The most prominent of the 5 types of traders you don’t want to be is the gambler. The article states, “You can tell by their not-so-fantastic account balance that they are just clicking red or green. If that’s what you’re doing, binary options aren’t safe for you. A casino has better odds for you, probably.” The account balance, however, is more a consequence than a characteristic of this trader. If you want to know if you or someone around you is a gambler disguised as a trader, you can easily find out by checking these 3 characteristics.
If you read a lot of our articles, you know we mention the word focus about every other article. Focus is key if you want to make it as a trader. Without focus, there is little left. So are you distracted a lot when trading, which leads to you making the wrong choices? Do you often click and think: “oops”? Then you need to reclaim your focus.
Do you read or otherwise follow the news? Do you know what you need to know about the assets you trade? Do you have a great binary options trading strategy? If you answer ‘no’ to any of these questions, you may have a problem. Without these basics you’re missing some of the valuable fundamentals that help you become a successful trader.
No Gut Feeling
In a recent article I’ve described the gut feeling as the best sign to know not to place the trade. A gut feeling is a trader’s most valuable asset. Without it, you have no compass. You can have all the basics covered, but without the gut feeling, you’re essentially lost.