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  1. #1
    Administrator Martin Kay's Avatar

    Hot The Secret behind Binary Options Psychology !!!

    The Psychology is one of the most important elements of the successful trading. The Binary options trading has its own psychologically essential skills. Check the Bogdan’s new Review and find out which are the essential skills that suck and the skills that don’t suck.

    Click here to read “The Secret behind Binary Options Psychology” Article!

    Originaly posted by Bogdan G.

    At the time of writing this article I was in a short GBP/USD trade with all my strategy conditions fulfilled: downtrend, retracement, rejection candles signaling the end of the retracement and trend resumption. What do you know…it was a loser. Well, I guess we have to accept losses, don’t we? After all it is part of trading and I still haven’t met a trader who always wins. So losing is not the problem, but coping with it and finding the inner strength to remain calm and composed under stress. This is sometimes easier said than done because all sort of questions start creeping into your mind and I hope this article will scratch the surface of trading psychology and will help you keep your emotions under control.

  2. #2
    Rookie Member
    Discipline, patience and peace of mind are the most important for traders, but fear, frustration and greedy are the most common. How to overcome the bed habits and to master the good ones this is a million dollar question. If you give me the answer I will give you half of all my profits haha it's not a joke

  3. #3
    Solid Member Murphy13's Avatar
    Quote Originally Posted by Mark Better View Post
    Discipline, patience and peace of mind are the most important for traders, but fear, frustration and greedy are the most common. How to overcome the bed habits and to master the good ones this is a million dollar question. If you give me the answer I will give you half of all my profits haha it's not a joke
    Hey Mark I will be glad to share the half of your profits if you really achieve them after following my knowhow I think that it is not very difficult to overcome the bad habits, you just have to be aware of them and to consciously avoid them as much as possible. This will become your habit to control these emotions and soon or later will pay off, just stick to the plan and trade only based on your rules and not on your bad emotions!

  4. #4
    Rookie Member summertime's Avatar
    This article reflects my thoughts about the most useful approach for binaries. It kind of represents how serious trader takes it and if his guidelines are similar to the ones you've mentioned, he can wait for the great results.

    Personally, I would have added to this list a little bit of dream, because usually it helps people to set the right goals.

  5. #5
    Active Member ehenderichs's Avatar
    Bad habits, pff don't get me started. Started listing mine pitfalls and created rules around them. For me the most important one: after conditions are met and trade is placed, don't follow the trade. I had the habit of trying to fix the trade with a counter trade if it went against me. More often than not resulting in two losing trades.

  6. #6
    Legendry Member willyw's Avatar
    Quote Originally Posted by ehenderichs View Post
    Bad habits, pff don't get me started. Started listing mine pitfalls and created rules around them. For me the most important one: after conditions are met and trade is placed, don't follow the trade. I had the habit of trying to fix the trade with a counter trade if it went against me. More often than not resulting in two losing trades.
    When trading don't get emotional.

  7. #7
    Junior Member alexhiggins's Avatar
    Quote Originally Posted by ehenderichs View Post
    Bad habits, pff don't get me started. Started listing mine pitfalls and created rules around them. For me the most important one: after conditions are met and trade is placed, don't follow the trade. I had the habit of trying to fix the trade with a counter trade if it went against me. More often than not resulting in two losing trades.
    Your message touches some principles that are very interesting to me - not sure if this is the right thread for this, but here we go:

    What do U mean by "counter trade" here?

    So, far I have understood that:

    1. When you trade CALL, but the price goes OTM (down):
    - never ever try to "protect" your first bet with another CALL, because if you already made a mistake about direction, you should not repeat it - too often you will only lose more. To me this is not about greed nor fear, but simply desperate.

    2. When you trade CALL, and the price goes ITM (yes, up! ):
    - never (so, this is not "never ever" - some exceptions can be allowed, maybe..) make a quick opposite trade, trying to "fork" the final price between two opposite winning trades, because now that you managed to make the right assumption on the direction of the price, why should you change your mind while the good winning trade is on? - too often you will lose the second trade and win less than you should. This is bad fear - I'm myself still struggling with this mistake.

    3. When you trade CALL, and again (you are a champion marksman today!) the price shoots ITM:
    - if the price action looks still good and sturdy, you can make another CALL trade (but smaller than the first one) - this is in my opinion "good greed".

    What do You think?

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