Binary Options trading signals vs education
Binary options trading signals are alerts which come is a variety of forms, such as SMS notifications,
email messages, integrated software products, skype notifications, etc. In simple terms, binary options signals indicate the direction of a certain asset price movement over a given period of time. Signals can be converted into a trade by a trader himself
opening a suggested position manually, or binary signal software can be integrated into a trading platform in a form of trading robot, auto-trading system or software managed account which requires no intervention on the part of a trader.
Should I use binary options signals
Binary options signal providers normally have dozens of reasons why traders should purchase their service and use their signals. One of them is an assurance that signals will significantly boost trading profitability and money will start compounding on a trading account effortlessly. For a novice trader the idea of conquering the market with the help of professional binary trading signals can be very appealing as such approach can shorten or altogether eliminate learning process, and a trader can begin profiting right from the start without any trading education. And how about the possibility of having a constant passive profit generated by sophisticated auto-trading software? Isn’t that mind-blowing? Especially when signal providers are giving “solid proofs” of their reliability and offering free trials and generous bonus programs. Let us have a closer look at all pros and cons of binary options trading signals
Binary Options Signals. Pros
- Trading with binary options signals is still a trading experience. If you are cautious enough and use reliable money management techniques, there is a good chance that you will be able to stay afloat and will not wipe up your trading account long enough to understand that in order to become a successful trader you need to place meaningful trades rather than blindly rely on a third party information.
- Some binary signal providers encourage traders’ communication via trading chats, skype groups etc., and that can be a great opportunity to find likeminded people to share trading strategies, learn something new about binary brokers, about current promo campaigns etc.
Binary Options Signals. Cons
- Binary options are short-term investments on a rapidly changing financial market, so the signals need to be applied within a specific period of time, called entry point. A slight delay can cause a trade to close out of the money.
- Binary options signal providers can always justify failure of their signals. A trader is always the one who is applying signals too late, who is using a wrong platform, who have slow Internet connection etc.
- Binary options signals cost money. Free binary options signals are offered by some services but only to traders who deposit with their recommended platforms, as these signal providers get paid referral commissions by the brokers. If you want to trade on a different platform you have to pay.
- For as long as a trader is relying solely on binary options signals in his trading he is not progressing anywhere. Market presents a world of opportunities to those who are willing to learn how to identify trends, interpret economic or political news and master chart reading skills.
- Providers of binary options auto-trading accounts, robots, binary trading software and other services claim to have their clients generating thousands of dollars on their trading accounts daily. If that is so, why everyone who has an Internet access and some money to invest is not a millionaire yet? This is a rhetorical question, isn’t it? Let’s be realistic. Miracles happen but sadly this is not the case.
The good news is that binary options market is very competitive, and in order to attract clients and gain their loyalty leading binary brokers are providing their traders with the best educational materials such as video lessons, webinars, detailed economic calendars, live communication with market analysts, market updates and so on. Anyone who is determined to succeed in binary options trading should consider binary education as a top priority which can provide everlasting values and benefits.