Let’s talk about 4 fallouts every rookie trader experiences with binary options. For some reason when this happens, you feel like your back is up against the wall and the broker is being a bully, taking your money, one trade at a time. You are not alone. Many beginner traders experience this and feel they are being pushed around and taken advantage of. If you feel that after watching a YouTube video on how to trade, that you can start making profit out the gate, then you are wrong. Lets take a closer look and see if you have experienced any of these results.
1. Market Reversed The Very Minute You Entered The Trade.
You opened up an account, deposited some money and you are ready to start making profits. Market is going up and you feel confident enough to make a call option, only to know that not even 3 seconds into the trade, it starts to fall dramatically. This is very common with most beginner traders. You are not alone.
2. Entered The Wrong Trade By Mistake And Made Profit.
As a beginner or seasoned trader, you need to make sure you are focused, and have no distractions. Many traders have entered the wrong trade and get discouraged, only to know that they made profit. You were wanting to make a 60 second trade and forgot to change your settings from the previous trade that was set for 30 minutes, but still made profit. This is one example of entering the wrong trade by mistake and making profit. Take your time and double check everything before placing your trade.
3. Many Trades Were Profitable, But Turned Into Losses.
This is every common and can intimidate many new traders when starting out. You might have been working on a strategy where it looked promising for profit, and in the end, you end up losing the trade. Once again, make sure you practice in your demo account before going live on your trades. I can’t emphasize this enough. Even when you go live, make sure to take your time trading. Don’t feel you have to bounce back immediately when you are down. When this happens, most of the time you end up losing more than you wanted to.
4. Strong Trading Signal But You Procrastinated And Missed The Perfect Trade.
If this ever happens, don’t force the trade knowing that you will lose. Keep calm and look for the next setup. You don’t want to get emotional. Like anything else, you have to develop your method of trading. Stay calm and continue to follow your master plan. If your results continue to put you in the red, and you are not reaching your 70%-80% profit goal, reevaluate and practice new techniques.
These are 4 fallouts every rookie trader experiences with binary options. Remember to stay focused and think long term. You can’t come into this industry for 2 weeks and give up. If you are serious, you will take time to practice your blueprint for 70%-80% profit. Anything you practice long enough, you will eventually become a master at.