Should You Buy a Trading System?
If you’ve figured out that your binary options trading shouldn’t be random, you’re already far ahead of a lot of your fellow traders. Deciding that you’re going to find a trading method is a great step to take. The next thing you’ll likely discover is that there are literally hundreds of binary trading systems for sale on the web. These systems often promise things like “turn $5000 into $500,000 in just one year,” or “Make $10,000 every two weeks” if you’ll just buy their trading system. Should you be tempted by these offers? What about mentoring services?
Trading Systems That Work – If Used Responsibly
There are trading systems out there which work, applied properly and by the right person. Some of those systems are sold by other traders, so yes, you can sometimes become profitable by buying a trading system. These systems aren’t usually promoted with so much hyperbole behind them however; there’s nothing trustworthy about ads which promise tremendous gains in short time periods. No one can actually promise you those kinds of gains, since they depend a lot on you, and how you apply the system. Plus, historical performance of a system is not a guarantee of future performance; it certainly makes it likely a system will perform well in the future, but it’s not set in stone. So unrealistic offers should be ignored in favor of more reasonable ones. The same goes for mentoring programs.
Furthermore, there are a lot of great free trading systems out there. Lots of traders are generous, friendly people who like to share what they’ve discovered with others. Why would anyone in such a competitive market be so generous? That’s easy; most new traders will crash and burn for lack of discipline. So it’s not like the few people who are making it are in any danger of being overrun by new winners. So they may as well share with others and cooperate for success. It’s a much better attitude to have.
Trading Systems – Signals & Mirrored Trading
Some people don’t like the term “trading system,” because the word “system” seems too rigid to them. There’s nothing “wrong” with the term, but if you find it misleading, you should probably think of trading systems as trading “methods.” The word system sounds mechanical, whereas method is a bit looser and allows for adjustment and discretion. How much discretion you should use in your own trading is a topic for another article.
To Buy or Not To Buy A System Or Signal Service?
So should you buy a system? You should probably look at free systems first, and try them out for yourself and experiment before you go spending money; you may find what you need without paying for it. If you do buy a method, you need to acknowledge that it’s not going to bring you binary options success instantaneously and without effort on your part. Most systems need to be adjusted to fit the schedules and personalities of their users. They also need adjustment for changing market conditions. Don’t lose discipline if you find something you know works well and can work in a variety of systems. Traders often go on a quest for the holy grail of systems, not realizing that to trade binary options successfully with any system usually means focusing and adapting. No system is perfect, but you’ll get much further by concentrating on one which is pretty good than running around searching for the key to turning your tiny bankroll into a massive fortune overnight.
Popular Signal Services
- BOTS – Binary Options Trading Signals – Trade alongside Franco and mirror his trades. Well regarded by the majority of traders who use this service
- BOPS – Binary Options Pro Signals – Probably the most popular signal service on the market today
- UP / Down – Up Down signals is new for us but gaining positive reputation