benjamin, Author at Binary Options Zone

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Top 7 Forex/Binary options books that every trader should know

There are hundreds of books about trading, some of them focus on technical analysis or on specific indicators and some of them on psychology. It is very hard to determine which books about trading are the best and definitely worth reading. That’s why we came up with the following list of the most comprehensive educational materials for you to read. The books are usually sold in two versions, in electronic form and in a regular hardcover. The main difference in them is simply just price because very often you are able to get electronic books for 1/2 the price of a regular hardcover.

How I made one million dollars last year trading commodities

Author: Larry Williams
Hardcover: 130 pages
Price of hardcover: $36.42 – Amazon

One of the most famous stock trader, Larry Wiliam, describes his astonishing journey how he managed to transform 10 000 $ into a little bit over one million dollars in a one year time. He is recognised as the only trader who was ever able to increase his initial capital by more than 10 000% in a one year in Robbins World Cup Trading Championships. Many traders regarded this success as a cheat, but a few years later Larry proved them that his trading is no coincidence when he again turned 10 000 USD into 1,1 million of dollars (This year of trading is more described in the book “Long-term secrets to short-term”). In the book How I made one million dollars last year trading commodities accurately describes what methods and strategies, he used for trading practically all commodities. The book is very illustrative and it provides specific trading tips so it reads itself, especially with all those motivational “speeches”.

Long-Term Secrets to Short-Term Trading

Author: Larry Williams
Hardcover: 272 pages
Price of hardcover: $54.19 – Amazon

The second book which I highly recommend to all traders is also from a collection of Larry Wiliams. In this book, he focuses on 11 months of trading which he spent at Robbins World Cup Trading Championships. In this period of time, he managed to surpass his previous successes and he multiplied his initial deposit by 11 376 % to a 1,1 million of dollars. About his achievements which he accomplished by using position techniques, we could read in the book mentioned above (How I made one million dollars last year trading commodities). But as you may read in this book he dropped from this strategy and he started to trade as a swing trader. He remained in his position only for a couple of days (usually 1 to 5 days) and he especially focused on trading index market S&P and stock market US T-Bonds. Methods which he had been using are described in a very simple and understandable way, that’s also one of the reasons why are his strategies used by thousands of traders around the globe.

Day Trading

Author: Joe Ross
Hardcover: 329 pages
Price of hardcover: $150 – Amazon

For traders who focus on day trading, this book is in my opinion, a mandatory reading. The author of this book is a living legend – Joe Rosse. In the book day trading Ross will teach you how to identify a trend before it even occurs on the market and before other traders notice it as well. He will also guide you thru his complex forex method which focuses on piercing densified areas, this technique can be applied to any market.

The Intelligent Investor

Author: Benjamin Graham
#1 Best Seller in: Business Finance
Price of hardcover: $12.89 – Amazon

Another very well known book in the world of trading is called the intelligent investor. One of the most famous and richest people of planet Warren E. Buffett consider this book as far as the best book which was even written about investing. The book comprehensively explains the most important principles of long term trading. As you may know, Warren Buffett is very well known for this trading style. Buying undervalued stocks, holding them for as long as possible and then again selling them with a huge profit.

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Trading for a Living: Psychology, Trading Tactics, Money Management

Author: Alexandr Elder
Price of hardcover: 21.95 – new, 13.05 used

The author of this book, Alexander Elder, covers in this book all aspect with which day trader has to count if he decides to make his trading more than just a hobby but as a day job. As with any other major life changes, we have to be sure what we are getting ourselves up to and we have to know whether we are capable of adapting to a different financial situation. Alexander Elder is an excellent writer and he describes the psychology of a successful trader as well as an unsuccessful trader in great details.

Trading Binary Options for Fun and Profit

Author: José Manuel Moreira Batista
Price of hardcover: $28.34 – Amazon
Kindle: $6.04 – Amazon

In comparison to other books provided in this list, this one focuses just on problematics of binary options and their trading. Trading binary options for fun and profit offers information from Money Management to creating your own profitable strategies. The beginning of the book describes the basic information about what binary options are, they are meant for people who never came across with binary options. You can freely skip those at your discretion.

Trading in the Zone

Author: Mark Douglas
Price of hardcover: $21.73 – Amazon

Mark Douglas is an author of two very famous books in the world of trading, the first one is called disciplined trader and the second one trading in the zone. Both books are definitely worth reading, but personally, I like the second one more. In this book, Douglas thoroughly describes that trading is just a game of probabilities in which we try to find a spot where the likelihood is on our side. Once you read this book you will understand techniques that are being used by responsible traders who know what are their risks and their probabilities of winning a position.

4 Must Read Investing Books

If you are looking to improve your investment skills, I recommend you read one of these four books. All of them share one thing and that is a huge informational value . I bet they will have a positive effect on you. There are many books about trading and investments, but these belong to the best and are recommended also by others.

Do not forget that if investing were as easy as buying and reading a book, we would all be rich. Reading all books about trading in the world won’t guarantee you will be a good trader. Always use common sense.

