When I started trading Binary Options in the first place, I became addicted quickly in a bad way. Trading without any clue and Money Management, you know what this will lead to; yes, blown accounts. Well, I was not able to learn this quickly and I had to go out of it. For the first Signal Hive was a good substitute, as the signals there did help me to stop loose more money and to trade nonsense. But my peace of mind I found finally in the world ZEN Buddhism. I don’t like religions in general, but I really like philosophy. And this kind of philosophy drawed a way for me to figure things out and get through difficult times. I think I stumpled upon it when I read an ebook called “Traders Mind – Zen Mind” (or similar). When you start to look into the world of ZEN you will find a graphic called 10 to ZEN. You can google it if you are interested, but I will build a bridge for these 10 suggestions for the world of trading, as following these, will gain you a traders mind for sure.
1. LET GO OF COMPARING
Don’t compare your perfomance with the ones from others. It simply makes no sense. First you always will look at other traders that are better than you. This will be just a punch in the stomach and will kill your confidence over time. You are you and you trade with your set of strategies on your set of selected pairs. If I imagine comparing myself with The Binary Nerd, I would throwing in the towel. I am a beginner, so I am learning it step by step – here, all along with you guys. No need to compare, there are always other people better than you and always some worse than you. By comparing you will bring your ego high or down, just by personality setting – both ways detach you from the main mission to become objective in trading.
2. LET GO OF COMPETING
Similar to 1. – if you start competing against other traders, you will loose focus. You want to place good trades and need your mind there. Your are trading for YOURSELF, for noone else. Competing just makes no sense, only if you have a low self-esteem you need to be the winner over some one else. But guess what, winner or loser – in the end nobody really cares. All the fame and glory will be temporary and thus result for the high risk of getting your account blown. What do you think why shady brokers bring up leader boards, they will benefit if you get a competition mind. So my suggestion is to focus on your work instead of games like being better than this guy or that.
3. LET GO OF JUDGEMENTS
This is difficult to bridge into the world of trading, but here it comes: Let go of your own subjective judgements of a trade setup. When you trade blindly and unkowningly like me in the beginning I saw the price and traded by my judgements. This will lead to a blown account. Strategies, technical analysis and smart decisions based on the data you see shall end up in a placed trade, not your judgments when seeing the price at a broker.
4. LET GO OF ANGER
This is an important and very tough one. Losing one trade after the other is frustrating. I am no master trader here, I am just here to pick up the newbies – you can see I come directly from where you now are and ANGER is a big part of the malicious downward spiral you are jumping into. You hear all the time, trade without emotions, trade like a zombie, be a rock, whatever. But, if you are like me, that doesn’t help very much- emotions are just there. So we need a workaround. The Binary Nerd helps you with the Rewire your Brain article. When anger comes up you have to stop all trading activities. Anger makes you choose the wrong decisions. Anger makes you place revenge trades (which always lose from my experience). Anger stops your intelligence and let’s you choose the worst option.
5. LET GO OF REGRETS
This is also very important. Of course we regret stupid trades. We regret to hand over money to a scam broker and always again we regret being so stupid placing trades without the needed knowledge based on impatience or anger. We regret being such a smartass to lose the college money or whatever the money was intented to use for. Regrets are feelings from the past – the actual things we regret are not current anymore, whilst the consequences often are. However, shit has happened. So little princess, get up & adjust your diadem – now we are proudly heading into another direction. Letting go of regrets does not mean, not to take the responsibility for our actions – no, it is contrary: We take the responsibility to say, yes we made it wrong in the past and if we proceed with this way we will have to do it right. Learning with The Binary Nerd and following our rulesets will stop us making these mistakes ever happen again.
6. LET GO OF WORRYING
Whether you are someone that worries about loosing money, or one that has thrown it into toilet and pulled the trigger and now wants to do it better: It is likely that you start to worry. Maybe I will lose my money, I worked so hard for. You see a setup that appears to be very good but you don’t trust yourself enough to place this trade. As most often in life, BALANCE is the key – You don’t want to be too easy with your trades, nor too cautiously. In fact you should let go of both: the fear of losing money as well as of the greed to get rich quickly. The power lies actually within the trades. This is where you focus should be, placing good trades – not the money itself, as this will make you lose. If you use our money management scheme, you are on a pretty safe side. So get into your demo account, once you see it is consistently profitable, switch to your live account and do your trades like a robot.
7. LET GO OF BLAME
Connected to point 5, this is not an easy one as well. It is just too easy to blame yourself for your mistakes. Though, this will tie your ass to the ground. Blaming yourself creates anger = bad trades. Blaming yourself will create too much worrying = bad trades. Actually loosing is part of being a winner in trading. A winning trader is accepting loss as part of the game, he doesn’t feel blamed, he knows sometimes you just have to loose. The Binary Nerd will show you how to keep your win rate high. So don’t be too hard to yourself, it is all OK.
8. LET GO OF GUILT
All these bad feelings we talked about here in this posting are interconnected and one can rise another. Guilt as well should not create obstacles for your traders mind and is harmful. Again, what has been is over. Take the consequences like a man and go on with a better mindset, better trades, more exact analysis. You may or may not have done stupid immoral things to get the money for trading, if an addicition is in place. However, this must be past now. Get clear sources for your initial deposit, be open with everyone around you, don’t hide a thing and stay honest – this way guilt won’t haunt you. With every step you take, think about if it is worth to lie in your bed, not able to find relaxed sleep – 99% of the things aren’t. Stay on the path of truth and guilt shall be banned.
9. LET GO OF FEAR
Fear is step further from just worrying. People can have to deal with fear and make decisions out of fear, which is always bad.
Fear is always the worst teacher you may find.
Fear is the chain that ties you to ground and debars your flight. Trading without fear does not mean trading mindless. Trading out of fear does also mean not to trade out of a personal economic fear, like losing your job, having to less money and so on. You must be able to give a feck on the money, which you will use for your initial deposit.
10. HAVE A PROPER BELLY LAUGH AT LEAST ONCE A DAY (ESPECIALLY IF IT IS ABOUT YOUR INABILITY TO LET GO OF ANY OR ALL OF THE ABOVE).
Well, you are learning, right? Learning means making mistakes and to learn out of them. DO THE FAILURE – but do them just once. Don’t take all that shit too serious, it can literally knock your psyche down and you won’t get anywhere without a certain easyiness. To trade succesfully in binary options you have to find into a flow of ease – you can find this only by laughing about your mistakes. A trader’s mind is a beginner’s mind. Never think you know it all, never think you can now stop learning, never think you understand those markets complitely. BUT: Have fun trading (otherwise you could spend your time better anyways)!
Latest posts by 初心 (see all)
- [INFOGRAPHIC] Binary Options Money Management - April 15, 2017
- The Big “The Binary Nerd” Scam - March 12, 2017
- The Wild Tales of Indicator Jones - January 31, 2017
- Binary.com – Probably the First Review in the Interwebz without Affiliate Link - October 7, 2016
- The Characteristics of Major Currency Pairs - September 29, 2016