October 23, 2015 at 2:03 pm
Many Binary Options traders want to hand over their trading tasks for someone else to do while they sit back and watch the money come in. Why do all the hard work when you can just hand it over to someone else to do for you? If only it were that easy! Think about it for a second, if it was really that simple, wouldn’t everybody just sign up with a signal service or autotrader and become a millionaire? Signal services and autotraders does have its time and place, but neither one of them can be a substitute for your own hard work. Successful Binary Options traders have realized that they have to do certain things for themselves to be where they are.
Most traders don’t want to be responsible when they lose. That is why they choose to give the responsibility to a third party. Some traders make use of trading alerts without them having a clue how the system works. Others will turn to trading signal services or autotraders so they don’t have to come up with their own trades. Traders tend to give their responsibility to others so that they can blame them when they lose and not themselves.
Traders should realize that they can’t expect to be successful if they want other people to make trading decisions for them. If you are serious about becoming a profitable trader, you need to make your own trading decisions.
How often have you seen a trading strategy that has been tested by a couple of traders over hundreds and thousands of trades? They all claim that it has been working for them but when you go ahead and try it out, you can’t seem to make any money. You see, it doesn’t mean when a trading strategy works for one trader that it will work the same for the next trader. Why? People are different; we all have unique personalities and psychological traits. Another factor that will play a factor is that you might be trading the strategy in a different time than the period that the strategy was originally tested. These factors will have a huge effect on the results.
So what should you do? Test different trading strategies for yourself. Don’t let other’s results influence your decision making. Stick with what works for you.
This is normally a debatable point. Yes, it is true, others can review your trading performance. It is actually advisable to find someone who could evaluate your performance from another point of view.
But, at the end of the day you will need to evaluate your own performance so that you can develop self-awareness. The key when evaluating your own performance is by being 100% honest with yourself. Self-evaluation will help you point out your weaknesses and all the mistakes you are making. This will enable you to build on your strengths and correct the mistakes you are making. The biggest reason why someone else can’t substitute your own self-assessment is because they are not you. You are the only one who knows about your trading journey and why you make the decisions that you do.
The best thing to do is to find a balance between the two. Don’t solely rely on someone else evaluating your performance. Have a friend, family member or trading mentor have a look at your performance and be brutally honest when you evaluate yourself.
Many trading coaches turn lots of traders into professional traders, but plenty of their students also fail. This is not necessarily because the trading coach is bad at teaching. Have you heard the saying – “you can lead the horse to the water, but you can’t tell him to drink”? This is exactly why some traders fail or succeed. Your trading coach could give you all the tools and knowledge you need to be successful, but they can’t force you to give it your all.
It is up to the trader to motivate themselves and put in the effort and time needed to study, test and trade what their trading coach has taught them. You should set realistic goals that you must achieve to make progress.
As a Binary Options trader, you are responsible for your own success or failure. Relying on someone else for your success, means giving away your responsibility. Traders believe that trading will be less intimidating when they give away their responsibility to others. While this statement might be true, you are ultimately taking your success out of your own hands and placing it out of reach. This is a setup for disaster in the long run. You should take responsibility for all the choices you make, should it be taking a trade or joining a service. In the end, your success will depend on the choices you make.
If you are fully motivated to make it in the trading game, you have to do all the above mentioned trading tasks on your own. Make peace with the fact that you are going to lose some trades. Losing is part of the game. Find a trading strategy that works for you, get motivated, make your own trading decisions, evaluate your performance and take responsibility for your failure or success.
November 2, 2015 at 11:12 pm
Everything you mentioned is absolutely true. Unfortunately, some will have to learn the hard way as many people always look for the easy way out. If you want to succeed as a trader, you have to be able to rely on nobody else but yourself. You need to trust in yourself and trade according to your plan. Stick to your analysis; don’t change it if you see some other trader with a different market outlook than yours. More often than not your analysis would be correct. Anyway enough of my ramblings just wanted to share my 2c.
Happy trading all!
November 14, 2015 at 6:33 am
So true Jerrie! I made that mistake a while back. I followed a guy that gave free trading signals. What a mistake. Yes he had some winning trades, but overall he lost most of the time. While following his signals I would analyze the market myself to see where potential trades are. Many of the times when he says buy I would have sold according to my analysis. When he said sell my analysis would say buy. More often than not my trades would have won if I went with them and not his signals. I was still new to the game and he claimed to have been doing it for a few years… so what did I know?! Anyway I finally decided that enough is enough and I took the leap to trade on my own and follow my analysis.
The verdict: I’m at least at breakeven more or less at the moment. It’s far better than losing with his signals. It’s only a matter of time before I break through and start making profits.
You must be logged in to reply to this topic.