Four Common Mistakes Of Successful Binary Options Traders

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Four Common Mistakes Of Successful Binary Options Traders

First and foremost I want to point out that trading binary options is not a mistake. This does not exclude binary options traders from making mistakes. Especially successful binary options traders. There are numerous pitfalls and challenges to overcome, any of which could turn you from the path to success. This is a look into some of the common mistakes made by successful binary options traders.

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Choosing The Wrong Broker is a very common mistake. I know, I’ve done it. There are just so many to choose from and many of the ones you find are simply full of crap. There is so much glitz and glam about how binary trading is the wave of the future, easy to do and a sure path to making thousands of dollars or euros in the blink of an eye. Once you get past that the task only gets harder because you have to wade through the mire of regulated/unregulated along with the differences between different platforms and brokers. Just because a broker says “hey, we have standard digital binary options” doesn’t mean squat until you dig deeper and find out three things; what assets are actually traded on the platform, what expiries are available and if there is an early out feature.

Thinking that trading is easy is a common misconception and one thoroughly exploited by affiliate marketers and shady brokers. Trading is not easy, it takes time and knowledge to become successful. This does not mean it is impossible, if it were impossible no one would do it. In the same vein if it really were easy then everyone would do it and everyone’s not doing it right? So, trading is fun and can be fun but if that’s all you think you are going to have a really bad time. By bad time I mean lose all your money. A successful trader will know going in that trading is a challenge, or quickly realize that it is. This knowledge, self awareness, is one of the motivating forces that spur the successful trader to apply themselves to the task at hand.

Losing patience is a lesson taught to every trader. Too bad they don’t all learn it. Patience is that act of waiting for a set of predetermined conditions to happen. Sounds familiar right? That could be found word for word in an article on strategy right? “These are the predetermined conditions, now wait for them to happen”. Losing patience means becoming angry, unnerved, anxious or hasty of decision. It means not waiting for the right conditions and allowing emotion to dictate your actions. It means making bad trades because you don’t wait for the signals to come, in effect when you lose patience you lose money and having patience means having money.

Getting discouraged is also very easy to do. Trading is hard and you will lose money. For some more than for others but the fact remains, you will lose money. Losing money leads to frustration and even more losses if left unchecked. The fact also remains that no matter how much you lose, you can come back, with perseverance. Regardless, successful traders may get discouraged but they do not quit, they may take a break to regroup or save another stake but they do not quit. Quitting means the market beat you, it won, if you quit you can never be a winner.

Quitting Is Not An Option

I’ve been trading a long time, a lot of different types of instruments, even the option to quit. It is there every day, at every juncture, you could just throw up your hands and give it up. Successful traders feel this feeling the same as unsuccessful ones, they just handle it differently, they don’t quit because it is not an option for them. There are many mistakes you could make but so long as you learn from it you win in the end. It is not a mistake to choose the wrong broker if you learn from it and then pick the right one. It is not a mistake if you start out thinking trading is going to be easy and then endeavor to master it when you learn otherwise. It is not a mistake to get discouraged if you lift up your head and march back into the fray. It is not a mistake to quit for a time, if you come back and kick the markets ass. The only mistake is to let the market beat you because if you do that you will never be a winner. Successful traders make all the mistakes that unsuccessful ones do, they just bounce back in a different way.

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web about the best option IQ strategy, how to use indicators, combine indicators, use line strategies, tie momentum, choose the best trends and trading robots. This blog also discusses forex, binary, iq options, bimono, olimp trade.

5 Common Beginner Trader Mistakes in Binary Options


T rading deposits should not be too large or small. A deposit that is too large can pose a very high trading risk, while investing a small deposit can trigger overtrading. Broker conditions that allow traders to deposit a minimal amount can indeed provide relief, but also can make traders “forget themselves” in opening options. This can happen because a minimal deposit amount can encourage you to place options with low capital. Because the risk per trade is also minimal, you can be motivated to place many options to accumulate profits. This way of trading can ultimately result in a lot of losses, especially if the trader is influenced more by greed and cannot adjust the trading
frequency properly.


D ividing capital into several accounts on different trading platforms is not a good money management method. These conditions will actually make trading seem confusing. You will be required to be able to set option positions and keep abreast of trading on each account. Situations like this can cause complications and ultimately make your trading overwhelmed.

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3. Too Easy to Believe in Bonuses

A lthough you are advised to settle on one broker platform, it is not wise for you to trust fully in your broker. Maybe before you have done in-depth research and chose a broker very carefully. But every broker still has advantages and disadvantages. Don’t just believe in strengths and choose to blind yourself to the shortcomings of brokers.

5. Too Emotional


In the discussion above, emotions have been mentioned as one of the factors that can cause losses for short-term traders. In general, uncontrolled emotions will bring destruction to all types of traders, not only those who trade in short-term terms. Fear and Greed are two emotions that have long been enemies of traders. If you can control both emotions well, then success is already in your grasp.

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Five Most Common Mistakes Made by Binary Options Traders

Five Most Common Mistakes Made by Binary Options Traders

Recently I have been receiving more questions about how to start making money trading binary options. Assuming the person who is asking already has some background in trading online, I usually respond by saying it’s less what you do and more what to avoid. In other words, once you get your basic strategies down and start executing trades in a systematic yet versatile fashion, all you have to do is steer away from making mistakes.

Remember, it doesn’t matter if you’re experienced or an amateur basement trader, everyone miscalculates or makes a bad call every now and then. It’s called being human, and it’s OK as long as you are aware of the risks and take the necessary preventive measure.

Below you will find a short list of the 5 worst mistakes any trader can make:

1: Choosing the Wrong Broker
This is by far the most common mistake and the one that will cost you the most money as well. Remember, its not only about finding the best or most reputable broker, it’s also about the bonus structure and trading requirements as stipulated in the bonus terms and conditions.

2. Lack of Proper Research
The most obvious advantage we have when we trade from the comfort of our own homes or businesses is that we can take all the time we want in order to conduct proper and in-depth research and analysis or charts, news, and various stats & figures. Failure to do this will result in immediate loss of money.

3. Inferior Trading Software and Charting Tools
Choosing the right trading software is crucial to your success, and I’m not referring to the trading platform (i.e Spotoption or Tradologic for example) . There is a lot of freeware out there, however the best candlestick and charting software will cost you anything from $100 to $400 monthly depending on the merchant and the package you are buying.

4. Indecisiveness and Lack of Focus
Just like the battle field, this type of behavior can get you killed. If you have your charts and candlestick analysis down the most important thing to do is stick with your strategy and remain consistent. Unlike emotions or body language numbers don’t lie, it’s just up to you to interpret them correctly and execute your trades just like you would breath air or drink a glass of water. It should be a type of second nature or automatic reflex that occurs when the numbers indicate an entry signal.

5. Not Having an Exit or Reversal Strategy Ready
What happens if you start losing trades and expire out of the money too many times? Your balance starts to shrink and you need to re-invest in order to continue trading. If you have lost around 65% of your original investment plus bonus its time to think about a reversal strategy. I usually make a very aggressive move on another undervalued stock or alternatively start taking a lot of short positions for small amounts and alternate between stock very quickly depending on the level of performance.

To summarize, being a successful binary options trader doesn’t always mean knowing when to invest and on what asset, it also has to do with understanding trading basics and knowing how to spot pit holes and obstacles from a distance and overcome them by having the right type of counter measures in place.

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