I must agree and further push the statement that binding a spirit is very difficult and can be extremely dangerous, especially for those of lower skill/knowledge. Also, any magic that includes the use of your own blood has always been a dislike of mine, as well as my fellow practitioners. There are people out there that can, and are skilled, in blood magic. But I HIGHLY recommend staying far away from it. That's my two cents on this topic, I may be new to this site, but that's not the case in my experience.
As for the original "binding" topic, if one truly needs to perform a binding ritual, experience matters as much as knowing what you are dealing with. It's better to be over-cautious than foolhardy and rushing. Find local experienced folks (which can be quite a task) and get to know them before performing anything.
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