Baby Pips…Good For Forex….OK For Binary Options?
Babypips.com is one great source for new forex traders. The website is easy to use, full of information and totally free. The thing is, is it good for binary options? Since many binary traders were got their start in forex it only seems that it would be.
Babypips, the name sounds a little wanky but what’s in a name? A rose is rose whether you call it one or not. Babypips is a great starting place of new and the name fits. When you first start learning something it is not uncommon to “take baby steps”, that is, learn slowly before taking the big plunge. Baby Pips is just that, the place where new forex traders can take their baby steps. In this case, baby pips. In fact, we like the site so much we used it as a reference when designing BOTS. What’s not to like? The website is set up well, looks good, full of information and a real value to forex traders.
So, just what is BabyPips.com? This is a website geared toward new forex traders, it’s like training wheels for forex. The website has many features including a trading school, articles on strategy and trading, a forum for forex traders and important economic data posted right on the home page. The site is incredibly easy to use and not bogged down with extraneous information you might expect to find on other forex sites. One of the best things about BabyPips is the forum. Social trading is a good way to learn the ropes when it comes to forex or binary options. The best thing about BabyPips is that it is free. There are no membership fees or requirements to join a certain broker. The website truly is a nexus for retail forex traders. If I were one I think it’s where I’d be.
However, I am not a forex trader. I trade currency but I am a binary options traders so Baby Pips isn’t quite right for me. Many of the strategies and techniques are easily adapted to binary but you have to remember they are based on the number of pips gained, protecting against draw down and come with increased risk. The Trading School at ThatSucks.com (former BinaryOptionsThatSuck.com) is a much better place to learn about binary options. BOTS.com is the place to go for binary options trading. Everything here is meant for binary traders, not forex. We even have a school. The school is broken up into three categories; Preschool, Primary School and College. As you would expect the levels are based on experience and knowledge, one leads to the next in a progression that will take any trader from uninitiated to profitability.
Binary Options Trading School
Like I said the Trading School is set up in three levels. Within those levels of knowledge each is divided into areas like choosing a broker, strategies, tools, how to set up a system and many others. The Preschool is the place for those with absolutely no knowledge of binary options to start. It is even a good place for the intermediate traders to touch base in order to make sure they haven’t missed anything important. The Preschool is split into four categories aimed at explaining what binary options are, how to choose the right broker, getting ready to make your first trade and general articles on binary trading. The Primary School is where it really starts to get good. This where you will find articles on strategies, technical indicators and forming a trading system. One thing I like about this section is that it also has articles explaining which strategies and tools found on the internet are not worth your time. The College is where it all gets tied together. This section has articles on advanced tools and strategies as well as news on market moving events, trading tips and briefings. At the end of each section is a test so that you can find out if you are really ready to move on to the next level.