Whether you’re an active trader or just starting out, the best option alert service can help you find novel trading ideas and save time. These services can also reduce your risk, but you need to use them with a healthy dose of reserve and research your own trades.
The best options trading alert services offer unique insight into the market and help you avoid costly mistakes. They provide high-conviction trades, based on sound analysis and years of experience. They may be expensive, but they are worth the investment if you have a solid strategy and enough capital to cover your risks.
One of the most popular options trading alert services is Optionsonar, which offers an online options screener and a live options trading room with expert traders. The option screener allows users to customize parameters and backtest 18 different strategies. It is also user-friendly and provides a watchlist feature, which can help you keep track of your favorite stocks. However, this service has some drawbacks, including limited educational content and a lack of transparency.
Another good option trading alert service is Benzinga Options, which offers two options trading alerts per month. The service is backed by years of trading experience and has a 90% success rate, thanks to its early news and expert market analysis. Its alerts include details of the trading strategy and rationale. The company also offers useful trading videos and a forum, making it an excellent choice for beginners.
Motley Fool Options is a less expensive option trading alert service that is focused on education and has a strong track record. Its option picks have netted profits 84.6% of the time, which far exceeds its few wrong calls. Its educational section, dubbed Options U, is an invaluable resource for beginners and those who want to learn more about the options market.
Options Alpha is a more advanced option trading alert service that offers a variety of features, such as speedy real-time alerts. It also maintains an option trading chatroom and a large answer database. The alerts are delivered through email and SMS, and are backed by thorough research and an experienced team. It is an ideal option trading alert service for active day traders.
Traders often use an alert service to save time and avoid making costly mistakes. However, the best options alert services are those that can be used to supplement a trading plan with expert guidance and novel trade ideas. They should also be able to offer valuable educational resources and free practice opportunities.
It is important to note that trading is inherently risky and no option trading alert service can guarantee a profit. It is therefore crucial to have a well-defined strategy and a good understanding of the market. It is also recommended to keep the trading platform and alert service open at all times, so you can react quickly to trading opportunities. Ideally, you should have both the platform and the alert service open at the same time, which is why some day traders have multiple screens.