How to safely try such a risky activity as options trading and avoid huge losses if you are a newbie? Fortunately, today, beginners have so many tools at hand. In this review, we will focus on option alerts. They will help you make smart trading decisions at minimum effort on your part.
First, we would like to explain what options alert services are. These are sources that provide signals on when and which order to open. As a rule, such forecasts are compiled by advanced traders, who base them on the current market situation, trends, news, charts, algorithms, and their personal experience. In addition, they offer other thematic content, like tips, ideas, or short guides.
When a trader subscribes to such a source, he starts getting the corresponding notifications to his mobile number, messenger, or email. The only step left is to follow the recommendations provided. No deep knowledge or experience is needed. Yet, one must take into account that there is a small risk that such prompts will turn out to be false ― even experts make mistakes sometimes. That is why it is crucial to find a service you can safely trust as every mistake will cost you money. Also, do not follow such tips blindly, do at least short research and analysis before executing a trade.
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How to use such signals?
- Select a reliable option alert provider. We have compiled a list of popular and proven services for you: Optionsonar, The Trading Analyst, Sky View Trading, Market Chameleon, and Mindful Trader. Compare their terms of use, frequency of notifications, prices, and make a choice. Mind that they differ in focus a bit. For example, Sky View Trading is a universal choice for any trader regardless of his level, but Market Chameleon is more oriented towards advanced investors, and Mindful Trader is often recommended to those interested in swing trading.
- Subscribe to the service. If there is a free trial period, be sure to make use of it.
- Decide how you want to receive your signals. In some cases, you can receive messages to your email address or messenger. But you can also take advantage of passive copy trading. Then, your trading account will be linked to the alert provider and the system will execute orders in automated mode, according to the signals received. This feature is supported by many online brokers.
- Watch the alerts. Note that most of them are effective only within a short period.
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In general, we must acknowledge that such option signal providers are a must-try for every trader. Still, before buying a subscription, it is better to have a very close look at the reviews left by other users on the Web and try a free period if it is available.