Signals services are getting a ton of hype right now as they become more specific and more highly applicable to the binary options market. But, are they worth getting?
But, only if they are going to be helpful.
So, how do you know if a service will help you? Luckily, you aren’t in the dark here; there are a number of ways to determine whether or not a signals service is of the quality that you deserve.
Services, just so you know, come in a variety of types, but the big two are streaming trade recommendations and automatic robots.
Read the Reviews
If you look around on a Google search, you will likely find dozens of signal service review sites. Some are specific for binary options, others are more general. This is a good place to get started, actually, if you’ve never looked at signals services before. You will be able to get honest reviews from people that have used the services before. You can see what they liked, what they disliked, and what they gained or lost from the service itself. This is usually a better place to start than with the service’s business site itself because you are able to see real customer feedback.
Be aware that some sites will have fake reviews out there. They can be easy to find, or really difficult. Just guard yourself from this by looking at a number of review sites and read around as much as you can before making a decision. If all else fails, send out a message on a trading forum. These are populated by new and experienced traders alike, and they are a great way to not only educate yourself, but socialize with and learn from those that have already done the things that you are looking forward to doing.
Try Them Out
Some services have free trials. If you have any doubts about this, take advantage of one. When you do this, make sure that you are using your broker’s demo trading account so that if the service isn’t worth the effort, you aren’t losing anything. The trial will only be for a few days, and this should match up well with the limited time that brokers give you for keeping demo accounts open.
Some services will let you do this, others will not. If you can’t, just be cautious about the information that you are getting. If it’s just a streaming service, you can pick and choose your trades at your will, which should let you get a feel for the service itself before you risk any extra money on your trades. If it’s automated, that is a different story. That’s covered next.
The technology of binary options brokers has advanced enough recently that automated trading is possible. For most purposes, you will have to create a brand new account to do this and let the service manipulate your trades. It does complicate the process in a small way, but the end result should give you more freedom to not worry about sitting in front of your computer hour upon hour watching things. All of this is done for you.
Just make sure that if you choose to use a binary options robot that you follow all of the safeguards listed above to make sure that you are not wasting your money on something that is a scam. Scams are rare, but they do exist. Be careful.
Once you have an account set up, you should be able to tweak it a little bit to dial down the risk if you’d like. You can control your amount risked per trade and the number of trades made per day, if you wish. Most of these center on Forex pairs right now, but the industry is still growing. Still, because the decision making process is all automated, it shouldn’t make much of a difference if currencies are outside of your area of expertise or not.