A number of binary options signal services have sprung up to help you make these predictions.So, why would you need a signals service if trading binary options is easy Because placing a trade is a lot different than analyzing whether the price of the underlying asset is poised for a rise or fall. And thats exactly what such services do for you. Below, well take a look at how to use them to your advantage.Binary options signals are essentially recommendations. They arrive on various platforms for example, email, mobile, or voicemail, depending on the provider and highlight a particular trade to execute. Although every provider takes a slightly different approach, their alerts usually include much of the same data. Youll be notified of the asset, the type of trade to place, the expiration date and time of the contract, and the price at expiration (i.e. the contracts strike price).A lot of traders, both novices and those with years of experience under their belts, use binary options signal providers to save time and improve their results. Rather than spend hours combing through candlestick charts and keeping their eyes glued to the TV for news affecting certain assets, they outsource the effort.The alerts sent by binary options signal services are meant to be acted upon quickly. They reflect a very small window of opportunity for placing profitable trades. For example, some of the recommendations youll receive involve contracts that expire within an hour. Some expire in as little as 60 seconds. It does little good to act on signals after they have aged and cooled.The notifications you receive are only as good as the company or individual behind them. Some services are run by companies that employ numerous analysts who pore over price charts, looking for various technical indicators. Other services are operated by veteran traders. They have years of experience, and use their expertise to produce signals that help other traders place profitable trades by allowing you to watch in real time as they make binary trades (BOTS has this mirror trading feature).If youre uncertain about whom to trust, look for credible reviews online. Many traders have subscribed to multiple binary options signal services, and have hands-on experience with their recommendations. Some of them have taken the time to review the providers theyve used.Youll learn which services provide the most accurate signals along with which ones have an abysmal track record. Youll also learn which providers send alerts that never actually lead to executable trades. In other words, they recommend getting into contracts at certain prices that are never hit. Ultimately, if a binary options signal service is providing bad (or unprofitable) signals on a regular basis, the reviews will help you to recognize them.Some providers offer free alerts. They recommend daily trades without requiring you to pay for a subscription. Before taking action on their recommendations, be wary. Track their results. Make sure that a reasonable percentage of the contracts they recommend end in the money. If the service is free, the provider may not be driven to retain subscribers. If thats the case, there may be little incentive to provide accurate signals.Most of the reliable binary options signal services weve found require a paid subscription. The cost typically ranges from 97 a month to several hundreds of dollars per month. Some, like Binary Options Pro Signals (BOP Signals) allows you to take a 7 trial run that lasts an entire week.Is the cost worth paying for these services It depends on your trading activity Suppose you join a service that costs 97 a month, but you rarely trade. Your inactivity might make the investment a losing proposition. On the other hand, suppose youre paying 397 a month, and use the alerts to place several trades per day that end in the money. You might profit thousands of dollars each month, making the investment relatively small and definitely worthwhile.If youre wondering whether you should pay for a binary options signal service, take a close look at how often you trade. An avid trader who decides to save his money by dismissing such services might save pennies at the cost of sacrificing dollars.Theres no simple answer. If you were guaranteed to make a profit on every recommendation sent by the signal provider, you could simply disregard doing your own research. But there is no such guarantee. You might still lose your investment acting on the alerts sent by the provider.For this reason, its a good idea to learn as much as you can about the assets youre trading and the factors that affect their respective prices. For example, what might cause the price of gold and oil to move up or down Why does Googles share price move in a particular direction, especially after an analyst call What factors can impact the price of the Euro-US Dollar currency pairNow that youre familiar with signal services, including how they work and how you can leverage them, youll need to select a credible provider. Earlier, we mentioned reading reviews written by those with experience. Here are a few additional tips:First, disregard the price of the service. The fact that a provider charges 397 a month does not mean the signals are 4 times as accurate as those from a provider charging 97 a month. In fact, the price doesnt mean much of anything. Hence, resist the temptation to use it as a quality indicator.Fourth, look for a solid track record and a good reputation among traders. This is where reading credible reviews comes in handy. If a lot of active traders are extolling the virtues of a specific service, theres a good chance the provider meets a certain level of quality.To be clear, you dont need to subscribe to a binary options signal service to trade profitably. You can do the research on your own and take action based on your analysis. Having said that, a high-quality signals provider can alleviate a lot of the work.One important note before we get started: you dont need to receive binary options trading signals to trade. The majority of traders participate without them. Having said that, it is worth being familiar with the tools at your disposal so you can make an informed decision regarding whether to use them.
