Avoid Scam by Knowing how to Choose Signal Service Provider

You may not like the idea of having Signal Service Providers due to a lot of distasteful factors. However, you need to understand what it does and as a trader learning the trade on your own is always a better idea. If ever you decide to chose a Signal Service Provider or SSP you can use these guides. These can enlighten you on your trading adventure. Read on and Read well.

Avoid Scam by Knowing how to Choose Signal Service Provider

1. KNOW WHAT YOU ARE DEALING WITH

It is standard for anyone to fully understand what he or she is getting into especially when it involves investments. Decision making should not be done rapidly thereby when it comes to trading you need to know who you are dealing with. As for signal service providers, there are dozens out there that you can choose from. You can use basic SSP forms such as blogs, forums, and newletters. You can take advantage of these free forms since they also provide wide ranging information. If you want to take one leap higher then you can go to dedicated SSPs. These people offer free or with fee services. They basically provide signals that you can follow. Some of them can give you easier options such as auto trading while other force you towards keeping up with them alone. There are also others who put up software on your PC so that you can track markets and decide for yourself.

2. FREE vs PAID SERVICES

Before you give your credit card number or pay for any signal service you need to stop for a while and think deeply. Before you hand in any personal details ask yourself if it is really worth it. Free SSPs can sometimes be doubtful but the great thing about it is that you can either take it or leave it. If you decide to avail of a free service you will surely have higher expectations for its services. This is when you opt for a paid service then you have to choose a trusted provider. There are many binary options scams online so you really have to be very careful. You have to identify what are the site’s motives.

3. DO NOT BE FOOLED BY ROBOTS

A lot of traders are attracted with auto trading. This is an enticing feature that SSPs and robots also provide. The doubtful thing about these is that you need to have the software downloaded to your computer. Once the software is installed it may take over your account and then enter trades based on the parent company’s signals provided. This is basically crazy. It is like you are falling into a trap where you let another person control your life. It is like you are welcoming a virus with open arms. Auto traders and robots do nothing except increase risks. As a trader you already have all the risks for trading and letting someone make the decision for you greatly increases your existing risk. The scary thing about this is that you trust your decisions to a robot or a computer and you are pretty aware what happens when it becomes out of control.

4. TRADE ON YOUR OWN

Most of the time, it is better to do things on your own because you know your preferences. When it comes to trading you really have to know how to trade on your own and for yourself. Binary Options can be considered tentative tools and if you want to be involved with it then you have to do it on your own. Learning takes time and if you have the patience to do so then you can surely succeed.

5. LEARN SOCIAL TRADING

A better option would be social trading. You can use Communitraders for binary options trading. It is a platform that can provide you the opportunity to practice and improve your trading skills. You can ask questions here and even post strategies and ideas. You can even follow other traders and observe their moves.

2 Responses to “Avoid Scam by Knowing how to Choose Signal Service Provider”

  1. Valentine Bonnaire 14 April 2014 at 2:33 am Permalink

    I remember I was told to download software while Trading, before I knew it my account was closed and I had to go through a huge effort just to get MY account back.

  2. Alejandro Medina 14 April 2014 at 2:35 am Permalink

    Point 2 helped me out quite a bit! I’ll be sure to search around before purchasing services and checking with other users which services are legit.


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