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Binary Options Forums – The Good, the Bad and the Ugly

Binary Options ForumsNow, if you’re like me, the first thing I do when I hear about a new product or service is to do a Google search on it. I want to know what’s being said, and what kind of experiences others have had with that product or service.

This goes for job opportunities to buying a pair of boots, I need to read reviews and receive some form of validation. Of course, there are some flaws in the process, not everyone is going to have the same needs, nor are they going to have the same level of experience.

The same could be said of internet forums pertaining to trading binary options.

You’ll have to sift through a lot of noise to find the occasional gem of wisdom. Lets take a look at some binary options forums you can use.

The Good:

One plus, is an open community of like minded individuals, sharing their experiences. Often times, sifting through a forum could save you time and money. For example, you receive an email about some hot indicator that promises to make you a boatload of money; a quick scan through some forums might reveal that others who have tried the indicator see it average at best.

In addition, people are more likely to share their bad experiences than their good ones. Now, before you decide to invest your hard earned money, it makes sense to see some reviews from people who have tried specific brokers and trading alert services. If you notice enough people have had bad experiences, it probably means that the product or service is a poor one.

The Bad:

You know, there are some credibility issues that can’t be under looked. For example, who are these people writing? What is there level of experience? Do they actually make money from trading? Do they even trade? Being anonymous is a gift and a curse. It will take some time to figure out who to follow and who others in the community respect the most. Someone can build a strong reputation and respect from others by showcasing their trading prowess in a community. Those individuals are not afraid to be transparent. But again, how can we know for sure if someone is really making money using the strategies they mention in a forum, unless they take a snap-shot of their PnL and display it for the world to see. A seasoned trader quickly understands what solid advice is and what crap is. But let’s face it; most people entering forums are there to learn, they can easily taken in the wrong direction.

The Ugly:

The market has gotten very competitive; firms pay people to post positive statements about a product, just to lure new traders in. They know if there is enough positive feedback, you’ll most likely be interested in buying a specific product. It makes sense, why not pay a bunch of people from overseas, to join a forum and make positive statements about a specific product or service. Again, the seasoned pro, knows how to decipher this, but the new trader might get stuck believing whatever it is they are trying to sell. Not only that, there is a potential of conflict of interest. For example, the website that hosts the forum could be getting paid as an affiliate from a broker or service provider. The same could be said about the posters in the forum. Do you really think those people on YouTube love their broker so much that they will spend their time making videos of how great they are? They are doing it because the broker or service will pay them for everyone who they get to sign up.

In conclusion, be careful when you browse through binary options trading forums. There might be a hidden agenda with them. But don’t get confused. There are some real people out there, who just want to share their experiences with you, hoping to learn and help you avoid some of the mistakes they made. Believe it or not, professional traders work in groups, they don’t trade alone. When you have more than two eyes watching the markets, you gain a competitive advantage. It’s good to be part of a community, but remember, not all of them are the same.

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