Binary Options Learning Tip: Become an Autodidact
When you were in school, you had teachers to teach you what you were supposed to learn. The majority of us only absorbed and kept a very small portion of what we learned in school, however, especially in higher education. Odds are you remember a lot of what you learned during your core major classes, assuming you went on to do something for a living which connects to what you learned in school. But you probably forgot the rest.
Why? Most likely because your learning was only self-directed insofar as you were choosing to take certain courses. On the job, you have probably retained more of what you have learned, because a lot of on-the-job learning is self-directed. As human beings, we absorb knowledge more deeply in many cases when we teach ourselves. We also are able to look at problems in new ways and see solutions nobody else has before—the essence of creativity.
One of the best things you can do when learning about binary options is to turn yourself into an autodidact.
What is an Autodidact?
Besides being a big buzz word in psychology these days, an autodidact is a person who self-educates. Autodidacticism means “learning on your own.” Famous autodidacts can be found in all walks of life and all professions. Some examples include Herman Melville, Frank Lloyd Wright, Thomas Alva Edison, the Wright Brothers, Malcolm X, Leonardo da Vinci, and Abraham Lincoln. Some autodidacts are highly educated in a formal system, while others quickly dispensed with formal education. But all these people have one thing in common, and that was the ability and drive to learn on their own and explore new ways of doing things.
Why is Autodidacticism Key for Binary Options Traders?
In many ways, trading for a living is the ultimate autodidactic activity. It is a learning process that literally never ends, and even if you are enrolled in some kind of coaching or mentoring program, your learning will ultimately happen largely on your own at home in front of your computer. No trading mentor can turn you into an amazing trader. Even the best mentors will fail with students who are not self-motivated and capable of learning on their own. And even without any sort of coaching, truly motivated autodidactic students will be able to overcome obstacles and reach trading success
Binary options traders have to learn the following in order to become successful traders:
- The basics of binary options trading and how it works.
- What to look for in a broker.
- How to manage money intelligently and responsibly. This is an art form all in itself.
- Fundamental analysis.
- Technical analysis.
- Price action.
- Different strategies and techniques for trading. You will have to learn at least one trading method inside and out, based on one of the types of analysis above. Odds are you will learn a number of different trading methods while you are working on finding one that you like.
- How to apply your trading method for success. Knowing how something works in theory and knowing how to make it work in real life are two very different things.
- How to manage yourself. As a trader, you are self-employed. You will have to learn how to manage your own time, do your own accounting and taxes, and more. You will also need to learn about yourself and manage your own psychology.
While that may sound like a short list, each of those different topics involves a great deal of research, and you really have to be ready to apply yourself to learning in order to succeed. You need to be ready to go beyond theory and learn how to apply binary options strategies to create real life success.
How long does it take to become an expert binary options trader? The learning curve is different for every trader who embarks on this journey. For some, it only takes a few months to get up to speed and start trading. For most, it will take a number of months or even longer. For some traders, it can take years to make it through the learning curve and start trading for real money.
Most people who set out to become binary options traders never make it that far, though. They give up when they realize just how much learning is ahead of them. They do not have what it takes to be autodidacts. They become upset when they realize that they cannot learn everything about binary options just by watching a few video tutorials and reading an eBook. That is a good starting point, but an autodidact needs to be willing to go farther than that.
5 Tips for Becoming an Autodidact
Most of us do not have a lot of experience with self-learning, because it is not the way our formal education was structured. Again, even if you hire a binary options mentor, you will probably be spending 90% of your time learning on your own. Your mentor is there to coach you and provide you with guidance, but the hard work is still ultimately yours. Here are a few quick tips for becoming a binary options autodidact.
1. Set aside time for learning and stick with a schedule.
Learning requires self-discipline. Just as you had to schedule time for studying and homework in school, you will have to have study time for research and development when you are learning how to trade. Come up with a weekly schedule and block out hours for binary options learning. Come up with a schedule that allows you to maximize your productivity and utilize your energy. Figure out what time of day you are at your sharpest mentally, and take advantage of that clarity. This will also help you learn the discipline you need to trade later.
2. Reward yourself for milestones.
One of the keys to keeping up your self-discipline is to reward yourself for a job well done. When you reach a benchmark on your education, do something nice for yourself. Schedule a day off, do an activity you enjoy, have a nice meal, or so on. Look for ways you can make learning fun and encourage yourself.
3. Share what you learn online.
Get on a binary options or other trading form and start posting. Get to know other people, and share your learning journey with others. Posting about what you learn and sharing your questions as well as your discoveries can help you to stay motivated. Often we perform better when we know that others are taking an interest in our learning journeys. We strive to do better so we can offer more. Learning by yourself does not have to happen in a total vacuum.
4. Distribute your time wisely.
It can be tempting when you are learning on your own to explore every single aspect of trading, but you need to realize early on that you will become an expert in some areas and not in others. Trading is a very broad discipline. Do not waste time on concepts that are not going to be applicable to you, and do not get caught up in details which are not important. You will have plenty to learn by focusing on what is really important. Build a working knowledge. You can spend time on theory all day and get nowhere in real life, or you can work on developing basic real-world, practical skills and perfecting them as you go. The latter is better.
5. Find out how you learn most effectively.
There are a number of different types of learners in the world. You might learn by reading and writing, or you could be a visual learner. You also might learn by doing or by watching demonstrations. Figure out the most effective learning methods that fit with your learning style, and make the most of them. If you learn well visually, look up lots of charts. If you learn by reading, go to the library and get books on investing. If you learn by doing or watching, download video presentations and tutorials on trading, and do lots of hands-on practice along the way. Make learning as easy for yourself as possible.
Learning to trade binary options does not happen in a vacuum. Other traders will be there to help you if you reach out to them, and trading mentors are also available. Nonetheless, the vast majority of the time, you will be sitting at home reading, watching videos, and practicing and testing on your own.
It pays off to become an autodidact. It is the only way to become a successful binary options trader!