Even Good SSP’s Aren’t Worth Your Time
Updownsignals.com is an SSP that may stand a little taller than the rest. The signal service provider is a subscription service that provides a variety of signals for day, forex and binary options traders. They claims a better than 70% winning rate which is more believable than the 90-95% success rates proclaimed by other less savory SSP’s. The service is geared toward newbies all through pro traders with daily signals form a list of over 70 assets. The signals are real-time and delivered right to your phone so that you can get them as soon as they are delivered. This is usually an hour or two after the market (the U.S. market) opens each day.
There are two main categories of trade signals; Signals for Day Traders and Signals for Binary Options. Both come with identical packages which include a 7 day trial period, a one month introductory period and a 3 month professional level subscription. The 7 day trial is non-recurring but the one month and 3 month can be set up to automatically re-subscribe at the end of the period. Options signals, or binary options signals, are delivered in a format that includes call/put, strike level and expiration time. Each signal is a 3 hour forecast for the given asset meaning the signal can be taken at any time during that three hour period provided it is above or below the given strike price depending on predicted options direction.
The day trading signals are geared more toward forex trading as they target an entry and an exit. I wont spend much time here as you are reading this article on a binary options website but I want to point out that their description of their own service is not trust inspiring. They say that the signals should be taken and used as a “market sentiment”, not a true signal. It is then up to you to use their recommendation to make your own trading decisions. If this is the case then what the hell are you paying for?
One thing that raised a red flag for me was the very specific nature of the signals. By specific I mean the expiration price and the stated return of 70% for each winning trade. If you have any experience with binary options brokers then you will know that they do not always have the same expiries or returns. Brokers that use the same platform such as SpotOption or Tech Financials will usually have the same expiries but that is not always the case either. The fact that they do list specific expiry and return leads me to believe they will have a “recommended” broker. I never did find that recommended broker but the claims of suitability with all platforms is completely false. You will have to use a broker with the exact same expiry as the signal in order to ensure you will have the same success rate as the SSP.
One of the bonuses the website will make you aware of, and another red flag in my opinion, is the “Best Signals” award given by Fair Binary Options. Awards are great but are usually not worth more than the paper they are printed. In this case its an award delivered across the ether net so it aint worht that much. Fair Binary Options is yet another affiliate marketing website aimed at signing up new traders. This website makes money when you click through to it’s partners and sign up, deposit into a trading account or purchase from the product offering. Fair Binary Options is a rather spectacular website but I seriously question its benefit to traders and would not be surprised to find out that it was more deeply involved with UpDownSignals.com than mere ad affiliation.
More importantly than perhaps anything else is the answer to the question “who is behind this SSP?” The first place you would think to look is the about us page, it is supposed to be about them isn’t it? In order to build trust in the community a little information about who and what it is we’re giving our money to would be nice. The only thing I found there was more sales pitch talking about how they use advanced analytics designed for algo-traders and now availabe to us, which I am sure comes as much of a relief to you as it does to me.
Even a seemingly good signal service may not be worth your time. What do I mean? First, you should never trust your trading decisions to someone else. It’s that simple. Allowing someone else to tell you what to trade and when is ludicrous. If you don’t know how to trade then you really shouldn’t be trading binary options and even more than that, if you don’t know who you are taking your signals from you shouldn’t be taking those signals. Adding to my skepticism of this SSP is the apparent affiliate association it has with Fair Binary Options. At best the award is honestly given and the affiliation is merely an attempt to make some money. At worst it is an underhanded affiliate scheme, the truth is probably somewhere in between.
