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Top Binary Options Traders - How to Succeed in Trading

Top Binary Options Traders - How to Succeed in Trading

Today we will discuss one very important topic, in which I would like to introduce you to the features of the best binary options traders, as well as tell you what you should pay attention to during training.


Binary options trader - who is he?

Who is a binary options trader? There is a lot of controversy about this: some believe that a trader is a person who has the knowledge to consistently make money in trading; others think that a trader is any client of binary options brokers.

I'm more inclined towards the second option. Almost any client of binary options brokers can be called a trader, except for those people who came just to play, and not to trade. On the other hand, traders can be divided into several types or stages of mastering the skill of trading (more on that below).

Binary options trader

All traders came into trading for the sake of making money. It is very possible to earn serious amounts in binary options trading in just a few minutes. But the point is in the trader himself - whether he wants to achieve a stable result by gaining knowledge, or simply counts on luck.

Everyone wants to earn 75% profit for each trade, but not everyone wants to learn and gain knowledge. This is where the difference lies between traders who came to play and a little later will disappear forever, and traders who sooner or later will succeed in trading. Let's briefly go over the stages of becoming a trader.

Beginner or Novice Binary Options Trader

A novice or beginner binary options trader is a trader who has just started learning how to trade. As a rule, such a trader's head is filled only with thoughts about money that he has not yet earned, but that he can earn in trading.

The first successes and the first mistakes are made during this trading period. Initially, trading does seem simple, but the more a novice trader trades, the faster such thoughts disappear. The actual result is very different from the desired, which forces the trader to look for new trading opportunities - frequent changes in trading strategies that show the same result.

But there are also positive aspects - the trader gains experience in the technical analysis of price charts, lays down his first knowledge about trading and begins to soberly assess his capabilities.

Beginner Trader Desiring Perfect Binary Options Trading

So, slowly, a novice trader seeks to know the reason for his failure, which leads him to think that only those who perfectly know how to trade and not lose their money earn money.

What can I say, such a trader spends months or years looking for the perfect trading strategy. Buys everything that says "100% result", "100% signals", "Win-lose trading". Such a trader is a tasty morsel for scammers who make money on dupes.

The results were as bad as they are: no super-profitable trading strategy with a “100% result” can save a trader from a steady loss of money. So it's not a matter of strategy?

Insightful binary options trader

And here the understanding comes to the binary options trader. He was looking in the wrong place. Yes, I wasn't looking for that either.

At the disposal of the trader is a lot of knowledge that he missed by the ears - this is not surprising. From every corner, the trade was shouted about something else - “a good strategy is the key to your success”, “trade on my signals and become a millionaire”, “trading is easy”, “Martingale is the best trading technique of the century”. But only a few speak about really important information - try to find out what is the truth when 99% say one thing, and 1% say the opposite.

But as soon as understanding comes to a trader, he stops listening to all these balabols and starts studying what he previously considered not worthy of his attention: managing his capital, working on his own psychology and discipline.

Binary options trader breakeven

This work is long, but the first attempts to use their knowledge indicate the correctness of the choice - where there used to be a stable drain of deposits, the first positive results have appeared.

One more step in the right direction and the trader is already trading without losing his money. Let the results not yet bring profit or bring very little income, but we are no longer talking about any loss of money. It remains only to polish your knowledge.

As a result, the Binary Options trader begins to trade completely without the risk of loss - the knowledge and experience gained very firmly hold his trading balance. All that is required is to continue trading and slowly approach the next stage of development.

Professional Binary Options Trader

A professional binary options trader is a trader who has not lost his deposits in trading over the past few years. A positive result over a long period of time indicates the skill of the trader.

Experienced Binary Options Trader

Also, such a trader is distinguished by calmness and stable adoption of the right decisions. From the outside, it looks as if the trader does not make any effort at all to trade profitably. There is no risk of losing your investment, and the trader's earnings are quite impressive.

Watching the work of a professional binary options trader, you can really get the impression that trading is a very simple and trifling task that anyone can handle. In fact, this is not the case - such a trader has a lot of experience gained over the years of training.

6 types of binary options traders

Why do you need to know about these 6 types of binary options traders? Especially when you consider that we are not talking about the types of traders like "scalper", "fundamentalist" and so on (these are varieties of experienced traders who do not belong to beginners). We will talk about the real types of traders that you meet at every step - 5 out of 6 types of traders live in a fictional world and they cannot achieve high results.

ypes of Binary Options Traders

You definitely need to know where not to climb and what to achieve. Knowledge is your main strength. We will talk about such types of traders as:
  • Slackers
  • Players
  • Seeking a miracle
  • Tomorrow's millionaires
  • Those who make the same mistake
  • Professionals

Binary options bum traders

This type of binary options traders is the most numerous and popular. Many of its representatives came to binary options trading for free or quick money, which, unfortunately, is not here. Idlers are driven by only one thing - thoughts about where and how you can cut down your free money.

