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Analytical Tools

Binary options trading tools can make or break even the most well seasoned traders. Perhaps one of the most telling signs of a ‘good’ broker or a ‘bad’ broker is what they make readily available for their clientele. Some of the top binary options broker reviews may tell you the joining prices and more, but will not mention what, if any, tools, you are getting.

 

Remember, not every tool is right for you, nor is every tool offered necessarily a worthwhile one to use. That is to say, if you are given a hammer when you need a screwdriver, the hammer won’t do you any good. Likewise, if someone gives you a hammer when you need one, but it’s a crappy hammer, it won’t do you any good either. When looking at the tools binary options brokers offer you it is important to understand if you will really need them, what they are supposed to do and if they are good quality and well monitored.

 

To help you figure out who is right for you we have created a comprehensive list and summary of the different type of tools you will find.

1.             Chart Indicators (aka Overlays and Technical Indicators)




a.    What is it? There are TONS of types of these charts. Each chart maps out, clearly measures and defines types of movements of assets, stock trends and more. For Forex and Binary Options brokers to make these available they have to pay for them and in many cases be licensed to offer them. Big financial reporting companies like the Wall Street Journal and Reuters pay stock traders big bucks to compile these charts and keep them going 24/7. The better ones provide hard cold facts that traders can keep readily available and use to decide what trades to make and when, often within seconds of a stock movement (thus bringing in more cash).

b.    Do I need it? That depends. These are almost all highly advanced charts that often take years to understand (I mean like years in a university). If you have the time and means to fully learn how to utilize them, then this offer is very valuable. If however you are new to trading binary options, then even with the best how to guide, these charts won’t do squat for you (other than make you feel overwhelmed and flustered).

You may ask; then why did the brokers pay money for it? That again depends. If they are a company that deals with major investors of Forex and Binary Options they may have clients who really use them. However, they could also be doing it to make it seem like they are helping you gain big fancy tools, which will make you give them more money for something you don’t need. Sort of like buying a BWM with ‘butt warmers’ when you live in Costa Rica.

2.             Closing Tools

a.    Closing Early

                                               i.     What is it? To be clear ‘closing’ isn’t really a tool, it’s a part of any trade. However early closing is a tool because it enables you to stop a trade earlier thus reducing your losses.

                                              ii.     Do I need it? Yes. But, usually brokers only give you this option after a minimum amount has been deposited.

b.    1 Minute Closing

                                               i.     What is it? This is binary options in its purest form. Basically this allows you to make a trade in a minute. If you see that an asset or stock is rising quickly, but think it will either crash or taper off soon, this is your 1 minute chance to make some cash.

                                              ii.     Do I need it? Yes. This is the name of the game.

 

3.             Rollover Tool

a.    What is it? This is a super handy tool that lets you push off the time you allotted to buy or sell. This almost always comes with a certain amount of time to do so.

b.    Do I need it? Yes. BUT, brokers who offer this usually will only do so for high trade amounts or for ‘special traders’ as it isn’t financially in their best interest to do so. Be careful about giving too much for this tool, as while it is a handy one it isn’t worth risking too much money.

 

4.             Hedging

a.    What is it? Hedging is having two positions of one stock open at one time. So you have both the option to buy and sell stock x going at the exact same time, ready to pounce when a certain news release comes out while still keeping a certain insurance that if your trade doesn’t work you won’t lose too much. While this is technically a trading technique, it is also a tool because many binary options and forex brokers won’t let traders do it. The ones that do allow you to are offering it thus as a tool.

b.    Do I need it? As with others, it depends. Hedging tools, when offered are almost never free and the use of such is an acquired skill. Some people have even tried to make two accounts on some broker sites to try to hide their hedging and been booted, losing all their profits. If you find this tool offered free (which I would be skeptical of), grab it, but make sure you are fully educated and taught how to use it.

 

5.             Candlestick charts

a.    What is it? These charts are the cement stock traders use to build all their successful trades. These charts directly track the movements of currencies, commodities, assets, securities and more. They are how you know the health, or lack thereof, of whatever it is you are preparing to trade; thus whether to buy and sell and when.

b.    Do I need it? Yes, and you need to know how to understand it. Just having this chart isn’t enough, since how to use it isn’t often as simple as it seems. Educating yourself to finding movement trends and more is imperative.

Be warned, some brokers may offer to teach you how to use them. While in some cases the offer in genuine, in many cases they are actually directing you to make hasty and risky bets claiming to see things in the charts that are not there.  

 

6.             Financial calendars

a.    What is it? These are handy calendars that show you when important financial events and announcements are happening. For example, statements about whether the US will fund corn farmers for the next year would seriously impact the corn commodity.

b.    Do I need it? Yes, but you don’t need a broker to give it to you. These can be found all over the net, and usually more reliably than the ones your broker will create (which will inevitably with event they want you to trade on). Subscribing to reliable and well established financial publications that offer this would be a better decision. I will link to these more than once, but for the best info around you can choose fromWall Street Journal FinanceNew York Times Finance Market Overview or Reuters Finance.  


