"Why You Should Not Trade Binary Options" available for Kindle -- by Denise Brown

[bsteadman]

"Why You Should Not Trade Binary Options" - by Denise Brown

Published as an eBook for Kindle on February 10, 2014
Kindle price: $4.99
Length: 54 pages estimated

http://www.amazon.com/Why-Should-Tra...dp/B00ID5K7WK/

[Lucas Daniel Smith]

Bruce, if you have time can you give us a review and your thoughts on the book, Why You Should not Trade Binary Options by Denise Brown?

Thanks.

[bsteadman]

A brief REVIEW of the eBook "Why You Should Not Trade Binary Options" - by Denise Brown

Published as an eBook for Kindle on February 10, 2014
Kindle price: $4.99
Length: 54 pages estimated
http://www.amazon.com/Why-Should-Tra...dp/B00ID5K7WK/

Let me begin my comments, first with the following general statement by Thoreau regarding the 'human condition', and then with an actual short review I wrote under the pen name 'SteadyBee' on the Amazon.com website.

“The mass of men lead lives of quiet desperation.” - Henry David Thoreau, from the book "Walden; or, Life in the Woods"

"Why You Should Not Trade Binary Options" - Awarded 5 STARS by SteadyBee on 8/9/2014

An important book! Well researched and clearly/concisely written.

'Binary Options' trading is a large and rapidly growing internet endeavor, which is now being conducted by many individuals. Some probably have made a little money but LOTS of folks have LOST CONSIDERABLE SUMS over time, even when trading on 'legitimate' sites. In addition, many sad stories have been posted online by individuals who have been cruelly FLEECED financially on some totally 'SCAM' sites.

I noticed that my review has been the ONLY comment so far for the book, which was published a little over 6 months ago. My point is, there appears to be little interest shown for the book so far.

However, when I typed in the term "binary options" under the book category on Amazon, the search returns references to over 100 books. I briefly examined the list and noted the often used terms: success, proven, strategies, profitable, winning, millionaire, risk-free, professional used in describing a VAST MAJORITY of the books. There were only a very few books listed that covered the FINANCIAL DANGERS associated with binary options trading. Apparently very few people are interested in learning why they should NOT trade binary options.

Referring back to the quote from Thoreau, it seems that "the mass of men" just DESPERATELY want to get rich QUICK and virtually without EFFORT. Hence, they can be easily convinced that binary options is the method 'du jour' to accomplish this goal.

Book Description by the author, Denise Brown

This is the first in the ‘You should not’ series of books designed to help you develop an informed opinion about many topics that are of relevance to living in a fast-moving global world.

I’ve been trading binary options for a few years now. They are most appealing to trade as they require virtually no training, are limited to short periods of time and have a set return and limited liability.

As with all high risk ‘investments’, you can have your lucky patches where you think you have a brilliant set up, make a few wins over a period of days or weeks and then blow your whole account. Then, of course, you re-deposit because you are absolutely sure that this time you have found the ‘holy grail’ and are going to make your fortune.

I want you, if you decide to go ahead and have a go, to be fully aware of just what you are getting into and just what you can expect to get out of it.

I’ll answer your questions and some you never knew you needed to ask such as:

Who trades Binary Options?

What makes Binary Options so attractive?

Who are the brokers?

How do the brokers make their money?

Can you make money in Binary Options?

Now I’ll ask you a question.
Can you afford NOT to read this book?

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My Review:

My following review of the book is very BRIEF. After all, I'm a busy guy, the book is cheap (only $4.99), short (only about 54 pages) and can easily be read in about 30 to 60 minutes. If you are not one of the 'desperate masses' but are just interested in learning about the topic of binary option, perhaps because you are considering trading on one of the many internet platforms, then just blow $4.99 and get the FACTS which are clearly and concisely explained in the book!

First let me state that I am a relatively experienced trader in 'ordinary' stock options and have done my trading through a very large, highly respected U.S.A. based brokerage firm. I have never traded binary options and never intend to play this largely 'traders lose' game.

An important book! Well researched and clearly/concisely written.

I think Ms. Brown does an excellent job of covering the basics of 'Binary Options Trading'.

However, I personally found her chapter on 'How Do Brokers Make Their Money' to be VERY ENLIGHTENING and ABSOLUTELY FASCINATING. I learned a LOT!

---

Binary Options Trading is a ZERO SUM business. Think about it -- if the 'brokers' (LOL) are making so much money running a website -- how are the majority of the 'desperate masses' going to get rich trading???? Answer, long term -- THEY CAN'T. The masses are ultimately COMPETING WITH THE BROKERS for the trade-money, which is totally supplied by the masses themselves. Guess who is going to come out ahead in this heavily slanted game!

Binary Options Trading is very different from ordinary options trading in that with binary options trading there MUST BE both winners AND losers. With ordinary options, profits are made by the options exchange and the brokerage firm largely from the SPREADS (difference between bid and ask prices) and the routine TRADING COMMISSIONS assessed by the broker on EACH TRADE. In other words, you as the trader are playing against the MARKET and OTHER OPTIONS PLAYERS, NOT THE FOLKS RUNNING THE BUSINESS.

If you are smart enough trading ordinary options, you AND the broker can BOTH make a profit on your trades.

I'm certainly not recommending that most folks trade even ordinary options because it's a very tough field and requires a lot of knowledge and experience with the market to be successful. However, at least the cards are not stacked against the qualified trader as they are against ALL binary options players.

[Lucas Daniel Smith]

Bruce, thank you for taking the time to post your review of "Why You Should Not Trade Binary Options" - by Denise Brown.

I found your review to be insightful and extremely helpful and I believe that your review may convince others, who may not yet be exactly sure what to think of binary options, to purchase Brown's book and perhaps save themselves from a lot of big headaches and also save some of their money which would inevitably be lost at binary option websites.

I agree with your thoughts on binary 'brokers' (lol). You are very correct when you state that with binary options (and unlike ordinary options) a customer and their 'broker' cannot both win together. Either the customer wins or the brokers wins.

One thing that I will point out here (and perhaps this was covered in the chapter that you mentioned, 'How Do Brokers Make Their Money') is that binary 'brokers' do not tell their customers that they are essentially working against each other. What they tell the customer is that they are both winning together and that if the customer does not win then they (the 'broker') do not win either. The 'brokers' pretend that things are working as they would with a real broker. In truth, as you've pointed out, with binary options the customer and the 'broker' cannot both win togther. Its either the customer or its the 'broker'.

I also went over to Amazon and voted (which readers can do when reading customer reviews) that your Amazon review was very helpful.

Thank you again for both your book review written here at Forum and also your review written at Amazon.

Extremely helpful and I think others will agree!