Pro Binary Signal Review
In recent months, certainly it seems that a number of brand-new binary signals services have been introduced on the market. Despite my intention to take a look at these services, I have been occupied with other commitments until now. Therefore, I believed it was time to review what’s currently on offer.
This service provides a common ‘signals style’ website that claims to deliver signals directly from hedge fund traders. They list the usual advantages of trading signals, as well as claims of getting high profits. By and large, the site has pretty much all that is expected for this business sector, despite the particularly annoying pop up that urges me to set up an account with a broker. I am really against pops when visiting a website (it might be just me). I also don’t get a signal service’s eagerness to earn commissions from broker sign-ups. Certainly a good signals service should be more dedicated to selling decent signals?
How Pro Binary Signals Works
Anyway let’s get on to the service itself. The key criteria when reviewing any product or service is its performance. If you want to receive a binary options trading income, you need good strategies that are able to deliver consistent performance. Considering this they have the quoted ‘strike rate’ of 85%, which is quite an impressive figure. This is supported by a ‘latest performance report’ that comes with it on the website.
Nevertheless the results introduced are kind of confusing. February 2011 is shown to be the earliest expiry date and June 2013 as the latest. Measured against the amount of taken trades, this is equal to 40 trades placed over this period. This is noticeably different from their claim to send you ‘multiple signals per day’. I honestly hope that their signals will be much better than their mathematics.
Apart from this the service provided resembles that of many other providers. With a $9.99 for 7 day trial and a monthly repeat billing of $99.99, pricing is fairly typical.
A plus point I find is that you can receive the signals via both email and SMS. It is advantageous to be able to receive signals via SMS. In this way quick delivery is ensured as soon as an opportunity appears and there are more chances to place the signal in your account. This feature is found in most major international destinations.
One notable thing is that the website provides no real clear indication of the contract types in use or the markets being traded. The results that are being listed show that the service is being extensively geared toward the use of Forex options (USD/CHF, EUR/USD, GBP/USD etc). But this is in contrast with the text on the website which says that signals are available on a variety of assets. Certainly the first few signals received are for longer tern Put or Call trade contraction Gold, Oil and the EUR/USD.
Pro Binary Signal Review: Initial Thoughts
Although it might seem that I am pretty negative on the service so far, of course the proof is in the achieved results. The longer term contracts used are the main benefits (7 days on signals received up to now). This creates better chance of getting in on the signal. Also, surely you can check out the service for only $10 and see if it suits your trading style.
Initial Update 17/08/2013
Given that we are more than halfway through trying out this service, I thought it was timely to give an update on its performance. And unexpectedly, the results are pretty encouraging.
I say unexpectedly if you will look back at how skeptical I was at the beginning of this Pro Binary signals review. It was due to the lack of clear explanation on how the signals work, and especially the absence of a clear history of results.
Now, after using the service, as indicated in the list above, a lot of signals are produced and for the most part, these have proved successful until now. It is obviously hard to draw any final conclusions regarding the performance at this point. This is because the service uses a wide range of expiry times, with monthly, weekly and daily contracts being used. It’s impossible to reach any certain picture of performance before the end of the month if all contracts are closed out.
So far a noteworthy point is that you will have to manage your risk with the 13 currently open positions. It is likely that you would end up with a large portion of your trading capital locked up in open positions.
There is a slight disadvantage with the signals’ format itself. They do not provide an entry level for the provider to enter the market. With this, it would be easier to know if you should act upon a signal or not, especially if you cannot place right away.
But up to now, things have been good with 9 losses, 23 wins, 13 open positions plus 3 that I couldn’t place.
PRO BINARY SIGNALS REVIEW: Update & Final Verdict For The Service
Having tested the service for one whole calendar month, I think now is a fair time to give an assessment of its performance.
As I’ve previously mentioned, the only criterion by which you decide the worthiness of a service is its achieved results. For this criterion, Pro Binary Signals does… well almost. The eventual trade results for the testing period is as follows: Won – 45 Lost – 24 Did not Place-9
So even taking into account the 9 trades that were not placed (either I was not around or was away from a computer etc.) this is equal to a little over a 65% win rate. This figure is not too bad but certainly it could still be improved. It is apparently open to debate whether the trades I did not place could have helped improve (or worsen) this rate.
In my opinion, for $99 per month, this is obviously a service that is worth checking out.