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How to Read Binary Options Signals
Binary Options Trading Signals Reviews
November 13, 2016 by Adam posted in • 9 Comments
What are Binary Options Signals?
Signals for Binary options are trade alerts provided by a company, a third-party provider or an experienced trader, to other traders in the same marketplace who are less experienced, or do not have the time and opportunity to analyze the market for themselves.
Unlike managed account trading services where the provider does everything on the account, the onus of interpreting and trading these signals for binary options lies squarely on the shoulders of the recipient of such signals.
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Origins of Binary Options Signals
Anyone who has spent time to analyze and trade the financial markets will immediately attest to the fact that it is a venture that consumes time, effort and the whole of the person engaged in this activity.
It is very difficult to hold a day job and give trading the full attention deserved.
What Are Binary Options Signals?
It is also difficult to learn how to trade profitably as it involves a thorough understanding of chart analysis, interpretation of news events, adoption of positive trading psychology and other factors.
As such, many people cannot put themselves through the rigors of trading and would prefer that someone else does all the hard work and deliver trading tips on where to enter and exit trades for profitable outcomes.
This demand is what gave rise to binary options signals services. A product always arises whenever there is a demand for it. There is a very strong demand for binary options signals services and that is why several entities have come up to attempt to fill the needs of millions of traders in this regard.
Methods of Delivery
For binary options signals to reach the recipients, they have to be sent out by the provider in a timely fashion, using a means of communication that is instant and does not create room for delays.
In binary options, a single pip can make all the difference and a wrongly timed, delay-induced entry can make all the difference between profit and loss.
The following methods of delivery have thus evolved over the years for the distribution of trade alerts from providers to subscribers.
a) SMS: Here, providers send out trade alerts to subscribers using text messages.
They are fast and provide for instant delivery. A modification of the SMS is the use of push notifications in smartphones.
These require the subscriber to provide either a phone number (for SMS) or to subscribe to the trade alert app (for smartphones).
The disadvantage is that sometimes, network providers may have issues that lead to delays. Otherwise, this is the best system as studies have shown that most people will have their phones by their side as opposed to laptops or desktop PCs.
b) Email: The email was one of the first avenues used to send out trade signals.
However, it requires access to a PC and the internet.
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The trader may not be around any of these two, creating issues of timely usage of the delivered signals. Emails can also be sent to the spam folder by the mail providers, causing the trader to miss the trades entirely.
For the purpose of trade alert delivery, emails are not the best method out there.
c) Website: Some providers create a members’ area on their websites where signals are then pasted and can only be accessed by those with active logins.
Unless the signals have a large window of opportunity within which they can be used, it is not the preferred method.
How to Select a Good Binary Options Trading Signals Service
Many providers of binary options trading signals will claim fantastic results on their websites. However, there is no way to independently verify these claims. As such, the only weapon the intending subscriber can use is the free-trial. The free-trial period is a period where a signals provider allows the intending subscriber a few days to test the signals service.
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Most providers will not give this service free, but will charge a little money (between $5 and $7). Use this time to thoroughly evaluate the trading signals using a binary options demo account. This will enable you gauge the claims made by the provider and see if they stand the test. Do not sign up with anyone who does not provide a trial period.
Also look out for providers that can give out money-back guarantees.
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This allows the trader to use the service and evaluate returns against what is paid as subscription fees. If it is not worth it, use the money-back guarantee to get your funds back.
It is good practice to try out the first month of a signals service on a demo account. That way, even if the signals are unprofitable, your loss will only be limited to the subscription fees paid.
What is a Good Win-Rate for a Signals Provider?
In binary options trading, you need a minimum of 55% win-rate to break-even.
This means when looking for a signals provider you should be looking for at least 60%-70% average win-rate.
While the majority of signals and auto-trading sites will be complete scams, reputable signals providers should offer an average win-rate of 60-70%.
You should avoid anyone who claims to have a win-rate above 80%, as this is practically impossible and very likely to be a scam.
Should you use the Martingale Strategy for Signals?
The Martingale system is a popular betting system used in win or loss games such as Binary Options or Blackjack whereby a player doubles his bet if he loses a round and keeps doing so until he wins.
The idea is that you’re likely to win a round eventually and recoup all of your losses.
In games or trading systems where you have a 55% win-rate or less, you will always lose using the Martingale strategy.
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This is because it’s a negative EV (expected value) system. Even though your so-called win-rate increases (e.g. the odds of winning a single coin flip increases from 50% – 75% after two rounds), your risk increases at a higher exponential rate.
This is what makes it -EV.
However, if the odds are in your favour and you have a 60% win-rate or higher than the Martingale strategy becomes +EV.
This means you’ll make money using the system than without it. We therefore we recommend using the Martingale system at least once on a losing trade where the signal provider’s win-rate is 60% or greater.
Does the Opening Price for a Signal Matter?
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The opening price is important because you need to make sure you place the trade in time before the price moves out of your favour. Most signal providers will give you an opening price to take the signal.
It’s important you check your broker’s platform to make sure their prices are close to the signal provider’s. Otherwise, you could end up taking trades that finish out of the money when your signal provider finishes in the money.
What’s the Best Way to Avoid Getting Scammed by Binary Options Signal Providers?
Personally I think there three main ways to avoid scams in binary options:
- Ask to See Proof of Results: This is the most important thing to look out for.
If they don’t provide any proof on their website, make sure you ask to proof of a signal provider’s or trading system’s results before you risk your own money.
This should either include a table documenting their trades and results or screenshots of their trading accounts taken over a long enough period of time.
- Search for Reviews on other Forums, YouTube and Sites: It’s always a good idea to search for reviews of signal providers on other sites, especially forums and Youtube. Forums are best because you can see legitimate users (i.e. regular forum posters) give them opinion and get feedback from other traders that have used the system).
Youtube is great because you can see videos demonstrating the performance of the signal service before you pay to enter it.
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Also, try to avoid reading reviews from scam affiliate sites that merely promote a signal provider in order to make money from them.
- Use a Demo Account: You should try to use a demo account where possible before you risk any real money on a signal service.
You should also be skeptical of signal providers that force you to open a live broker account before you can view or trade their signals.
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More About Adam
Adam is an experienced financial trader who writes about Forex trading, binary options, technical analysis and more.View Posts - Visit Website
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