When you are trading binary options, you need to assess the market closely in order to make the correct call, at the optimal moment. There are a great many things to consider, and a huge amount of factors that can influence the market.
It takes years to learn how to do this in an effective and productive manner. Most of us do not have the money or the time to attain this level of expertise through trial and error. Therefore it can be a wise move to obtain professional help.
Fortunately a number of companies have identified the need for good advice that can direct traders’ decision making. They employ professional traders and analysts who draw on their expertise and experience to make trading recommendations. These recommendations are called binary signals.
What are binary signals and how do you use them?
Most binary options traders use signals in order to inform their trading. Signals predict which trade, involving which asset, in which market at which time will be the most likely to provide a winning outcome.
All you have to do as a trader is decide whether the signal looks good to you. If it does, you simply make the recommended trade with your broker.
Providers of binary signals
There are many companies that offer binary signals. They generally provide a very similar service offering, even though there are certain differences.
Usually providers of binary signals will generate a certain number of signals per trading day. How many will vary from provider to provider. Usually, 3-4 signals per day is considered the market standard. These signals are sent to provider’s subscribers via email and/or SMS.
A binary signal specifies what sort of trade you should make. It recommends what sort of option you should invest in – e.g. boundary option, high/low, etc. It states which asset your option should entail – e.g. a specific stock, a commodity, etc. It provides a time-frame during which the trade should be made. And, most importantly, it tells you which direction the market is expected to move – i.e. up or down. A good signal gives you everything you need to know in order to make money.
Providers of binary signals draw on professional traders’ wealth of knowledge to make signals. Some of these companies also offer insight into how these experienced professionals operate. You can for example benefit from video tutorials where an experience trader explains how he or she analyses the market, and reaches his or her decisions. Needless to say, this can be of great use for most binary options traders.
Several binary signals providers also make a great deal of information available for their subscribers on their websites. These learning-centers can be your easiest and fastest route to accruing a professional level of trading expertise, yourself.
Most providers of binary signals charge a monthly subscription fee. Prices vary greatly, with the average being around $100. Providers will always specify what percentage of their signals is correct. There is some variation here. Make sure you choose a provider with a success rate of at least 70 %. A few providers lets you trial their service for free. This is a very good offer, we recommend that you consider closely. For more information on providers of binary options, please refer to our many articles on the subject.
Binary signals pros and cons
There are some obvious benefits to relying on binary signals to steer your decision-making.
In summary, some of the most important are as follows:
- Saves time
- Gives you access to professional advice
- Increases profitability
- Protects you from beginner mistakes
- Offers a chance to learn from the best
However, there are also some cons involved in using this sort of a service. You should be aware of them, and keep them in mind when considering whether to subscribe to a signal provider. Some of the most important are:
- Signals are only valid for a limited time-span – you will not always be able to act on them in time
- Relying too heavily on signals can stunt your growth as a trader
- Not all providers of binary signals deliver on their promises – make sure you pick one of the companies we recommend on this site to steer clear of less reputable operators
- Some companies are expensive – choose one that fits your budget
Choosing a provider of binary signals is an important decision. Make sure to educate yourself on the subject by following the links on our site..