Trading binary options can only be profitable if you pay a lot of attention to educating yourself about the market. Yes, we live in the era of tablets, phones and all sorts of smart gadgets. But when it comes to binary options trading, none of these pieces of technology will ever replace the good old way of studying by picking up a binary options book to read. Many of the trading topics covered by these books are still relevant today. Reading and studying binary options books is one way to enhance your knowledge of the markets. Traders who have actually studied the market structure and all that is contained within this structure actually come to the market front better prepared than those who did not.
We can better understand this by taking a cue from the military. Before any mission is undertaken, a missions briefing is done. That way, soldiers are very clear of the mission objectives and how they can be attained. It is the same thing with binary options. The information from educational resources are like the briefing notes. With them, you can determine your strategic objectives in the binary options market and set about achieving them. Arming one’s self with information obtained from binary options books is a step towards achieving trading proficiency.
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What Kind of Binary Options Books Should You Read?
It is now wise to simply spend money buying every binary options book that there is. In school, every course has a curriculum. In binary options, there should also be a structure to the learning process, and this should form the newbie trader’s curriculum. Components of this curriculum should be arranged in such a way that the basics are covered first, before advanced topics are treated.
a) The Basics
The trader must be ready to cover the basics of the trading process. The basics will include an overview of how trading binary options is done. Introduction to topics such as regulation, the various trading platform types available, the software, the trading process, etc, are things that come under basic knowledge. By the time a trader is done with the basics, he or she is expected to have gained knowledge on how to navigate around the platform as well as understood the basic market lingo. The trader should be able to know what an asset-or-nothing option means. At this stage, the trader should aim to know the various option types such as the Ladder option, Up/Down or High/Low options, and understand the circumstances when each option type is used. Opening of trader accounts and broker selection should be the popular topics treated here. Traders should also know how to operate a demo account and practice with no deposit accounts that offer risk free trades.
b) Intermediate Level
The intermediate level of knowledge assumes that the trader has had a grasp of the market basics discussed earlier. At this stage, the trader should get introduced into more complex topics such as trading with binary options news. This is also where the concept of automated trading with robots should be introduced.
Trading strategies as well as the psychology of trading, are topics which should come under advanced level content. However, what you tend to see in many websites and online/offline resources as well as seminar teachings is a situation where trading strategies are taught first without allowing the trader to understand where he or she will be putting these strategies to work. The US military would never place an airman who is only one week on the job in the cockpit of one of the billion-dollar stealth bombers. Why? It is just so simple: the lack of experience of such a green horn will lead to the loss of the most expensive military plane in history. The same thing goes for binary options. You don’t go teaching strategies to new traders who are not even familiar with things as basic as making distinctions between a line chart and a candlestick chart. Stuff like this should only be introduced to the trader after the basics have been covered.
Now that the various knowledge levels for binary options education is known, it is time to introduce the binary options books that every basic level and intermediate level trader should read.
Books on Binary Options
We now explore some of the books binary options traders must read and become acquainted with before they start trading real money. These books cover the various levels of information that binary options traders require.
Book 1: Trading Binary Options: Strategies and Tactics
This book by Abe Cofnas can be called the bible of binary options trading. Written from a mostly American-style binary options standpoint, this is one book binary options newbies simply must read. This book covers a lot of market basics, intermediate level binary options topics as well as advanced topics. Any new trader who is looking for a binary options book that serves as a one-stop shop for binary options education at all levels, should get this book. For a price of about $48 for used versions and as much as $113 for new, hardcover versions, this binary options book is pricey, but certainly worth every dime.
Book 2: The Binary Options Book Of Knowledge: Everything I Wish I Had Known Before I Started
Written by Christopher D. Carlson and released in 2016, this is a book binary options beginners should read. This book will enable them understand how to break away from the damaging misconceptions that most beginners have about the market. It also helps break the damaging mindsets which beginner traders have about binary options. At $14, it is a good way to get introduced into the market. One of the best ways of learning binary options is to view it from the eyes of those who have been there and done it all. In this book, binary options trader Carlson talks about the missteps he took as a beginner trader. He also takes time to address many of the questions beginners have about binary options.
Book 3: Call or Put: How I Profit Using Binary Options
Released in November 2016, this binary options book is actually an Audible audiobook which was written by Dennis Preston and narrated by Mike Norgaard. It details specifics of how Preston has been able to make money trading forex binary options. Preston started off as a forex trader, and was able to adapt his forex trading success to the equivalent market in binary options. This audiobook goes for $19.99. You don’t have $19.99? No problem. This audio book can actually be accessed for free if the reader undertakes a 30-day free trial of the Audible app.
Book 4: Binary Trading Strategies: Learn Binary Options Profit Making Strategies
For those who are stuck on getting more information about the latest binary options strategies, this is finally the book for you. This binary options book was written by Wayne Walker and was released into the market in May 2017. This makes it one of the latest books on strategies out there. The financial markets are highly dynamic. You need something that works now, not something that worked way back in 2011. Therefore, any intermediate level binary options trader that wants to trade the latest Up/Down asset or nothing strategies should get this book. It costs just $7.99, making it very affordable too.
Q: I am at a loss as to where to buy the latest binary options books. Where can I get them?
Answer: A lot of binary options books are available on Amazon.com. Some binary options brokers also offer ebooks as giveaway products.
Q: Amazon does not ship to my country. What alternatives do I have?
There are companies which help international users to buy books and other stuff from Amazon, and have them shipped to their own countries. Examples are Bongo and MyUS. Search online for more companies.
Q: Should I read binary options books alone as a source of my binary options education?
Answer: A complete binary options education entails reading binary options books, studying resource materials, reading articles on binary options from authoritative sources and self-study of your past trades to see where errors were made.
Where to Get the Latest Books on Binary Options
The best source for buying your binary options books is Amazon. There are many new titles there. The best part is that you can buy new and used versions, as well as buy versions that are optimized for the Kindle device. This gives you a lot of options when deciding the format you want to acquire for yourself.
Binary options books are there to educate and inform you. Grab your copies of the binary options books listed above and get yourself empowered to tackle the market.