Inevitably when people come together to trade binary options, some will have different opinions than others. Maybe you look at your charts and believe price will go up in the next hour, but you go into the trading room (be it a chat room or a forum room) and John says he is sure price is going down. On the other hand, Mary says it’s clearly moving sideways and that she is going to take a Boundary trade. The Dog is simply wiping his monocle, refusing to give any advice and humming “… like a dog without a bone, an actor all alone…” Confused yet? Are you still sure price is going up like you thought in the beginning? You don’t know what to believe anymore and now you are just like a dog without a bone or an actor all alone – a dog wants a bone, an actor wants an audience and you want a trade, but thanks to the other traders in the room you don’t have a clear bias now and don’t know what to do.
There’s an upside as well and I believe this one tops the other cons: having more eyes looking at the same thing makes it easier to analyze and also it means you won’t miss out on good trading opportunities. Many times I’ve been working on something else and forgot to check charts but somebody in the chat room gave me a heads up so I was able to take the trade. Also, when it comes to the analyzing part, some people are better than others at different aspects of trading. Say a guy is very good with Support and Resistance, other is good at interpreting price action and you are good at trading with Moving Averages. When all of you come together and each one brings to the table his best tool, it’s easier to succeed than a single trader who knows how to use each of these tools but doesn’t excel at either one.