1) MARKET WIZARDS

Market Wizards belongs to the list of investment book bestsellers. It consists of series of interviews with the best investors of today so that the reader gets a unique opportunity to take a peek into the minds of those, who made a great fortune with just a few bucks. You will also get a chance to reveal secrets which made these fortunes possible. Why is the book so popular? The reason is simple: because of the way of how it is written. Sensible information and detailed view of the trader’s minds written in an entertaining form will guarantee that you will not get bored easily.

It is not a trading tutorial, but if you are looking for motivation to keep learning, this might be the right book.

2) Reminiscences of a Stock Operator

Again, this is not a trading tutorial. The book contains autobiographical content from the author’s life.

This book tells us a partly real and partly fictitious story of a trader named Jesse, who represents the author himself. Gradually you will be dragged into the investor’s life for whom the trading has become everything. Personally, I think this is the best book on trading with autobiographical segments and will teach you valuable lessons from the world of investment. I am 100% sure that this book will interest you and that you will swallow every word from it.

3) Trade Your Way to Financial Freedom

Trade Your Way to Financial Freedom is worth reading especially due to the tips about money management you’ll find in it. It is one of the few books which can and will explain money-management and its principles to everyone. It is useful especially to new traders who are struggling to find their way around money-management. I would recommend this book to everyone.

Many traders are unaware of how money management is important. It is as crucial as technical analysis or fundamental analysis and might even be the most important of them all. Many people underestimate this and bad money management, not indicators, is usually responsible for the flawed trade system. Money management is the alpha and omega of your trading regardless of your system or indicators. Unless you are clear on money management topic, your trading is equal to a game of roulette.

Money-management is the way! ��

4) The Intelligent Investor

The Intelligent Investor, written by the most important investment advisor of the 20th century, will tell you how to avoid mistakes as a trader or a broker. Warren E. Buffett named this book „the best book on investing ever written“ which means a lot. Doesn’t it? You will also learn which successful long term strategies you can use in your trading.

Timeless Graham’s philosophy is explained in a form appropriate even for laymen, therefore, you don’t need to be afraid that you would not understand it. Graham tries to navigate his readers towards caution and rationality. Reading this book will help you achieve your financial goals! Small thing to consider: there has been more than a million copies sold…

More free books await you in our books section.

Author

More about the author Step

I’ve wanted to build a business of some kind and earn money since I was in middle school. I wasn’t very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author

Binary Option’s Mother Candle Strategy

Another popular Binary Options trading strategy is the Mother Candle Strategy. It is a classic technique for trading, but it just has a brand new name. This strategy is popularly used by Forex traders but it can also be used by binary traders. What is it and how does it work?

The Mother Candle Strategy comes with an attack pattern as what candle chartists say because it has a twist in its inside bar. A simple candlestick analysis is what is relied upon by the strategy. It attempts to capture price breaks led by longer candle movements. It is proposed for multiple time frame usage but it is recommendable for intra-day short term trading.

Price action is the entire basis of this binary options strategy. It makes use of candlestick analysis for signaling and predicting trending asset entries. This is typically made for ten to sixty minute charts but it can be used for any time frame even though even though a ten minute and sixty minute is not recommendable. This is because of a higher market noise level as well as higher false signal chances. The entire system depends on a price/candle pattern that is popular on another name. The pattern comes to like when the prices trend and create a longer candle and then creates another small candle with a body that is inside of the other candle. This first candle created is known as the “mother” while the other one is called the “child.” Other chartists have other names for this based on the smaller candle’s in the shape, size, location, harami and attack pattern. The signal is provided during the mother candle’s body’s 1st close. With this, trades have to be taken to the close’s direction. On the first close out of the mother candles’ body, the signal is then given, and this is when trades have to be taken in the close’s direction. To filter false signals and probable bad trades, a twenty bar moving average as well as support and resistance is recommendable.

WHY IS THIS STRATEGY BAD?

Novice traders can’t exactly appreciate this strategy. It sucks mainly because it is an advance signal that may take years for you to master. When you take a signal off from its candlestick pattern, this signal can have a higher chance of failing especially when other factors are not considered. Resistance and support, market sentiment, and trend can greatly impact on the strategy. The strategy’s authors indicate that you have to use moving averages and resistance and support in order for bad trades to be filtered. The sad part is that the authors did not emphasize about how to use these moving averages. It is a sound strategy and one that can be quite difficult to analyze.

WHY IS THIS STRATEGY GOOD?

It does not completely suck because it is widely used, and many traders consider it useful. Chartists of Old School HLC price calls this pattern as inside bar. Candlestick enthusiasts call it Harami. This signal often leads price reversal and may happen at the primary movement’s bottom or top of a secondary correction of short, long, or near term of importance. This means that it can happen at any probable reversal point. This is why it is very powerful. You can identify a probably harami and a reversal can just be at the corner.

FINAL WORDS

Yes, it is an ideal strategy but it comes with a downside. Novice traders need not use it. There is basically nothing new about it and traders have long been trading using this technique. It has a very basic price action signal or candle stick. If you want to implement this, it can take years for you to perfect. You will have to use trend lines and resistance and support or Fibonacci. You may also have to use moving averages. This signal can be ideally used but it works best when you add an analysis tool to your current strategy.

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