So you want to trade binary options? Good for you! People these days are lining up to take a swing at this lucrative business. Not all of them will succeed, however. Here are 10 signs you need to look out for if you want to make it in this business. Most of these signs are things you can work on, so don’t give up just yet if some apply to you. It just means you have another challenge in your life!
1. You scare too easily
Binary options aren’t for the faint-hearted. There is a substantial risk involved. That’s not necessarily a bad thing. It does mean, however, that you have to be aware of the risk and be willing to take it. If not maybe saving money is more your thing.
2. You’re in it for the fast cash
There are some trading bots out there that can make your profit grow quickly, like CorrecTrade and Brexit Hack. For those of you who are more DIY kind of traders, it’s better to stick to the principle of steady growth. If you want fast cash, you have to be willing to take high risks.
3. You don’t know what’s going on
Are you the type of trader that’s more a gambler than a serious investor? Binary options aren’t really made for gambling. Make sure you come prepared if you want the odds to favor you.
4. You’re distracted fast
There’s so much going on, it can be hard to keep focus. Unfortunately focus is key if you’re aiming for success. So make sure you’ve got your priorities in check before placing trades.
5. Plan? What plan?
Recently I released an article on how to create a successful binary options trading strategy. If you don’t have a strategy, you will fail. End of story.
6. You rely on superstition
You keep a rabbit’s foot? You buy a lottery ticket after a lucky break? Leave those superstitions at the door. There is no universe or magic at work. There’s you, the trading room, and the money. Get the money, and forget the rest.
7. You steer clear of the news
Agreed, watching the news can be a depressing habit. People are killing each other while the economy is struggling. It’s not at all fun to read. But news – financial news in particular – can also bring to light interesting details about your investments. So don’t dismiss the news altogether.
8. You need high stakes to have fun
Sure, putting $1,000 on red in a casino can be thrilling. But investing large sums of money upfront can also make you go down fast. Slow and steady wins the race. Don’t go crazy.
9. Everything sounds like a good idea
You already know a lot of information is coming your way. You need to create a filter to separate the good from the bad. Always check the person behind the advice, and see if they follow up on their own advice. Also, always trust your gut feeling.
10. You give up too quickly
If you read my articles, you know I think this is the worst thing you can do as a trader. Never give up, because only with perseverance you will make it in this business.