In this page I want to share some of the binary options books that helped me transition from a clueless investor to a smart investor and eventually got me into day trading. Binary Options is a great opportunity given the potential profits, yet with the high risk many traders end up losing for several reasons and mostly due to lack of information and the inability to develop a strategic approach with their trades.
Binary Options Brokers will offer you Live Webinars and Quick Strategy Guides, yet if you lack a broader understanding of online trading and investing in general, you might fall victim to bad trading decisions. I am a true believer that a good book is equal to 10 good lectures! Being in your own comfort zone and studying at your own pace will increase your engagement in the material and is the best way to truly understand difficult and challenging concepts. If your goal is to turn day-trading into a living, investing time into a learning phase is highly recommended.
As a Binary Options Trader, I don’t believe that it’s enough to master 2 or 3 Indicators, get a 30 minute coaching from an account manager and read about a strategy or two on some random site. None of these efforts will get you to understand the big picture, the macro and the micro and how markets interact. The easy way it not the right way, and if are dedicated to create a future in which you will become a successful investor, reading a good book or two will definitely get you there quicker!
Note: there are a few books out there on Amazon that I cannot recommend, in most cases they are trying to sell the reader a product in the context of the book and usually these books will receive negative reviews and low number of positive reviews. An example of such books: How to trade binary option successfully by Meir Liraz (2.5 stars on Amazon) or Unleash the power of Binary Options by Duane Cunningham (trying to sell a money making system via the book, 3 fake reviews 1 honest disappointed reader)
The Intelligent Investor – Book Review
Benjamin Graham’s strategies and great wisdom, inspired traders worldwide with his extraordinary trading philosophy. The Intelligent Investor is one of the most important investment books of the 20th century. This book is highly reviewed in a positive way and is affordable. I can strongly recommend the Intelligent Investor to anyone who is interested to dive deep into the basics and understand how financial markets interact and change over time.
The title of this book says it all. In this instructional book, Alexander Elder covers all the aspects that a day trader must consider when transitioning to a life of day trading. As with any life transition, we must stay aware of how we react to changes and with a strong emphasis on the psychology of day-trading, Alexander Elder did a great job of classifying the psychological characteristics of a successful investor and that of a non-successful investor. This book is very insightful and popular in the Amazon community.
Day Trading for Dummies – Book Review
This is probably the most popular and easy to read day-trading book in the market, especially due to the success of the Dummies Series taking over all possible topics that people are searching for. The authors picked for the job are well recognized in the field of their writing and when it comes to the Day Trading for Dummies, you can definitely trust that the book is well written by Ann C. Logue MBA with 12 years of experience as an Investment Analyst, lecturer in Finance at the University of Illinois at Chicago. Ann C Logue also wrote the entire series of Day Trading and Investment for Dummies with the assistance of co-writers.
Keene on the Markets – Book Review
In this highly reviewed publication, Andrew Keene writes on risk management strategies associated with options trading, volatility trading and put and call markets. Keene also lays out a trading plan for the reader to follow, with lot’s of market maker techniques and tricks . This is another popular book among the Amazon community and a Must Read for newbie traders!