There are many ways in which you can make money from binary options. While lots of traders will be content to invest considerable time in seeking out a good strategy, others will simply want to use binary options signals to make money as easily as possible.
If you do decide to follow the signals route there are a number of things that you will need to look out for to ensure that you can get the most from the service.
You will need to balance out the pros and cons of each service before you sign up and attempt to form an overall assessment before even trading an alert. Of course, using a review of a binary signals service is as good a place to start as any if you want to find out the suitability of a service. However it may be that you can’t find a good review or you simply want to conduct your own assessment of it.
Below I suggest some key criteria that you should look into before signing up for a service. These will help you to determine if the binary signals being offered are best suited for you.
The Best Binary Options Trading Signals
The first thing that you need to check out is the time that the signals are sent. Most services will provide a set ‘time window’ where alerts can be delivered or possibly even a specific actual time. A rather obvious point, but if you want to get any success from trading the recommendations then you need to be sure that you are around to act upon them.
Placing trades on binary options is simple enough that you can realistically deal contracts on your account while on the move. Many of the best binary options brokers now offer decent mobile trading platforms which will allow you to deal on the go. When these are paired with a good mobile device, it will allow you to place signals on your account from almost anywhere.
Delivery Of Alerts
This is closely linked to the above point. Not only will you need to be around to physically place the signals, you will also need to receive them with sufficient time to react to them. This is the biggest criticism that many signals services face and is not just restricted to binary options.
The difficulty for most providers of trade alerts comes in getting the alert to the trader before the opportunity disappears. With markets constantly moving opportunities can quickly be lost. Even short delays between the generation of the signal and its receipt by the trader can prove significant.
There is no real answer here as sometimes even just seconds, can see a potential opportunity disappear as quickly as it came. However what you want to look for are strategies which will provide a decent time window for you to act upon the signals.
Markets And Contracts
The markets or assets that are traded by the binary options alerts will depend on the strategy and the providers’ preference. However it is important that you consider this at the outset.
While the variety of assets on offer from brokers are ever increasing, it is important that you check the exact assets and expiry times that the alerts will be sent for. This will allow you to ensure that both the assets and the contracts (expiry times) are offered by your current broker. If they are not then look for another service… or its time to open an account with a suitable broker.
Past Trading Performance
This is obviously a big one. As with all investments there is a caveat that –
‘Past performance doesn’t necessarily indicate future performance’.
That having been said, it does however make sense to see what the service has achieved in the past before you sign up. This will at least give you a rough guide of what you can expect. You should also keep in mind that the results that provided by the vendor will be their results; i.e. they may not actually reflect the actual results that a subscriber could really achieve (delay in placing signals, missed signals etc). Therefore it is always a good idea to make use of an independent binary signals review to get a clearer and perhaps more accurate picture of real world performance.
Try Them Out
Ultimately even once you have read the best binary options signals review and have assessed the various merits of the service, the only true measure of performance will come from actual trading.
Most binary options trading signals provide an introductory period, during which you can trial the signals for a reduced fee. This time should be used to trade the service either on paper, with a demo account or with the smallest amount possible on a live account. In this way you will be able to build a real picture of how the binary options signals will work out for you.