Traders - idlers are stable participants in all free tournaments. If a binary options broker is giving away a no deposit bonus to all new clients, then the idlers are right there. Can't register more than one account with a broker? But it's free - so you can! Not surprisingly, they are then blocked and they run to complain wherever they can.

Idle traders are like the icing on the cake for binary options brokers. They just need to be enticed with free training courses and they are already clients of the broker. On the one hand, the love of freebies stops such traders from doing really stupid things - they will never go to buy expensive paid strategies or indicators. For what? Everything can be found for free! And in this they are right - everything you need for trading is in the public domain!

On the other hand, lovers of free money are very easy to fall for deceivers, paid bloggers and paid signalers. “We have free signals! Register with a broker, replenish your trading balance and lose like everyone else earn millions!”

In most cases, free does not mean good. I'm not talking about money, there is something more valuable - time. Without the time spent, a trader will never make money. There is no simple money in trading, and there won’t be, so, first of all, you should rely only on your own strength, and not on the knowledge of other people who, in most cases, want to make money on you.

Binary Options Traders

Another common group of binary options traders are the gambler traders. I think it is clear from the name that this type of traders consider trading on Binary Options not a business, but a gambling game.

Binary options players

What attitude, such and result. From the game, these traders have adopted the habit of trading with the Martingale, which, as a result, consistently leads them to disastrous results. You yourself brewed porridge, and disentangle yourself. If you ask such a trader about what is more important - a stable result or every second euphoria, they will choose the latter. The desire to recoup after a series of losing trades forces players to get into more and more losses.

The following can also be said about this type of trader - they, more than other novice traders, are ready for a loss. This is a game - it happens and lose. For them, binary options trading is fun. Nothing good comes of it, but thrill-seekers don't care. As a rule, such traders play options as long as finances allow or until the “taste of the thrill of trading” becomes boring.

Binary Options Traders on the Grail Search

Grail Seeking Traders are a distinct breed of Binary Options traders who are willing to challenge even the most profitable trading strategies and techniques. The trading system must be perfect and give at least 100% profitable signals!

These are the regulars of any website or forum dedicated to binary options trading. They have reviewed thousands of trading strategies, they know about the work of a million trading indicators, they have tried dozens of trading methods with different brokers, but still they cannot find the only thing that can rightly be called the Grail!

It is these traders who most often spam in private messages with the phrases “Give me the most profitable trading strategy!”. It's funny that with a huge knowledge in technical analysis, the results of their trading are so terrible that you can't even trust them with your demo account for trading.

You tell them that there never was and never will be a 100% trading strategy, they answer you - “What do you think about this strategy? The author says that she made a billion! In their dreams, to find such a strategy, indicator or trading robot that will do all the work for them, and tomorrow they will wake up as millionaires.

Fortunately, after some time, most grailers pass this period and, dropping their hands, merge into our grailless world. Well, at least they begin to understand something over time.

Binary Options Traders of Stupidity and Stubbornness

Traders who fall into the same trap all the time are another type of binary options trader. My most disliked type of traders, because they are the ones I most often have to communicate with and listen to their whining. Don't get me wrong, when a trader asks for help and talks about his results to a more experienced trader, it's very good. Who, if not a trader with extensive experience, will point out your mistakes?! But these stubborn personalities are ... *****!

Binary options trader - stepping on a rake

If you see a ram that is trying to break through a wall of metal, and, after another attempt, loses consciousness, then gets up and tries to do it again - be sure that this is the same trader who will hit the wall to the last and wonder why it doesn’t work conceived. On the one hand, perseverance is a very good skill for a trader, on the other hand, if you are a sheep, then you still won’t be able to apply your perseverance correctly!

Hence the eternal whining on the topic “I lost my deposit again, help!”. What do I do in such cases? Many will not let you lie, I'm trying to figure out the reason for the drain. Most often, the problem lies precisely in trading using the Martingale system (the system of doubling the rate if the previous transaction closed at a loss). The solution is to abandon the Martingale completely.

What we get as a result is that in a couple of weeks the same trader is crying again that he has leaked another large deposit. What is the reason? Martingale trading again. You tell him that “Martingale does not work in trading - this is the reason for your stable losses!” I'll be back crying later! Wait for me!". Well, what to do with such sheep?! “Okay, good trading, dear friend!”…

Why then was it even worth asking my advice and wasting my time if you have your own impenetrable opinion?! Time after time the same error. Moreover, in most cases, such a trader understands “Aha, he was really right! I am draining the deposit because…”, but still repeats his mistake. This goes on for a very long time, but the result is always the same - draining the entire deposit, because such traders cannot be taught even from their own experience.