Real Time Economic Calendar provided by Investing.com.

 

7.             Live trading help

a.    What is it? It is a live person, usually who claims to be a trading expert/professional/ day trader or etc, who will be your go to guy to help you make trading decisions.

b.    Do I need it? No. Not unless you are privately paying someone you know and trust who makes money only when you do. When a broker site offers you this it is usually only when you become a ‘special member’ (platinum, diamond, gold, elite etc) after spending wads of cash… and it’s actually a sales person. That is right, a sales person. They claim to be well trained trading experts, they might even know a thing or two about stocks, but really they make commission on your trade. It is really just in their best interest to get you to “invest” a lot of money, regardless of whether it will be good for you. True, if you do well you will come back for more; but these agents rarely actually possess the knowledge needed to determine if a trade will be successful. If they knew that they wouldn’t be helping you do it, they would just make those trades themselves with tons of cash and never work again.

 

8.             Web seminars

a.    What is it? Web seminars are online classes that teach you about trading. They range from beginner courses teaching the 101′s of trading (what are commodities and stocks) to seasoned trader courses that teach actual trading techniques and how to implement them. The good ones are led by well established day traders. They give traders chances to ask live questions and watch experts make trades in real time. 

b.    Do I need it? Maybe. As I said in the top paragraph, it depends on the quality. Some forex and binary options brokers genuinely offer great webinars, especially to premium members to try to gain member loyalty. However, other brokers trying to make quick cash might offer this as a bonus and hire random bloggers. Worse, they might hire sales agents to read a prewritten marketing script you could have written yourself after visiting a few informative sites. The best thing to do when offered this tool is to find out WHO will be hosting it and to look that person up. 

 

9.             Trading Tools/Techniques (AKA Trading Secrets, analytical tools, trading tips, etc)

a.    What is it? Trading tools/Techniques are very real methods of trading that are supposed to increase trading success. Sort of like different ways to kick a ball or throw a punch, the methods by which you trade can entirely determine the outcome. Usually the techniques deal with how to read candlestick charts, interpret news and just how to use news to make trades.

b.    Do I need it? Not unless you are prepared to use demo accounts or free cash to get the hang of them first. These aren’t tools that can be mastered with one go and will require you to try them many times over before getting the knack. Anyone who tells you otherwise is lying, just remember if this was super easy with these tools they would charge a lot more for them.

 

10.          Videos/ YouTube How To Trade Videos

a.    What is it? Videos that are much like the webinars, but that you can replay. The only difference is you can’t ask questions and you have no idea what the real purpose of the video is. Some are wonderful and offer really valuable info, others show you how to trade on particular sites and then some are really just advertisements guised as ‘how to’ guides.

Do I need it? Probably. An unintentional benefit of these is that often they offer the most honest comments about different brokers out there. Brokers who post ‘how to trade on (enter name of broker site here)’ videos often leave the comments field open where traders write what they felt about their experience on the site. If comments aren’t permitted be weary, that usually means the broker is trying to avoid traders with bad experiences from commenting.

Additionally, if you are brand new to the binary options trading world it is definitely worthwhile to watch a few beginner videos as well as ‘how to’s’ of trading. You just need to sift through the ones that actually give you the info and experience you are looking for, and those that seek to be long commercials packed with advertisements.

 

11.          eBooks

a.    What is it? These are downloadable, and in some cases interactive, textbooks about binary options and/or forex.

b.    Do I need it? Depends. For the most part, there is nothing you can find in those books that you can’t find online. This is an easy pamphlet brokers can throw together to add as a bonus. However, non affiliated groups sometimes offer helpful eBooks to help you get started without all the marketing runaround. 

 

12.          IM Alerts

a.    What is it? These are alerts brokers send you, allegedly to let you know when a great trading event is going down.

b.    Do I need it? No. Mostly, these are used to get you to ‘take advantage of a bonus’. All the great trading events you need to know about should be available on the afore mentioned trading calendar.

 

13.          One-on-one sessions (‘with REAL traders’ is usually the line that follows)

a.    What is it? These are like one on one webinars. The idea is to pair you up with an experienced trader who will take your hand and teach you the wonderfully profitable world of trading.

b.    Do I need it? No. These experienced traders are almost always sales people. They will teach you one or two things they were just taught about trading and then try to get you to “try it out” with them, thus getting you to spend your money. If you want to learn how to trade with a professional then find one not connected to a specific site, or an unaffiliated educational site.

 

14.          Daily Analysis

a.    What is it? Once a day you will get updates and news, either via emails or on a site page, that pertain to the binary options and forex trading world. Non affiliated sites, some brokers and established news sites offer great daily highlights that are very useful. However, some brokers highlight events that will be especially profitable. Additionally, brokers often use these to advertise holiday events, raffles, bonuses or etc.

b.    Do I need it? You don’t have a choice. This is one of those tools that is great if you find a non-affiliated group to give you unbiased info. Brokers however will just try to use this as a way to get you to give them money for bonuses and etc. Finding a reliable site you trust for daily update and analysis is great, but always try to unsubscribe to any broker mailings. 

