Binary options group

10# Get out of your losers


You are not a "loser" because you have a losing trade on.


Every trader has losing trades throughout the session, what really matters is overall profit, on + each time session ends.


A good trader always approach this losing trade as a need for tweak in the system, to avoid that to happen next time.




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11# The first loss is the best loss


Once you come to the realization that your trade is no good it's best to exit, and come back later when market is more reliable to be traded.


That first loss will make you act sharper, and to pay attention to details.

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12# Don't beg the market to go in your desired direction,if you do so you will lose.


When a traders is new and usually undisciplined, to beg the trend to act like you want is not an option, and for sure this happened many times during sessions.


Instead of doing that, think first what can be traded that time in the market, do the analys, pick wisely the proper pair, and that way you will be satisified, and you will have good performance.


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I found an online 'game' awhile back that has the potential to pay out (top guy earner only gets $130ish a week), but it sounds exactly like binary options. It is called SparkProfit.

I don't know how you can manage to do this and stay sane, except things like oil (always goes up) and bitcoins (bottoms during the week and goes up on the weekend) it seems 100% like gambling.
 
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Doesn't matter what you trade, eighter forex, commodities, furures, indices, when you do the proper analys.
Is like completing school, then when you go to the next level (master) you decide what your target will be and foscus on that only.

Of course is not impossible to be present in all places, but will be like a war with more that 1 front line/
You must be a good tactician to survive and win the war, not only the battle. :1:
 
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ADRIAN1991 said:
Doesn't matter what you trade, eighter forex, commodities, furures, indices, when you do the proper analys.
Is like completing school, then when you go to the next level (master) you decide what your target will be and foscus on that only.

Of course is not impossible to be present in all places, but will be like a war with more that 1 front line/
You must be a good tactician to survive and win the war, not only the battle. :1:
Click to expand...

Are you still doing your group adrian? I tried forex day trading back in the day but found it extremely difficult as well as boring.
 
Yes Andy the group is still there.
And yes it is quite difficult not to setup, but to understand some aspects .
Boring don't know, from my point of view i can find it challanging, keeps you sharp all the time with the decisional factor
 
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13# Don't worry about the news.It's history


Most traders listen or watch CNBC, BLOOMBERG NEWS or FNN all day long.The "talking heads" on these programs know very little about market dynamics and price action.Very few, if any, have ever traded,yet they claim to be experts on everything.


The fact is : The reporting that you hear on the business programs is "old news". The story has already been dissected and consumed by the professional market participants long before the "news" has been disseminated.


DO NOT TRADE off the reporting. It's just too late.

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15# Love to lose money


This rule is quite weird at first, but when you dissecate a little bit you will figure out what I will try to say by this.


Ok, I am lost now : "What do you mean, love to lose money? Are you crazy?"


No. I am not crazy. What I mean is to accept the fact that you are going to have losing trades throughout the trading session.
Get out of your losers. Love to get out of your losers quickly. It will save you alot of trading capital and will make you a much better trader.

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16# If your trade is not going anywhere in a given timeframe, it's time to exit


This rule relates to the theory of capital flow.It is trading capital that pushes a market one way or another.


When price stagnation is present (as typically happens many times throughout the trading session), the market and its participants are telling us that, at the present time they are happy or satisfied with the actual level price).


You don't want to be in the market at these times.The market is not going anywhere.It is a waste of time, capital and emotional energy.It's much better to wait for the market to heat up a little then place your trade.

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17# Never take a big loss.Only a big loss can hurt you.


In order to proceed, with this you shoud give a little bit of time to review the previous rules: #5,#8,#10,#11 and #15.


Big losses prevent yot having a winning day.They wipe out too many small winners that you have worked so hard to achieve.Big losses also "kill you" from a psychological and emotional standpoint.


It takes a long time to get your confidence back after taking a big loss on a trade.

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I've lost like 1000 pounds.imo binary option is just a "scam"
 
beedx20 said:
I've lost like 1000 pounds.imo binary option is just a "scam"
Click to expand...


If you lost doesn't mean that trading is scam.

If you have a broker that is scam that's another story.
 
18# Make a litte bit every day.


It is amazing how quickly your trading account will build up over time just by making a litle bit every day.
The power of reinvesting and compounding is huge, but needs time to build .

Don't force the things to much, you cannot be rich over night , but in time.


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19# Don't approach a trade with the idea that it's going to be a huge winner.

During trading days,for sure that some of you encountered a situation like that.
You saw a trend, and thought that trading the trend will be a hit, when suddenly a down spike appears, disaster occurs after. (just an brief example).
Sometimes the trade turn out to be a winner, but that is not skill is just a random thing, which won't happen many times.

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20# Consistency builds confidence and control


How nice is to be able to turn on your PC in the morning knowing that if you trade by the rules, with discipline and stick to your methodology, the probability of sucess is very high.

Making a bit everyeday (rules #18 and #19) will allow you to trade throughout the trading session with confidence and control.

Rememeber rule #9. If you make a little bit every day, then you have earned the right to trade bigger.Thus, by following the Rules of Discipline, your "little bit" can soon turn into much more profitable days.


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