Trading Binary Options LIVE With a Professional Trader
If you’re interested in learning to trade binary options like a professional trader then you might want to consider two things. Taking a specialist course, although that might be very difficult depending on where you live, or learn one-on-one with an experienced trader. Someone who knows the markets well and has been trading binary options successfully for many years and has plenty to teach you about the markets, binary options, as well as lead your development as a trader. Being a successful trader is much more than having a winning strategy. It is essentially a state of mind and a lifestyle.
Trading online with a professional binary trader
Finding someone who fits the profile of a successful binary trader who will be willing to teach you may actually be very difficult. The good news is that with the power of the Internet you can now find expert traders online and trade with them regardless of your location. You’d be surprised how this experience can change your trading habits. There are a few professional binary traders that have mastered binary trading and are now sharing their techniques with people all over the world. Unfortunately, their service is not free, they charge a subscription fee but it is still relatively low in comparison to what you would be paying for a course or for one-on-one training with a local trader, assuming you could find one in your area.
The master traders share their computer screen and audio feed in real-time via a password protected website. They usually trade live accounts and perform technical and fundamental analysis using free charting software. Subscribers can view their screen, listen to their comments, follow their advice, and copy their trades online.
This graphic below illustrates this basic setup.
The master trader shares his screen and his audio with the subscribers (S1, S2, S3). Subscribers can watch and listen to the entire trading analysis on their computer at home, regardless of their physical location. In addition, subscribers can communicate with the trader by asking questions via an open chat window during the trading sessions.
Advantages of trading live with a professional trader
One of the main advantages of trading live with a professional trader is that you get hands on market experience right from the start. To enhance your learning experience you can add another monitor and set up your charts in the same way as your expert trader. That way you can view and listen to the feed on one monitor and on the other follow and test your own charts. Your expert trader will help you set up the charts on your computer.
The other most obvious advantage is that you get professional help and advice from a market expert in real time. You can learn from all the actions and comments of your expert trader as he examines the price action of various assets. In addition, you can openly copy his/her trades on your computer and with your chosen broker and profit from all all the winning trades.
Here is an example video taken from a feed of an expert binary trader, Franco
You don’t need to know much about the markets or trading but when you follow the advice of a professional trader who’s been winning for years, you get an amazing advantage over other traders. Your expert trader will show you what to trade, when to trade, and how to trade to win at binary options. If you decide to use such a service your winning chances will dramatically increase as some expert traders achieve on average 85% of wins.
Another advantage is that when you trade with professional traders, you only work about 2 hours per day because pro traders focus on very specific trading times and strategies. This type of working day approach can be very liberating.
Where and how to find binary options experts
Finding an expert trader may be quite difficult. There are many traders who specialize in Forex and spread betting but to find a dedicated binary trader with an impressive winning success rate is quite another thing. Sure, there are many people who advertise their trading systems online but these are usually without any additional and ongoing mentoring. Additionally many of those systems haven’t been tested thoroughly. There are, however a few professional binary options traders whose trading skills have been tested by many users. The following trading rooms have been in operation for many years and have helped thousands of traders. The most successful binary options experts run a signalling service which is part of their trading room. Most people who are interested in learning to trade and are paying for access to a professional trader want something more in return than just knowledge. They want winning signals too so they can make money of their subscription immediately.
Is the subscription fee justified? Is it worth it?
As the saying goes, ‘Nothing in life is free’, and unfortunately in this case it also rings true. All binary options live trading rooms cost money. Most of them charge a subscription fee of about $100 every two weeks, which comes to about $10 a trading session. Considering that every session can potentially make you money, this subscription cost should not be a deterrent to signing up and using the service. Imagine how much money you would be paying for a similar, hands-on workshops at your local collage. It’s understandable that the master trader and his team have expenses as well so there must be a charge high enough to cover good salary for everyone involved in creating the service and making it accessible to the public. Various professionals, like doctors, solicitors, vets, can charge up to $350 an hour for their services so $10 per 2 hour sessions is really not a lot for what you get in return.
A list of live trading rooms for binary options
Below is a short list of the most popular trading rooms where professional binary options traders share their trading experience online in a live environment. You will be able to see their trading screens, listen to their commentary, and ask questions. The traders use real money to trade but if you’re just starting out it is recommended to copy the trades on a demo account first.