 

 

15.          Live Data/ Tickers

a.    What is it? 24/7 assets, commodities and foreign exchange rates fluctuate. Stock markets go up and down and news pertaining to economic global affairs is released. Live dat and tickers are streams of these events and data. The tickers themselves show stocks and how ‘up’ or ‘down’ they are, live data is tidbits of news that has to do with the world of trading, and are usually from big financial news groups like the New York Times Business, Reuters, etc. 

b.    Do I need it? No. You can go on any good newspaper’s site to get all of that, it is more for site affect. Some of the reliable sites to go to are the Wall Street Journal FinanceNew York Times Finance Market Overview or Reuters Finance

 

16.           Trading Signals

a.    What is it? An actual symbol that indicates if it’s a good time or a bad time to trade an asset, currency or commodity. Many companies get creative with this by using actual symbols such as up and own arrows, or bulls and bears (look up stock bull and bear if you don’t know what this means) and etc to indicate the movements and advised trade actions. 

b.    Do I need it? Depends if it’s a trustworthy site. Non affiliated sites (like yours truly) are your best option with trade signals since they don’t make money if you make a bad trade. In fact they only gain with your trust.

 

17.          Payout comparison

a.    What is it? This is a tool that charts out how much you ‘get back’ on your investment as compared to other binary options and/or forex brokers. When you are successful at trading, most companies take a percentage of your earnings for their services. How much that percentage is differs and this tool lets you see how much more, or less, you are getting with that particular broker.

b.    Do I need it? No. Well, not from a broker anyway. If a broker offers you this the likelihood is they have chosen other companies they know they are somewhat better than to compare it with. However, if you find this offered on non affiliated site their interest is to show you what is what and who to go with.

 

18.          Mobile Phone Apps

a.    What is it? Some brokers offer you the ability to trade from your phones. They have platforms that allow you to track your trades, make rollovers and etc while on the go.

b.    Do I need it? Yes. Just make sure it’s an app that offers you trading in real time, not just alerts or the ability to ‘watch’ your trades. Some binary options brokers say they have mobile apps when in fact what they have is an app that just let’s you access your history and watch your current trades. Not make new ones or alter your current trades.

 

19.          News Subscriptions

a.    What is it? Top binary options brokers will purchase for you, or reimburse you, for subscriptions to leading financial news papers or reporting sites.

b.    Do I need it? Yes. If they offer this do it. I suggest the Wall Street Journal Finance personally; however there are many other great ones out there.

 

20.          Trading Blogs

a.    What is it? Every binary options and/or forex provider has a blog. They are supposed to inform you about interesting topics going on in the trading world.

b.    Do I need it? Depends. Some blogs are just there to help the site’s Google ratings, meaning they aren’t great blogs but it looks good for the broker to have one. Other blogs that are not affiliated (again yours truly) can be really valuable and not only teach a lot but also give you perspectives on trading you wouldn’t have had otherwise. You need to read a few blog posts and decide on your own if it is worthwhile.

 

21.          Trader Demo Accounts

a.    What is it? These are learning tools; fake accounts with fake money you can use to see what trading is like on a binary options or forex’s site platform.

b.    Do I need it? Yes. If you don’t know anything about trading binary options or Forex this is your chance to try it free. If you do know, this is your chance to see if the broker you are interested in is honest about everything they offer.  {LINK}

Be careful: some brokers offer you the ability to ‘earn real cash’ with the trades you made while on your fake account. The truth is, they will only give you this cash as ‘bonus cash’, meaning money you can use to make another trade. Then only give you your earnings after you’ve spent a certain amount of real cash on the site. Don’t fall for it. Only invest with a broker site you feel comfortable with, not one you think you can get money back from your demo account with. 

 

22.          Bonuses

a.    What is it? Bonuses come in many forms, but basically they are ‘extras’ or incentives brokers give to traders. Usually, the more money you invest the more bonuses you get. 

b.    Do I need it? Depends on the bonus. READ THE SMALL PRINT. On the bottom of every bonus you will see a *. This usually includes how long the bonus is good for, what the limits are and how much money you have to give to get it. Plus, bonuses usually can only be redeemed after a substantial amount of cash has been given and spent. Some bonuses are great and legitimate and some are BS.

 

23.          Social Media/ Twitter

a.    What is it? Any legitimate binary options or forex broker has social media pages. But, only the better ones know how to use social media to help their traders make money. This is done by finding top traders on Twitter, or top financial news pages on Facebook and sharing the news they give.

 

b.    Do I need it? No. The Facebook pages and the Twitter pages that belong to the sites will only tell you about bonuses which you will get in your emails anyway. Real social media pages worthwhile you can find on your own.