Quick trades, volatile markets, high returns — this is why Binary Options is a favorite trading instrument of many traders, despite it being quite risky. Binary Options are based on a simple “yes” or “no”: is the underlying asset above a certain price at a certain time? But to answer this seemingly easy question, you need to have a good grasp of how Binary trading works. In this article, we have collected 4 tips on how you can enhance your knowledge and become an expert on Binary Options.
1. Check YouTube for valuable information
Sometimes a 3-minute video can be a lot more useful than hours of googling, especially if you comprehend visual information better. This is why YouTube is a great source of information on how to trade Binary Options. You can find both theoretical materials and visual examples of people trading with the use of certain tools or indicators. Streams and trading sessions can also be useful to help answer your questions about BO.
Try to take the information with a grain of salt and make it your goal to build your own trading technique, rather than blindly following the given directions. There are many trading YouTube channels out there that claim to be experts. However, you need to filter the information and double check everything for yourself.
2. Sign up for a Binary Options trading course
There are hundreds of Binary Options strategies out there that you can simply copy and try to apply to your personal trading approach. Unfortunately, a lot of times this doesn’t give you the profits that you expect. Why? The answer is quite obvious: without a concrete understanding of how Binaries work you can’t develop an effective trading method. That’s why just watching YouTube tutorials might not always be enough. The information there is abundant, but often scattered and not systematized.
A complete Binary Options trading course is the ultimate way to really master this type of trading. A good detailed course will give you all necessary basics, but most importantly, it will teach you to look at the market and analyze it like a professional, rather than a novice trader. Concrete knowledge will help you to not just follow scripted strategies, but make your own conclusions and develop your personal profitable trading approach.
Which Binary Options trading course to pick?
Ideally, your first BO course should cover all the basic topics and be concise and straight to the point. Udemy platform has many courses to offer and one of the most popular ones (rate score of 4.71*) is “Leaks & Tricks: Binary Options Trading Course”. This course has everything you need to grasp the main concepts of Binary Options trading.
In this course, you will:
- Learn about Binary Options, understand their mechanics and what distinguishes them from other financial products;
- Develop a deep grasp of technical analysis, including indicators, charts and graphical tools. You will learn to combine and apply them according to your personal strategy;
- Learn to identify the exact timing when to enter the market and when to avoid doing so;
- Master the basics of risk management; recognize and distinguish a winning formula from an ineffective one and learn to manage your losses.
The course offers three strategies (beginner, intermediate and expert levels) of finding entry points into the market. The videos will teach you about different chart types, support and resistance levels, different technical indicators, common traders’ mistakes, risk management strategies and more. To help you memorize the information better, the course offers several interactive quizzes.
An important perk of signing up for a course like that is that you get lifetime access to the most important information, so you can always come back and rewatch it.
To check out the “Leaks & Tricks: Binary Options Trading Course” and receive a discount on your purchase, just follow the link here.
3. Don’t forget about books
We have already talked about the importance of books on trading in the article “3 Great Financial Books for Beginners in Trading”. Reading a book is a great way to immerse yourself into the topic and discover the material gradually. In the era of the Internet they offer an opportunity to slow down and really pay undivided attention to certain themes.
Though there are many good picks, some of the books that might be useful to a Binary Options trader are “Technical Analysis of the Financial Markets” by John J. Murphy and “Encyclopedia of Chart Patterns”. But even books that offer an insight into a different area — for instance, investing or stock trading, can be useful to help broaden your overall knowledge about how trading markets work. You may decide to read one book on trading every month or every couple of months. This will help you keep yourself immersed into the subject.
4. Keep your knowledge fresh
As was mentioned, to become an expert on Binary Options, it is important to keep yourself immersed and always explore new approaches. Keep your knowledge up to date — read new articles, monitor the news and continue educating yourself even if you think you already know a lot. If you sign up for a Binary Options trading course, don’t hesitate to go back and rewatch some lectures, as it may give you new ideas about your trading strategy. Try to be active in the trading community — discuss ideas with other traders or students. After all, you should always strive for new knowledge and improvement.
