Although everyone wants to be then next great trader, this is a tough business and very few are able to profit over time. It isn’t because there aren’t enough strategies to become profitable. There are plenty.
Today I will discuss 4 necessary steps you need to implement to become a successful trader.
NEVER Allow A Broker To Trade For You Or Take A Bonus: Although it may sound very tempting at the time, NEVER accept a broker bonus.
Binary options bonuses, while being advertised clearly and used as marketing campaigns, come with specific terms and conditions. These limitations serve to protect the broker from abusive practices and are normally as follows:
– A bonus cannot be withdrawn if it leaves the funding account empty
– A user has to be active on a platform for a certain amount of time
– Users are required to have traded a set amount of funds before a bonus amount can be withdrawn. This can be impossible to EVER withdraw funds, even your profits.
You also should NEVER allow a binary options broker to trade for you. Brokers are simply the intermediary between your trading account and your bank account. Brokers are not traders, They are sales people.
Test Before You Trade – Don’t put your hard-earned money–not to mention your time and effort–on the line until you’ve tested out the strategies that you’re trading. That means you need to have strategies, and you have to track their performance. That can be accomplished historically, through real-time simulated trading, or both. Always use a demo account before you start putting your money into the market. I advise my students to test each strategy in demo at least 500 times with an 80% win rate before going “live” trading with their hard earned money. There are many trading platforms that allow you to open a practice or demo account. A good one to start and the one I use is MarketsWorld.
Never Trade On Emotion: It is essential to keep a clear head while making any decisions about binary options trading. Beginners should avoid trading when they are emotionally disturbed, as emotions can create havoc with your trading. It is very easy to make the wrong decisions in an emotional state, so it is advisable to stay away from any form of trading until you’ve calmed down and cleared your mind. Binary options trading is not a casino. It is a REAL business. If you lose a few, take a break and go do something different. Allowing emotions to get in the way will more than likely cause you to make bad decisions, therefore losing money.
Educate Yourself & Learn Every Day: This may seem obvious but many new traders get so caught up in the exciting prospect of earning large amounts of money that they skip this step. They jump in without fully understanding how to trade and lose their funds. They get discouraged and eventually quit. Trading is a REAL business and for many who are consistent, it becomes a lifelong profession. If you were studying to become an accountant, a doctor, a lawyer, or any other profession, you would have to go to College first right? Same is true with trading. You must learn the business before you can profit from it.
I hope these 4 Necessary Steps To Becoming A Successful Trader helped you. If you have any questions, please don’t hesitate to reach out.
Blessings & Abundance,
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