Binary Options Study Tips Part 1: Managing Your Resources
Do you enjoy studying a lot? If you intend to become an expert binary options trader, you are going to have to. The learning curve at the beginning is fairly steep, even though many aspects of binary trading are easy to learn. Finding out how to win and win most of the time is a pretty involved task that requires a great deal of research and practice. Binary options trading also involves ongoing education, even after you start trading successfully. When you trade for a living, trading is your career, and just as financial advisors, doctors, lawyers, and other professionals must continuously go back to school to keep their knowledge and techniques up-to-date, so must binary options traders.
In this segment, I will talk about how to organize your study materials. New traders typically complain that one of the great difficulties of learning how to trade is, in fact, the learning aspect and all that it entails. Research is very time consuming, but it is most time consuming if you are not well organized. Keeping your materials in order and keeping your learning tools mobile can help you to make the most of the time that you have. That way you can more easily balance trading with the rest of your life.
Types of Binary Options Learning Resources
When you are studying binary options, your resources can broken into two categories: virtual and physical resources.
You might be learning how to trade with entirely online resources. The internet makes learning materials readily available and convenient to access. Still, it can pay to make offline copies of a lot of the resources that you do find. Here are some of the resources you may find yourself using to teach yourself how to trade:
- Websites. Trading websites may compile how-to information on various systems, techniques, and so on. These web pages are especially helpful if you are a beginner. But you may also find some advanced resources on web pages.
- Forum threads. A great deal of the learning process takes place on forum threads. On binary options and Forex websites, traders share systems and trades (winners and losers), in the hopes of improving their trading and helping others in the process. You will probably spend a lot of time reading these threads, especially as you become more advanced. A great tip here is to save some of these posts to your computer for later reference. Whenever you find a really excellent screenshot which you want to reference often, right click and “save as” to a folder on your hard drive where you keep all your binary options materials.
- Trading videos. Videos are another excellent online resource. Many things which are very difficult to demonstrate with still frame screen captures can be easily demonstrated on video. You will find some trading videos on YouTube, but many videos are located on trading sites and are easily downloadable. Videos are popular premium resources. If you are struggling to manage your time and watch them all at once, you can download them and save them to your computer for later viewing at your own convenience. I can recommend the binary option trade videos that Rich does, he posts most of them to his g+ account. Guy’s a winning trader and explains it so you can understand.
- Trading eBooks (get ours over there by entering your name and email address on the right). eBooks are online resources, but you can download them and convert them to offline resources. You can read them on your computer or on your Kindle or other e-reader. Binary options brokers often offer these to new customers, and you will find additional eBooks on trading all around the web for free and for purchase.
- Premium trading resources. If you decide to purchase membership in a coaching program or something similar, you will probably be given access to a members-only area with a lot of premium resources you would not otherwise be able to read or view. These resources are typically downloadable, so you can save them for later. If you only can afford to be a member temporarily, this is a great way to get the most out of your membership, because after it expires, you can continue learning until you have gone through all the material.
There is not a whole lot to list under physical resources, but it is worth mentioning because new traders often overlook the fact that many trading resources take the form of good old-fashioned hardback and paperback books. This is especially true if you are learning fundamental analysis or technical analysis or other trading techniques which have been in use for far longer than binary options have been offered to the public. A lot of the very best resources out there are still books which you can order from the internet or check out at your local library. Do not neglect these resources as part of your ongoing education.
Manage Your Space and Time Intelligently
What kind of environment do you do your best concentrating in? Maybe for you it is vital to have a quiet, tranquil study area to yourself. If so, that is where you should keep your physical trading resources, and you probably should do most of your learning on a full size computer monitor. In fact, any time you can find the opportunity to do this instead of confining your learning to a mobile platform, you should. The more space you give yourself, the easier you will find it to learn.
If you are strapped for time however, you may find it very helpful to download most of your resources to a mobile device like a tablet or iPad. You can bring this device with you everywhere, and if your resources are converted to offline ones, you will not even need an internet connection to watch videos, read eBooks, study images from forum posts, and more. You can take advantage of time you would otherwise waste, for example sitting in a waiting room or waiting for the bus, to learn binary options trading. This is also another reason that good old-fashioned hardback books are so helpful. They are perfect for learning on the go.
On your computer and your mobile device, you should take the time to come up with a useful filing system for your resources. Make a folder that says “Binary Options,” and then create separate sub-folders for different types of resources—“eBooks,” “Videos,” “Saved Forum Screenshots,” and so on. Or alternately, you could create folders for each different aspect of trading or technique you are learning. Off your computer, keep your trading books neatly organized. You will probably also have notes to keep in order both on your computer and off your computer in a journal or notebook. *Improve your journal entries with these 3 steps
Staying organized with your space and your resources can help you to get the most out of your trading resources and your study time. You will probably find learning how to trade more approachable and less overwhelming when you have a neat, orderly learning environment, both on and off your devices. When you can immediately find what you need, you can pick up where you left off each day and dive right back into learning without forgetting where you were at.