Success in financial trading doesn’t come easy. You don’t just wake up and hit it right off. Just like with any investment venture, success in financial trading necessitates commitment. One way to make it in trading involves research and analysis but unfortunately, not everyone gets the hang of it. However, there is another way to improve your trading; through use of binary options signal providers. That being said, we are going to highlight some of the factors you must consider before using a binary options signals provider.
First things first, before even entertaining the thought of registering with a signals provider, you have to consider the success rate. You don’t want to leave a trail of losses in your wake, or do you?
Usually, the success rate is displayed openly by a signal provider but in most cases, you have to evaluate the success rate yourself. If for instance a binary options signal provider offers signals with 80% success rate, it means that for every ten signals, there is a likelihood of losing 2 trades while winning 8 trades.
Unless you are not after making money, which defeats the reason to engage in binary options trading in the first place, the cost of delivered signals should be an important factor to consider when choosing a binary options signals provider.
The cost of signals delivered should of course go hand in hand with signals frequency. In addition, comprehensive signals are likely to cost more.
However, it is imperative to note that scam signals providers are more likely to request for a big one-off payment of let’s say over $500 after which they cut ties with you.
A binary options signals provider tends to offer specific number of signals for any given day. Therefore, the number of signals delivered per day should suffice when choosing binary options signals provider.
If let’s say you are a full-time trader, a signal delivery service offering multiple signals in any given day should be the best fit. Also, if you are a part-time trader, you can work with a provider offering 1 signal per day.
Obviously, as mentioned earlier, the number of signals delivered goes hand in hand with the cost . Therefore, you will find that binary options signals providers who delivery multiple signals per day are pricier compared to their counterparts.
From experience, if a signals provider does not offer trial duration, they are simply a scam. Well, a trial duration is a specific period where a binary options signal provider deliver trading signals at a lower cost or for free after which you can decide whether to use the provider or not. In most cases, providers charge at most $1 per day till the trial duration lapses.
If you know what you are doing, you can use the trial duration to evaluate the success rate of the delivered signals.