Binary Options trading is all about staying ahead of the market trends, learning the strategies and improvising accordingly. Whether it is about reading the signals or devising your own strategy, everyone (even the most experienced ones) would need some outside input about the trading strategy every now and then. Such guidance may be sought from other traders but so far, I haven’t found anything better than a good ‘read’ (on any topic)!
Top 3 Books in Binary Options
While I rely mostly on binary options signals and software to grow my trading accounts, I still see the benefits of reading. Having a better understanding of the market, can be the difference between winning and losing a trade in very short order.
Books are not only enriched with practical information, but they serve to widen our perspective as well. So, with the goal of presenting some of the most helpful books on binary options trade, here are some that I endorse.
1. Binary Options Unmasked by Anna Coulling:
If you are among those who are still testing the waters and have not yet decided whether they want to step in the binary options trade or not, this is the perfect book. It gives your explorative nature the right direction by addressing to the very question that often revolves around your imagination; i.e. “should I go for binary options trading? Is it the perfect field for me?”. This simplistic question may appear innocent at first however, with a saturation of information in the market, it becomes nearly impossible to sift right from wrong. Therefore, when newbie traders set out to find answers for themselves, they may not be able to understand the risks that this trade (every trade has some risks) holds.
Anna Coulling approaches this problem with a very open yet critical minded approach and does a great job at offering an unbiased view of pros and cons around the binary options trade market. The book also offers invaluable advice on how to navigate around the market trends and outlines some fundamental trading tactics. After reading this book, you would be confidently aware of the basics of binary options and would understand the presence of potential scammers in the market that merely try to lure a customer for the money. All in all, this book can be crowned as a great knowledge bank for beginners.
2. Binary Options: Fixed Odds Financial Bets by Hamish Raw
It would be safe to say that this book is as old as the binary options trade itself and, to date, is regarded as one of the best knowledge banks of how the mechanics of binary trade work. The best aspect of this book is that the author takes a great interest in the simplicity of binary trade options.
Theoretically, according to the author, binary options offer a smart way to apply the market knowledge in an environment with seemingly limited risk factors. After establishing this perspective as a starting point, the author then builds on the argument around it; by exploring a range of bets that one can place, role of volatility and price towards value of a bet and importance of time. Now, this book doesn’t dismiss the fact that binary options trades are a gamble. However, after reading this book you get a refreshing perspective in a very contextually rich language with a simplistic style of writing. It wouldn’t be wrong to say that Hamish Raw did a great job in making mechanics of financial instruments and binary trade, a fun topic.
3. Candlestick Charting for Dummies by Russell Rhoads
You can’t help but fall in love with this series “…for Dummies” because they always come up with a logical, to-the-point and quick snapshot of any complex topic and are a great getting started manual. The best things about this book is that it breaks down complicated chunks of information into bite-sized packets that take the overwhelm out of the whole thing. If you are a newbie binary options trader or are trying to learn how to become a pro, this book can be a very good starting point. It has a lot of diagrams to explain relevant content and they use various examples to ensure that their readers are really grasping the underlying concepts.
Fortunately, this series holds various titles for the binary options trader, such as ‘Technical Analysis for Dummies’ etc. This particular book, ‘Candlestick Charting for Dummies’ is focusing specifically on candlestick charting. It is a good book for those who are struggling to get a firm understanding of this area of binary trade. As a binary trader, you would acknowledge that Candlesticks are undoubtedly loaded with information. Now, this overdose of information can become easily disorienting and may confound your success; or you may use it to your advantage by identifying trends.
In essence, candlesticks equip traders with details of closing-or-opening prices, the ups and downs, overall range. So, candlesticks are valuable and to understand them appropriately this “…for Dummies” series on candlestick charting is the book to go for. This guidebook walks you through the chart construction process and trains you to interpret them. It also enables you to identify bearish and bullish markets, or how to steer clear of false signals and how to use candlestick charts with other indicators and make an educated prediction.
So, which one of the above three of our top picks would you be skimming through this week? Or are there other books on binary options trade secrets that you simply adore? Share with us in the comments below.