1. Binary Options Trading Signals – Live Trading Room with Franco
This is by far the biggest and most successful binary options and Forex live trading room. It has thousands of subscribers and most of them stick around for at least couple of months. We’ve been watching this service very closely and it’s producing very impressive results every year. In addition to live mentoring the service includes winning signals which can be traded on. In fact most people who subscribe to this service do it for the signals and the trading system (Full review here). This live trading room has it all, high quality signals, good mentoring program by Franco, access to other top traders, help with initial chart setup, ongoing support and pleasant customer service. The BOTS trading system requires your participation for only 2 hours a day, from Monday to Friday.
If you are looking for a well thought out and structured mentoring program and you’re less concerned with trading and signals then you might be better off looking at different type of trading room.
2. Night Owl Signals – Live Trading Room with Chris
This trading room is led by Chris and other professional traders who offers coverage of the Asian, as well as, US trading sessions (under a different brand name – Morning Owl Signals). The room is full of beginner, as well as, experienced traders but it differs from the first one in that it does not use any proprietary signals software. (Full review here) Meaning that they use tools that are freely accessible to everyone such as MT4 trading software and built in indicators. Unlike Franco from Binary Options Trading Signals, Chris focuses entirely on trading binary options and 5 min expiry times. The Night Owl live trading room boasts hundreds of active subscribers wordwide. It runs from 8:30 pm to 10:00 pm EST.
The traders at Night Owl Signals trading room are nice enough to let people have a free trial every Tuesday. Use this opportunity to see how and what they trade before you commit to any biweekly subscription fees. It should be mentioned that Chris and his team also offer morning trading sessions. They begin at 9:30am – 11:00am EST. You can sign up to the night sessions and/or morning sessions on the NightOwl signals webpage. When you click on the Subscribe button you will be redirected to a form which will offer multiple options. There you will be able to choose between the morning or evening trading sessions or both.
3. Exchange Traders – Nadex Live Trading Sessions
This room should be of particular interest to those who are based in the USA. The Exchange Traders offer binary options Nadex trading sessions. Nadex is the only regulated broker in the USA. The advantage of trading with a regulated broker is that there is a government appointed monitoring and regulating body that will help in case of any disputes.
The Nadex trading sessions are only 30 minutes a day from Monday to Thursday, from 9 am to 9:30 am EST. Exchange Traders is a service run by the same people who manage NightOwl signals. Read our full review of Nadex Exchange Traders.
How to benefit from your live trading sessions
Trading sessions can be a life changer. It has been to many traders who started that way. It’s not an easy thing to follow technical analysis if your interests are elsewhere. In order to really benefit from live trading sessions you really need to be determined to succeed. Trading demands high level of concentration and you have to be open to learn new things. Also, you have to commit yourself for the duration of the sessions each day. In addition, you need to have a good Internet connection, at least a mid-range desktop computer or a laptop, and a quiet room where you can focus in peace. These three things are absolutely essential in order to benefit from your trading sessions.
Without having to register with any broker, you can start with paper trading, where you simply keep a journal of your trades. Then you can move to a demo account and then once you’re comfortable on a demo account you can move on to a live account. Trading on a demo is essential even when you subscribe to sessions with live buy/sell signals. It will let you practice your broker’s trading platform because just like any online or offline software it requires time to master it and know where everything is. Trading on a demo first will also give you enough time to test the trading system and see whether it actually works for you.
What to expect/not expect from your sessions
The thing that you can expect from your live trading room sessions is the exposure to the markets and a professional trading routine. You’ll see what it takes to trade online, how money can be earned and most importantly how to protect your capital from unnecessary exposure.
You can also expect to meet other experienced traders who will be part of the trading room sessions. You will be able to communicate with them in real-time via online chat window and ask them for advice or share your trading experience.
What not to expect? Making a million within your first few weeks. Contrary to what the binary broker’s visual ads lead us to believe, you will not make money effortlessly trading binary options. It’s just as hard as Forex trading, if not harder because there is more at stake so emotions often run high. Trading successfully comes with practice and time. Having a professional trader by your side will help you make money in the markets but not as quickly and easily as one may think.Published in Education