Pro Binary Signals Service

There certainly seems to have been a number of new binary signal services which have been launched on the market in recent months. While I have been keen to take a look at them other commitments have got in the way until now. So I thought it was time to take a look at what is currently on offer.

The first service I am going to review is the Pro Binary Signals service (not to be confused with the Binary Options Pro Signals service reviewed here).

This service offers a typical ‘signals style’ website which claims to send signals direct from hedge fund traders. The usual benefits of trading signals are listed, together with the claims of earning high profits. All in all the site is pretty much as expected in this market sector, although particularly annoying was the pop up urging me to open a new account with a broker. I really object to pops when visiting a site (maybe this is just me). I also don’t see why a signal service is so desperate to make commissions from broker sign ups. Surely a good signal service should be more concerned with selling you decent signals?

How Pro Binary Signals Works

Anyhow let’s move onto the service itself.  The key thing by which any product or service needs to be measured is performance. In you want to earn a binary options trading income, then you need a good strategy which can provide consistent performance. With this in mind the ‘strike rate’ is quoted as 85% which is of course impressive. This is backed up by an accompanying ‘latest performance report’ on the website.

However the results shown are somewhat confusing. The earliest expiry date shown is for  February 2011 and the latest for June 2012.  When measured against the number of trades taken this equates to forty trades being placed over this time period. This is somewhat at odds with the claim that you will be sent ‘multiple signals per day’. I sure hope their signals turn out to be better than their maths.

Other than this the service offered looks typical of many other providers. Pricing is fairly typical with a $9.99 7 day trial offered and a repeat billing of $99.99 per month.

Something that I do like is that the signals are sent by both email and SMS. The ability to receive signals by SMS is a great benefit. It helps to ensure quick delivery once an opportunity is seen and should provide a better chance of placing the signal in your account. Most major international destinations are supported by this feature.

One thing to note is that there is no real clear indication of the markets that are traded or the contract types are that used from the website. The results that are listed point to the service being heavily geared towards the use of Forex options (EUR/USD, USD/CHF,GBP/USD etc). However this is at odds with the text on the site which states that signals are offered on a range of assets. Indeed, the first couple of signals received have been for longer term Call or Put trade contracts on the EUR/USD, Gold and Oil.

Initial Thoughts

While I may seem a little negative on the service at first glance, the proof of course is in the results achieved. The key benefits are the longer term contracts used (7 days on signals received so far). This gives more opportunity for getting in on the signal. And of course you can try out the service for just $10 to see if it fits in with your trading style.

As with previous tests I have run, results will be posted below. Updates will be added as the Pro Binary Signals review progresses.

Scroll Down For Live Test Results And Conclusion

Results

Pro Binary Signals Initial Update

I thought it was fairly timely, given that we are over halfway through testing this service to give an update on performance. And surprisingly the results have been encouraging.

I say surprisingly as you will note that when I initially started this Pro Binary signals review I was a little skeptical. This was down to the lack of clarity on how the signals would work and in particular the lack of a clear history of results.

Having now used the service, as you can see from the list above, plenty of signals are generated and in the main, these have so far proved successful. It is of course difficult at this point to draw any firm conclusions as to the performance. This is down to the service making use of a wide variety of expiry times, with daily, weekly and monthly contracts used. A definitive picture of performance won’t be able to be reached until the end of the month once all contracts have closed out.

A point to note so far is that with 13 positions currently open, you will need to manage your risk. It would be easy to end up with large portions of your trading capital tied up in open positions.

One slight criticism comes from the format of the signals themselves. They do not include an entry level at which the provider entered the market. This would make it easier to know whether it was worth acting upon a signal, particularly if you can’t place immediately.

However so far, so good, with 23 wins, 9 losses, 13 positions open and 3 that I was unable to place.

Update and Summary

Having now tested the service for a full calendar month it is now probably fair to make an assessment of how this service performed.

As I have mentioned previously, the only real metric by which you can decide if a service is worth using is down to the results it achieves. On this measure, Pro Binary Signals does deliver… well almost.

The final trade results over the testing period read as follows:

Won - 45 Lost - 24 Didn’t Place-9

So even considering the nine trades that weren’t placed (either I was not about, away from a computer etc) this equates to just over a 65% win rate which is not too shabby but could definitely be improved on. Whether or not the trades I didn’t place would have contributed to bettering (or worsening this rate) is of course open to debate.

For $99 a month this is, in my opinion, definitely a service worth checking out. It should work well for those people who need a a wider window for placing signals, than say, the B.O.P.S service provides.