Binary Options Signal Providers
Nowadays professional signal service providers for binary options experience growing popularity because they help to improve trading results and grow profits. Naturally, the market of signal services has seen a considerable increase in the number of providers recently. However, it is a double-edged sword because while now there are more companies to choose from, there are also a lot of poorly performing services on the market. That is why it is necessary for traders to do some research before blindly signing up for trading alerts with a company.
Of course, the only reliable way to judge the performance of binary signals is by the results that you achieve with them. You can look through past performance results and read about other traders’ experience, but while doing that you need to ask yourself whether you can repeat the given results and make profit. And, if you are not sure, it might be just a waste of time.
Factors to consider
While doing your own research on binary options signal providers, there are key factors you need to consider finding the best performing binary options signals on the market.
Naturally, it is the first point to consider. Every good signal provider has at least some kind of statistics. Try to find statistics as detailed as possible, but don’t forget to be a bit skeptical while assessing the results, especially if they seem too good to be true. However, official published results are very useful for understanding what assets are usually traded. If you can’t find any statistical information about results, be careful – this website might be a scam.
2. Signals Delivery
There is one thing you need to understand about trading binary options – timing is crucial. In the conditions of a highly volatile market, it is critical that you receive signals with a minimum delay. Some providers offer SMS alerts, others opt for Skype. SMS is a good variant but don’t forget that there might be a considerable delay between the time when the message was sent and the time it was received. That’s why Skype option might be more convenient.
For most people trading binary options is an additional source of income, which means that if you have a regular day job, it may be difficult for you to tailor your time according to the schedule of a signal provider. So when you’re looking through their website, remember to pay attention to the schedule and consider when the signals are issued. The exact trading schedule you can get on our website.
Don’t be afraid to risk. However, while doing so, implement some money management rules received from the provider. It is a particularly significant point if you plan to use several services, or if you expect to have your own trades open in your account at the same time.
Take into consideration good money management practices and tailor them for your own purposes. Don’t risk more than 2-5% on any trade. If you consider using more than one set of signals, it might be helpful to try to find signal services that trade on different financial assets to diversify your risk.
5. Binary Options Free Trial
Even if you take into consideration all that was mentioned above, you can truly make an assumption about the provider’s performance only after you actually start trading their signals. Sure, you may be tempted by past performance found in the statistics and commit to this or that provider in the hope of starting to make good money, but be patient. Test out the service first. Get advantage of a trial period, especially if it is free.
Use the trial wisely and test the signals in all the ways possible. This way you will see the level of performance offered and understand whether it corresponds to the given statistics. Furthermore, you will be able to study out any problems you might face in the process of taking the signals. Only when you are satisfied with the service and the results that you have been able to get from it, you should consider sticking with this particular provider.
The last but not the least. It is vital to consider the cost of signals. If a provider offers a monthly subscription, you need to calculate whether you can cover the price from the profits that you can make with their alerts.