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  1. #1
    Junior Member Wilsonia's Avatar

    just thot I should share... !!!

    for the past 5 months I have been trading binary options, and all this time, I have not actually realised any profits. and I am a day trader by the way.

    this is how I trade, I check future news and other activities in the financial market, determine if they will affect a certain pair of currency, e.g EUR/USD, if it will, how will it affect it. the go to my platform to see how that currency performed in the past, then study the charts volatility, then place my trade.

    my trades vary from 60 secs, to 30 mins, depending on the charts volatility at that moment of trade.

    I have thought my strategy to be good though not so much but it gives me a few profits sometimes not so often.

    The few things I have learnt so far are: not to trade with my heart but to use my mind.
    To avoid emotions, either excitement or sadness. to always stay away from trading when I can't determine a good entry point.
    to be always as disciplined as ever.

    I will be honest with all of you, I have not been so much disciplined when it comes to my real money account, thus I have lost a lot of money, and its a pity I am the one who has to instil the discipline to myself, no one can do it to me.

    Trading is fun when you do it to learn not for the money, as one of the trader's favourite quote says "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder. I love this quote, it drives me to learn more and practice more, without being concerned so much about the money.

    this doesn't mean then that I don't need money or I just execute trades like a pre-scholar, I sit down, study, and keep myself in the right mind for trading, whenever I feel like m losing it, I just read other people's reviews, search the market or go for a walk around school... (ooow! I am a VARSITY student by the way)

    thank you for your time, drop your comment anytime, I'll be sure to read and heed to it.

  2. Thanks sofaking thanked this post
  3. #2
    Master Member SeasaltMcFish's Avatar
    I would like to add to this:

    To be a profitable trader, you'll leave the bad trades out.

  4. #3
    Junior Member Wilsonia's Avatar
    can you explain a bit on that please

  5. #4
    Legendry Member Michael Hodges's Avatar
    he means using analysis and rules bases systems to weed out the highest probability losers and focus on the hiherst probability winners.

  6. #5
    Junior Member Wilsonia's Avatar
    mmmmh... alright thanks

  7. #6
    Master Member SeasaltMcFish's Avatar
    Sry, was very busy today. Indeed what Michael said: don't take mediocre or bad opportunities, just to trade.

  8. #7
    Moderator Kolyo's Avatar
    Seasalt idea is really great, maybe the best a new trader to adopt and use. When you trade before entering the trade you maybe feel like each trade has a probability score. Some trades are more certain to enter than others. This is relative of course but if you practice a lot you start feeling the trade will be successful or you are not so certain. Than use this feeling to select only the best score trades, like not less than 8 out of 10. If you categorize a possible trade only 7 out of 10 or less, than skip it. Place only the best of the best opportunities and you will see this will improve greatly your results and eventually you will start making profits.
    You are right that on first place we are here for perfection in trading and for fun, the money are secondary and they come only to most prepared and concentrated traders
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  9. #8
    Junior Member Wilsonia's Avatar
    Thanks guys hope to learn more and learning from the best is the best way to learn

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