Trading Signals Services
Best Binary Options Signals
Looking for a way to spot more trade opportunities which have the potential to be profitable? One of the easiest ways to become alert to new opportunities is to let someone else do the hard work for you. Binary options signal services will alert you when there is a great opportunity to trade and make more money based on the systems used by their designers. Signal services for binary options, like signal services for Forex or any other type of trading, are a mixed bag. Some services are very professional and well put together and will greatly assist with your trading. Others are not so great and will waste your money.
It is also worth pointing out that signal services are more beneficial for some traders than others for reasons that have nothing to do with the services themselves. Some traders simply do better using them, while others may be tempted to rely too much on them and may become less involved with their own trading methods and decisions, which can be detrimental.
If you do decide to use a signal service, we recommend that you make it one component in your trading toolbox, but not the whole of your trading approach. Stay involved and make decisions based on your own research and testing, but allow the signal service to augment your trading with new information. Following is a quick overview of some of the most popular binary options signal services on the market right now. Keep in mind these are all paid services.
- BOTS. BOTS stands for Binary Options Trading Signals. This is one of the most popular binary options signal services right now. The service sends out three to five signals daily and costs $97 billed every two weeks. On top of the signals, this service comes with other benefits. For example, you can view live streams of their traders at work each day, including over your mobile device. The service was created by a trader named Franco who trades for a living, and it is Franco you watch trade when you subscribe to the service. In effect, you simply copy what he does and profit (and lose) along with him. According to Franco, his win percentage since inception is about 85%. He does not actually guarantee this for future performance, but provides it for a guideline of what you might be able to expect. He has a lot of positive reviews from new and veteran binary options traders.
- BOPS. BOPS stands for Binary Options Pro Signals. They offer a low-cost trial for one week which costs just $7, which is a great offer to take them up on if you want to check out the service firsthand before you commit. After that BOPS costs $97 per month. If you look up testimonials you will find mixed results, with most traders coming out above breakeven, but not necessarily all that high either (a lot of traders estimate around 65% wins). Keep in mind that you are not going to find a lot of systems that allow you to win 95% of your trades like you are probably hoping. Sixty-five percent is not bad, if you manage your money well and you are patient. Some traders complain that BOPS signals come a bit too late to act on; the vendor has acknowledged the delay and is working on correcting this problem.
- Up/Down. This signal services costs $97 per month, and also comes with a cheap trial for the first week, costing just $4.99. Their trading signals are based on sampling from thousands of traders in real time, and have a track record of 75% accuracy according to the vendor. You receive four signals per day, and SMS alerts are guaranteed to always be on time.
- CherryCoke Signal Service. This signal service costs $500 per month, and has a performance record of 65%. You receive up to 3 signals per day. Why would you pay this much money for a signal service? Firstly, CherryCoke has much more transparency than many of these signal service providers. They post their records of past trades right on their website where you can see them. There are weekend webinars and other training benefits. They also offer subscription insurance. If the signals are not 65% accurate on a given month, the next month’s service is free for all clients. The 65% number is by itself assuring; it is a realistic and believable number, and should be entirely achievable.
- ProBinary Signals. This is another very popular binary options signal service which is priced at $99 per month. The initial week is a $9.99 trial period where you can evaluate the service for yourself. According to the vendor, the service is around 80% accurate each month. Multiple signals are sent out every day along with free money management tips. Performance reports are posted right on the sales page, though they seem to be a bit out of date.
Hopefully you can see from these summaries that each signal service has its pros and cons. If you are trying to save money but you know you want to buy a signal service, one of the less expensive ones may be better for you. If you have some extra money to spend and are looking for a mid-priced signal service with some extra benefits, Franco’s BOTS service may be perfect for you. If you have a very large budget for trading, something like CherryCoke may suit your preferences and needs.
Advantages of Using a Signal Service:
- Spend less time staring at charts each day. If you find a dependable signal service, you can check the charts when you receive a signal to trade, instead of spending all your time sitting at the computer. This is great if you have a busy schedule, maybe another full-time job, and you are trying to find a way to balance out your life without missing important opportunities.
- Trade when you aren’t at your computer. Some signal services offer additional functionality by allowing you to trade without actually being at your computer. This is done using auto-trading; the signal service not only informs you of a trade, but actually places the trade for you with your broker so that you can “set and forget.” This carries some additional risk since you are not present to monitor your trades, but it can be helpful when you are at work or you are asleep.
- 24/7 service. With a signal service, you can receive trade alerts during the night or during the day. By setting up your mobile device for trading and alerts, you can use your Android or iPhone for trading. This is great for night trading if you do want to monitor your trades instead of using auto-trading. You can let the alert wake you up, pick your mobile device up off your bed stand, place your trade, and go right back to sleep.
Drawbacks of Using a Signal Service
- You may not understand the trades you are entering. This is a common problem with trading services. You might not be able to find the rationale for the trades which are placed, and this can ultimately be dangerous since you are relying on something you do not understand. If something goes wrong, you will not know how to fix it. You may not even realize the service is going south before it does.
- Auto trading means you can make mistakes without even knowing it. If you “set and forget,” that can be easy and convenient, but it also can lull you into complacency. You may not realize you are losing money until it is too late.
- You may become dependent. If you develop dependency on trading signals, you may neglect your own trading system and your personal development and psychology. This can lead to irresponsible trading decisions and general weakness of character. Ultimately this will take its toll on your trading and on your account balance.
You can easily avoid most of the drawbacks listed above simply by monitoring your trades regularly, striving to understand the signals you receive and the trades you place, and staying involved with your trading. A signal service like BOTS is great because it comes with an element of instruction, and you will always understand why you are placing a particular trade. This helps you stay involved, and makes it less likely that you will fall into one of the traps listed above. Used responsibly and intelligently, a binary options signal service can greatly enhance your trading outcomes.
Learn the Basics before deciding upon a signal service.
Photo Credits: Binocs