Full Review of 24Option Binary Options Education
I woke up this morning, thinking”…Aahh, what a fine day for reviewing something…or should I just trade today?” Well, after a strong cup of coffee, my decision was made and since you are reading this, the choice is obvious. But then I made my biggest mistake of the day: I downloaded a trial module for a speech recognition software, thinking “Work smarter, not harder”. It seemed like a good idea, but two hours later, I find myself with just 60 (yes, sixty) words written and my head on the verge of exploding. Thank you, “Uninstall” button.
My story above, made me realize something: I could uninstall my poorly performing program, having lost just a couple of hours, but if you spend hours and hours learning what a broker says it’s the right thing and then you find yourself alone in the market with misleading or insufficient information, then you will probably lose more than just time…yes, I am talking about the thing we are all here to make: money. In trying to avoid that, we must find the best educational material on the web and discard everything else.
24option – First Impressions
Ok, today I’m going to review 24option.com and especially their educational material. First thing I’ve noticed is that their website is black and that’s always a good thing in my book… but can they improve a trader’s chances to make money in the market? Instinctively, I checked the Daily Market Updates (these last three words took me 5 minutes to write with my “wonder” speech recognition software and were the last words written by that software on my computer). They have a small economic calendar in this section, with important data releases for the day. Good idea! I think every broker should have something like this…but there was a problem: they only have “forecast” data and “previous” data. I wonder, what should I do at the scheduled release time? Go to another broker to see the result? You cannot have “previous” and “forecast” without “actual”, because it becomes almost useless! Ok, moving on.
24option Education Basic Level – They should build a gambling website
Being somewhat disappointed in their little economic calendar, I thought to myself: “What education can a new trader find here?” I’m talking about somebody entirely new to trading, unaware of the risks involved…somebody like me when I first started trading. I was a complete noob. And here is what I found under the “What are binary options” section: NOTHING…except how rich I can become if I trade with them and how easy it is to make money trading binary options. Words like “simple”, “quick” and “profitable” in the first paragraph are not helping. I’m not going to learn anything from that or from the fact they tell me to follow “just 3 easy steps”: choose an asset, choose direction and choose amount. Really? Any idea on how to choose the RIGHT direction? Or just flip a coin? Oh, and maybe they should tell me something about the risk involved, not just talk about how easy it is to make money.
Moving on to their next section, I could find more eye popping “education”. Sorry, but I must quote this: “Since an option is neither a commodity nor a stock or currency, it will not be directly influenced by negative market fluctuations.” Reality check: options are derivatives and their price is directly influenced by the price of the underlying asset…it is derived from the price of the underlying asset and thus, it WILL be influenced by negative market fluctuations. Putting this aside, they explain pretty well what a Touch/No touch option is, Up/Down and other types of available options, but I am wondering why they can’t do an equally good job at explaining me what options are and the risk involved in trading them.
Their Glossary contains almost all the terms needed for a new trader, but they don’t explain “call” and “put” and although, these are not specific binary options terms, I consider it’s very important to be contained in any options Glossary. Just when I thought I won’t find anything to laugh at in the Glossary, they pull the rabbit out of the hat and make another deceiving and probably deliberate mistake that can’t be overlooked: “There’s no risk as you’re not buying the asset, just predicting whether the price will rise or fall.” Again, guys, “no risk”? Please tell us there is some risk. At least for those of us that want to take a risk from time to time. Well, at least their FAQ section is comprehensive enough and I can’t say they did the best job in the world, but it’s not a complete fail.
24option Education Medium Level – Here comes the GOOD
After wandering maybe an hour on 24Option website, I must say their Trading Psychology section was much better than I expected. I could actually find helpful information there. They urge the trader not to trade if he/she is not calm and explain to us why it’s better to have a certain state of mind and adopt the right attitude when trading. Further, they explain why money management is important, Risk vs. Reward, Technical and Fundamental analysis. I actually watched all the videos, although I was familiar with all the techniques they talked about, but it was a really good presentation. It really felt like they want to help the trader, not just get their hands on his money. A great addition to the training videos is a nice exercise at the end of each video, with multiple choice questions. They also provide us with an eBook, but some of the information contained there can be found on other sections of the website and it’s focused on using their platform. I must say the eBook is a must read for someone who wants to invest with them, because the platform you are trading on must become second nature to a trader. To get the eBook and to see the videos, you have to open an account (but, don’t worry, no deposit is necessary). There’s a little trick I found if you want to get the eBook without registering: go to the Education page (do this by accessing the FAQ link on the Home page) and then scroll down to where it says “Click here to download your free eBook”. Do not click on the big picture that says “Download your free guide today”. That’s it, eBook acquired. Now you can rub your hands and think: “Muahahaa”, although I said it out loud (it’s more efficient that way).
The Binary Conclusion
Now, here I am at the end of my review and trying to come to a conclusion. If I was to grade their education based only on their videos and eBook, it would be a 9+ out of 10…but then I remember about the stupid things like “no risk” and quick profits and my head starts to hurt. Their misleading information about options can be highly detrimental to a novice, but now that you have read this review, you can avoid it and go straight to the videos and eBook and believe me, those contain great stuff for a new to medium level trader.
Bad education followed by great education – now that’s binary!
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