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  1. #21
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by bluedollar View Post
    emotion can cause you to lose alot of money.i was one of the people who let they emotion take control.i start trading real money on thursday,yes it was when FOMC and lost alot of money but the thing is just by watching the chart i knew that i should stay away from the market but noo i have to trade with real money.my account from 100$ to 30$ in just a day.their this feeling of satisfactiory when i win in demo and i want to experience it with real trading.i cannot stress this enough that emotion make you do stupid thing.sorry that this become a rant.
    It's ok, its what we're here for .... sometimes, and to help get past this. first off it sounds like you used some money management, you didn't lose your whole wad, that's good. SEcond it also sounds like you were trading really short expiry, like under an hour maybe? stop doing that, use higher time frame charts and look for signals there... they form slower and will be easier for you to read.
    "Great Googely Moogely" ... Frank Zappa

  2. #22
    Junior Member bluedollar's Avatar
    Thanks for the tips

  3. #23
    Banned Bradhaddin's Avatar
    Thanks for these thread. that is very helpful to post something like that.

  4. #24
    Veteran Member randy1953's Avatar
    Excellent point Kolyo,

    I have a very good stragety for me 60 second trades. My win rate hovers around 70 plus% which works for me. However knowing when to use it is critical. I normally test the market with a few very small trades like $10 or $20 a shot. If the market is running normally I will win and then go with a few $50 or maybe an extra $100 trade. But here is where discipline comes in if I make at least $200 net for the day I shut it down simple as that even if the market is producing well. Why do I do this because sooner or later the market will bite you. If I make clear 200 a day for a week I made $1k for that week and I am very happy. That's a great income for me right now I'm new at trading Binary options. I have traded Forex before but honestly much prefer binary options. It might take me a good 30 mins or more of watching the market move before I pace my first 60 second trade. entry is extremely important and knowing when to enter will give you a win.
    All I need now to make me happy is a decent broker that takes US traders.
    Randy

    Quote Originally Posted by Kolyo View Post
    You don’t have to test every single strategy out there. You only need to find one good strategy and master it, all its details and tweaks, making it your own strategy and understand when to switch it on and off depending on the market conditions. I am not a big fan of mechanical trading, but it is good way to start learning and trading. Later on you can add additional layers of discretion when you know how to do things properly.

  5. #25
    Banned EdwardSwain's Avatar
    ery Informative! I like to share what binary option exactly is. "In finance, a binary option is a type of option in which the payoff can take only two possible outcomes, either some fixed monetary amount (or a precise predefined quantity or units of some asset) or nothing at all (in contrast to ordinary financial options that typically have a continuous spectrum of payoff).

  6. #26
    Banned Bradhaddin's Avatar
    That's great Thanks for sharing.

  7. #27
    Banned Bradhaddin's Avatar
    Very useful links and the information provided.

  8. #28
    Senior Member Deanfx's Avatar
    Hey guys,
    This very important thread sems neglegected for long time and no meaningful discussion here since early summmer. I would like to refresh it with a question // what do you think on the significance of psychology in trading binary options. Is it the master element of succesful trading or it has only a secondary importance after risk management and good trading strategy. Some people said that for them it is the single most important thing when it comes to success, because without a sounding psychological state of mind in resonance with the market they can not trade well. However I think with porper risk management, good edge i.e strategy you can almost automate the process of trading and leaving no place for psychologicaly driven mistakes. What do you think on it!

  9. #29
    Veteran Member Dan21's Avatar
    Quote Originally Posted by Deanfx View Post
    Hey guys,
    This very important thread sems neglegected for long time and no meaningful discussion here since early summmer. I would like to refresh it with a question // what do you think on the significance of psychology in trading binary options. Is it the master element of succesful trading or it has only a secondary importance after risk management and good trading strategy. Some people said that for them it is the single most important thing when it comes to success, because without a sounding psychological state of mind in resonance with the market they can not trade well. However I think with porper risk management, good edge i.e strategy you can almost automate the process of trading and leaving no place for psychologicaly driven mistakes. What do you think on it!
    I think good strategies and successful approaches go hand in hand with a stable mind. No strategy is always bringing back the same winning rate. Sometimes the market is weird and you might find out that your great, very well worked and tested strategy is no longer that good. This is when you start to lose a bit more than the honest typical losses and here the only thing that can save you from stupid actions is your psychology, being mastered to perfection. I don't believe that you can possibly turn trading into an automatic process. There are too many factors that constantly change the picture and worse (or better) - they are often connected which makes it even harder to just stick to an approach that seams to be good. A calm trader does not fear the market changes and adapts his strategy to them. Also he doesn't feel angry or disappointed at the market because of more OTMs. He doesn't try to bring lost money back immediately. He analyzes charts, finds logic in the trends and keeps on improving till money come back. Also, I've noticed that people who try to automatize their trading habits, stop reading at some point and that's very wrong. Like any other business you need to be on track with the new stuff and to sometimes take a look just to remind yourself about the old stuff. There are whole books on trading psychology, because it really is an essential part of things.

  10. #30
    Senior Member sofaking's Avatar
    Lots of great info here, thanks. SO many threads and forums. Would take a lifetime to get through it all.

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