The information compiled for this article has been the product of the experience of mentors, teachers, coaches, and traders with a vast knowledge on Binary options by Optionova. We will be analyzing both sides of the coin, from a trader’s perspective and from a mentor’s perspective.
When you are trying to learn how to trade, you must treat it like if you are trying to learn any other profession, with discipline and hard work. But judging from experience, wishing to learn the skills quickly and effortlessly, won’t be easy. After all, if a person comes to Optionova with the mentally of it being a game and for a piece of adrenalin, like some guys who trade with Optionova just for the adrenaline, you will be in for a big surprise, because trading must be taken seriously.
Every person entering the markets must realize that this endeavor will take some sacrifices to complete the training. First of all, you need time and effort to master the profession. Second, you need to bear the costs for a period of time until you start seeing stable profits coming your way.
There are certain challenges that a beginning trader must face when trading with Binary options. The expert analysts of Optionova in conjunction with the experts of the best Training Project of 2009-2013, the Masterforex-V World Academy analyzed the situation.
Let us take a look at the first obstacles faced by beginning traders at Optionova. The starting conditions were described in the article "Success in Optionova binary options: dreams and reality by trader’s impressions." Learning to trade with Optionova binary options is dedicated not so much to the learning material. The most popular and promoted books are written about other types of trading, but Optionova is a market of binary options. Of course, it is part of the financial market, but with its own specifications. A beginner usually tries to learn first how to trade and analyze stocks and then try to implement the knowledge to trading options at Optionova.
Most people self-train themselves in the subject. You can try to find a suitable option of full-time or part-time online training courses and seminars. It is not even a training, but a type of self-research. One of the experts at Optionova mentioned that it took him almost a year to get to learn a proper trading strategy.
If you do not completely understand the intricacies of trading and analysis, do not waste your time and try to seek professional advice. This incidentally is not hard to do: on the traders' forums, there are enough experienced traders, who have not forgotten the difficulties of designing a working strategy and are ready to give advice to the beginner.
But you also have to do your homework and choose for yourself which courses and training fits better for you. After all, the market is extremely diversified, and there are a lot of ways of trading styles. You will need to determine at once whether you plan to borrow money to trade or not. If yes, then an aggressive style of trading is not suitable for you, stability is more valuable for serious investors, which is confirmed by a long period of live trading. It is also important to define with what amount of capital you are going to trade on a live account. This will depend on what quality education you will choose to start with, it is not very wise to spend a few thousand dollars on seminars of a trading guru with the expectation to open a real account with a couple of hundred Dollars. You must also decide how much time you have available for trading, this should also fit with your other activities.
An important key factor to keep in mind is the trading style that you are going to be using and the mentality that you bring into the markets. We have already discussed it in the first article about the necessity of treating trading as a business. Success comes to traders taking at the right time the right decisions and this skill can only be achieved in practice. The second important point in the development of trading is the quantity and quality of educational practice, preferably under the guidance of an experienced trader or mentor. Proper training should include live practicing of the theories learned, because it is then when the real test for the beginning traders start.
Keeping a trading journal is also very important, because you need to have a way to go back to your past trades and analyze the data and what went wrong or right. One cannot deny the usefulness of learning from the mistakes of others and ours, but the right thing is learning to analyze our own mistakes, because trading is an individual art. A good example is the figure skater, the coach will teach you and show you, but you will need to slide on the ice on your own.
A good trading course should help the trader create his own trading system and take his own decisions depending on market conditions and teach them how to deal with the results of previous trades.
The analysts of the Masterforex-V World Academy and the financial analysts of Binary Option Broker Optionova have been working hand by hand to bring to its clients the latest information on options trading. Our experts will keep you informed of the latest movements in the market.
