results may occur. In ordinary auto trading, signal generating algorithms are involved. These analyze large chunks of market data and produce signals, which are basically predictions of price movements. These almost always occur without any human involvement.
  • Mirror trading is very much dependent on human knowledge and experience and is usually prone to human emotions, which might affect the integrity and accuracy of the signals. Traders have to constantly pray that the expert trader is on the right frame of mind which, to be fair, is nearly impossible considering the different situations we all find ourselves in. On the other hand, regular auto traders use sophisticated algorithms to generate signals without any human input. As such, their signals may be more objective and unbiased. However, there is no clear answer on which among the two works best. It’s just a matter of finding which one works for you.

With that out of the way, you can now understand why Mirror Trader doesn’t have some of the features that you are used to seeing on ordinary auto traders. Nonetheless, they pretty much work the same way.

About John Harrison

Unsurprisingly, Mirror Trader system is mostly marketed through a promotional video as opposed to actual website content. This is probably because video is the cheapest option compared to hiring good content writers. All John Harrison needs is his face, borrowed clothes and a camcorder, or a Smartphone. The good thing about video pitches (at least for us consumers) is, it is very easy to notice lies and exaggerations, unless the production is top notch or the presenter is a very good actor. And in this case, John Harrison looks very much uncomfortable and out of place, like a cat in a family selfie. Not that it’s a bad idea though – we love us some cats.

Moving on, John Harrison introduces himself as the CEO of the site and as an expert trader with a background in developing IT systems. Also, he’s a former military man and has worked in various banks as a trading consultant and system security technician. Of course we can’t say which army service he served in and the duration of his service because we don’t know about that and since he didn’t mention it, we don’t think he does either. Not exactly reassuring for a guy who expects you to trust him with your money.

Frankly speaking, it is hard to trust a person who gives such an impressive resume without providing references for verification. Like, how do we verify that he is actually an IT expert and not a high school dropout? Oh, and last we checked, working in a bank does not necessarily make you an authority on binary options matters, especially when you don’t have any documented experience. We might not know a lot of things (or do we?) but we surely know how to spot a liar. And if you think we are bluffing, read through the below sections.

How Much Profit It Can Generate?

For whatever reason, John Harrison and crew – this is certainly not a one man operation – think that they can get people hooked by quoting large profit figures. Apparently, after completing the registration process, one is assured of getting returns of $14k upwards every single day. This translates to about $300k per month, only slightly less than the President’s annual salary. Seriously speaking, how did Johnny expect any adult to believe that? Even an 8th grade student would have a hard time believing how he/she can make $14k a day without doing anything, as the robot does basically everything. To support his claims, John says that his extensive knowledge in financial trading (highly questionable) and his prowess in developing computer systems ensures that the bot is almost always correct. He rates the bot’s accuracy at an unbelievable 92%. Well, from the messages we are getting, it looks like somebody lied here. Big time.

Mirror Trader Testimonials

Funny enough, with all the big claims, John Harrison doesn’t provide any factual evidence to support his statements. Well, actually he does provide some testimonials and screenshots showing account balances for different traders, who allegedly made the money through Mirror Trader. The problem is, more times than not, screenshots used for this purpose have been proven as fake which makes it hard to trust them. In the absence of sensible proof, we are supposed to believe that Mirror Trader is a viable investment option and can make you more money in a week than your job/business does in a week. Ok.

Seeing Through The Lies

To be fair, there are not many lies on the site – well, at least they’re not easily noticeable – but then, there is not much truth either. Since we are more or less the Devil’s Advocate in this case, we choose to concentrate on the notable lies and build on from there. Below are the lies, contradictions and/or exaggerations that we noted.

  1. Exaggerated figures

This is the most obvious lie on the site and the fact that John Harrison actually repeats it several times in the video is a clear indication that he has zero respect for our intelligence. The way the tagline is put so casually like “sign up today and get $14k in your account tomorrow” is both infuriating and saddening at the same time. Infuriated because, does Mr. Harrison think all our brains are on holiday or what? Saddening because there are some people who will believe that lie (some have already) and with go on to lose their money and later claim how binary options is a scam.

  1. John Harrison

Like we said somewhere up there, we don’t really trust this John Harrison guy. For one, there is no evidence to prove that he is who he says he is – no mention of the bank her worked for, no details of his military service and most importantly, nothing to prove that he is a successful binary options trader. To find out who he is, we did a reverse image search on Google and found his face on another website, marketing an auto trader called Push Money App, which was found to be a scam sometime back. In the site, John appeared as Denis Moreland alongside his “co-founder” and partner in crime, Mike Callahan and they both made some claims bordering on truth but which were just wishful thinking. Now he’s back again saying basically the same things but in different words, hoping that no one will remember him. Tough luck.

  1. Hired actors and fake testimonials

It is sort of common knowledge that sites like Mirror Trader which have nothing to offer traders result to underhand tactics to entice clients. One of those is using stock images alongside fake testimonials and uploading account screenshots which are obviously doctored. A good case scenario is the testimonials page where different people say how long they have been members and how much they have earned within that time. Two ‘members’, Andrew Fisher and Thomas Cooper, both from the US, claim that they have (both) been members of the site for 5 days and have (both) earned $71, 175. How believable…

Also, have we said how John Harrison is a Fiverr actor who will appear in any and every site for $5? Matter of fact, we are sure that the dude wouldn’t tell the difference between a Call and Put option if his life depended on it.

  1. Crooked marketing

Another thing which we found irritating, and which further proves that the system is trash is the email marketing strategy employed. We did provide our email while signing up and guess what – they have been filling our mailbox with promotional material every day till it wasn’t funny anymore and we had to block them. See, we have no problem with email marketing when it involves weekly or monthly reminders/messages but daily spam messages? No.

  1. Traders’ complaints

We have quite a few friends who fell victim to the sugar-laced promotional materials and ended up with blank accounts after unexpected losses. Others couldn’t access their winnings due to some shady reasons they couldn’t understand while some complained about poor customer service or even no reply from customer care at all. We are sure that these people are not malicious and wouldn’t complain of such things if it weren’t true, so we are more inclined to believe them.

Conclusion

From all the facts we have provided, it is clear that Mirror Trader is a fraud vehicle and will do more harm to your finances than good. We suggest that you keep away from it and similar bots which promise you heaven on earth. Remember not everything that glitters is gold.

Nonetheless, there are several legit bots out there, with Option Robot ranking way up there with the best of them. Everything about the software is verified and the trader reviews are great. Option Robot has been around for a couple years now, within which time it has grown to be one of the most successful and popular binary options trading systems with several accolades to its name. Certainly a system that won’t do you wrong.

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Author: Michael Allen

Michael Allen is the main author at www.binaryoptionrobotinfo.com. He holds a PhD in Economics and has worked in investment banking for 24 years.

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Michael Allen

Michael Allen is the main author at www.binaryoptionrobotinfo.com. He holds a PhD in Economics and has worked in investment banking for 24 years.

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