Be smart, use a demo account first before placing any live trades with any signal service.
Subscribing to binary options trading signals is a great way to diversify your trading by mirroring the trades of a system or trader with a good track record. When choosing a binary options trading signal service it is very important to find a reliable provider that doesn’t manipulate results and make false statements. You can usually see that this is the case when the results look too good to be true.
Binary Options Signals
A binary options signal is a trade alert for the currency, commodity, stock or indicies markets. The price of this service can be anywhere from free, to a monthly average of $299 and higher depending on the individual or company providing it. There are also some packages that offer long term access for cheaper monthly subscription fees. In this case the floor is at around $100 and reaches up to several hundred dollars per month.
Services that you receive upon signing up with a binary options trading signals provider differ from firm to firm. You may expect to receive anything from performance trackers, sms, email, and online alerts, to customer support via email or phone, and advanced analysis in some of the more sophisticated offers. Since binary option signal providers must protect their strategies, trading with them involves some degree of blind trust in the company or individual behind the issued signals.
The credibility of the many choices on the web varies widely, as it is often the case with anything related to the lucrative currency market. It is perhaps a good idea to approach any claims about 85-100 percent success rates with a pinch of salt, in spite of their ubiquity in the world of online trading. But there do exist some firms that provide genuinely valuable information and alerts to clients.
Keep in mind that your ability to successfully exploit received binary options signals depends greatly on the efficiency of your broker’s service. Especially with news based trading, you must act quickly, while being sure that any issues related to high volume times in which spreads occur shall be minimal.
The Final Word
Whether you will use binary options signals or not will mostly depend on your character and your plan in trading. If you’re a highly active individual with little time to spend on analysis and study of the market, binary options signals constitute an alternative to manual trading. However, if you want to learn the mechanics of trading, you will receive but a modest benefit from subscribing to binary options signal alerts.