Should You Buy Binary Options Signals?
Along with advertisements for binary options trading systems, you may also have seen promotions for binary options signal services.
The idea behind these services is that you don’t even need a system, because what you’re going to do is trade based off of the decisions someone else is making who does have a system.
Many of these signal services include copy like “Are You Looking To Potentially EARN More Profits Every Week Simply By Watching And Copying A Live Professional Trader?” That’s from the first result on Google for some signal service related searches.
Signal services are occasionally free, but most of them cost money. Before you spend money on a signal service, consider learning how to succeed on your own. Binary options trading carries a lot of risk as it is, and the house has a pretty good edge on you. Why lose more money learning how to trade than you have to? It’s best to start out by trying to learn a method you can apply without paying extra. There are tons of free trading methods out there, literally thousands upon thousands of them. Some are great, some aren’t. Some will work for you and not for others, and some will work for others and fail you.
What you should be doing is looking to become a professional trader yourself. That doesn’t mean all signal services are bad or useless. However, anything you see with copy like that is a scam. The word “earn” specifically means that you receive a reward for some kind of effort.
Binary options trading is never effortless and success really does have to be earned with hard work. There are good signal services out there, and they can provide you with some guidance for your trading, but success is always ultimately your responsibility. No one can win it for you. And the less you involve yourself in your trading, the less likely it’s going to be that you’re going to succeed.
Where do you get a binary options trading method? A method consists of having specific criteria for entering a trade and choosing an expiry period. Any sort of analysis that can tell you which way the market is (probably) moving can form the basis for a trading method. This includes fundamental analysis, technical analysis, and price action. One excellent place to start is actually to look up Forex trading systems or stock trading systems. There are a lot of these online, and since they are used to trade the same underlying instruments you may be trading with binary options, they can serve you as well. The type of trade you’re placing is governed by different rules, but figuring out whether or not to enter is essentially the same process at its core. Many really good trading systems can translate from one asset to another and from one type of trading to another (adjustments are usually required).
Signal Services Good Or Bad?
So should you steer clear of all binary options signals?
Not necessarily, but they probably shouldn’t form the core of your trading. You should never spend money on signal services that promise you absurd things like being able to earn profits by doing nothing.
Everything in life comes with a price including profit. And that price is generally effort, patience and dedication. The price doesn’t have to be money. The harder you work, the more money you’ll save and ultimately have the potential to make.
If you are going to try a signal service, our one recommendation is to go with a service where you can actually watch a professional trader make lives trades. One pro trader named Franco has recently opened up some spots to his signals service where you actually watch screen and listen to him talk while he makes his trades each day. You can just watch, or you can make the same trades yourself. You can check it out here.