Tomorrow's Millionaires or Tomorrow's Binary Options Traders

The class of fabulous traders who are able to point out your mistakes, and did not earn anything. Tomorrow's millionaires are traders who trade on a demo account, because they do not have the funds even for the minimum deposit. This is the "elite" of binary trading. They are smarter than everyone, more experienced than everyone, they are binary millionaires who will earn all the money in the world tomorrow.

For the most part, the traders of tomorrow do neither harm nor benefit others. They act as a kind of dummies who know everything about trading, but they themselves do not know how to trade, and therefore their results are deplorable. It's like a friend giving the right love advice, but he himself at this time does not have any relationship with the girls.

tomorrow's millionaire on binary options

Trading on a demo account, the traders of tomorrow show good results. But getting from a demo to a real account is a problem more abruptly than intergalactic flights. Another problem with tomorrow's Millionaires is that once they've tasted the bitter truth of trading, they're not eager to try a second run.

Everything is limited to reading books or courses, watching educational videos - hence their knowledge of trading. If a trader wants to learn how to make money in trading, then he tries to trade over and over again, correcting his mistakes - this is not for Tomorrow's Millionaires.

“Today I am not ready”, “Not enough knowledge”, “I will start trading tomorrow!” and so every day. As a result, there is knowledge, but no practical experience, just as there is no income at least. A lot of time is wasted. Without action, there will be no result.

Professional trader or how to make stable money on binary options

A professional trader is a trader who has gone all the way from the bottom to the top of trading. The experience gained over many years of study is working for this binary options trader. There is nothing tastier than reaping the rewards of your work.

Professional traders don't whine about losses, don't search for the Grail, don't make the same mistakes over and over again, don't play the trade, they - act! Moreover, they do not act at random - any actions of a professional trader are the right steps towards success. A professional trader always knows what to do to avoid big losses in trading or how to make additional profit where many will lose everything.

Do not think that professional traders appear just like that. They take all the best qualities from each type of traders and remove their shortcomings - in the same way, a sculptor carves his sculptures out of stone. There is nothing superfluous that would prevent a professional trader from making a profit from trading.

Unlike a novice trader, a professional trader knows that there is no risk at all, and also knows how to achieve this risk-free. As a result, there is only one way - the way on which the professional enriches himself. This is exactly what you should achieve in trading!

Shouldn't be:
  • A trader trying to find something that is not there - you will still come to the conclusion that the ideal trading strategy or indicator simply does not exist!
  • Tomorrow's trader - act now, correct your mistakes as they come. You create your tomorrow's success today!
  • Player - trading is a business, treat it accordingly! You can learn the pleasure of the game in other, less expensive, places!
  • An idler - free cheese only in a mousetrap! Emphasize the development of your own experience and knowledge, and do not rely on chance! There are no royal ways to trade!
  • A trader who repeats the same mistakes - be flexible and be able to admit when you are wrong and correct your own mistakes. "Hitting your head against a blank wall" will not solve the problem!

Is there any chance for an ordinary person to trade Binary Options?

Any person has a chance to succeed in binary options trading. Someone learns to trade immediately after graduation, someone after receiving three higher educations. There is no difference.

Ordinary people in binary options

People who have never encountered trading are able to learn how to trade profitably. The learning process is highly dependent on:
  • Desires and perseverance of the man himself
  • From teaching methods
  • From the ability to admit one's wrong and correct one's mistakes
With desire and perseverance, everything is clear - the more you want, the more you can achieve. This is probably the most important quality for a future trader. Such people are ready to achieve their goal, even after hundreds of failures. I think this is what allowed me to become a successful trader.

If your hands are constantly sinking, then you need to do something about it, well, or leave trading altogether. I'm not sure that such people are generally capable of achieving high results in at least something. Everywhere you look, there are people who have achieved high results for a reason, but by making great efforts and spending an enormous amount of time.

Training methods now influence traders very strongly. All due to the fact that the probability of stumbling upon a good article or an experienced trader is very small. Everywhere there are a lot of “Guru-traders” who “teach” you about what they themselves know nothing about. The problem is huge.

Thus, 99.99% of traders have traded Martingale at least once. And why? Because 19 out of 20 traders teach exactly this kind of trading. An inexperienced trader, of course, listens to a “more experienced” colleague. I am often asked about which of the traders I look for, but I don’t see any point in wasting my time on anyone. What should I see there? How will I be taught to merge using Martingale and pass it all off as “a unique trading method that has no analogues and losses”? All these "Gurus" are so similar that if you swap them, you will not see the difference.

And now the main question: in trading, 95% of traders lose their money, why? Maybe because you are all taught to trade the same way?! Think about it! It definitely won't be superfluous.

The ability to admit when you are wrong and your mistakes is a skill that can be developed. It's complicated! But, it is necessary! I remember myself at the beginning of this journey. I:
  • The smartest
  • The most confident
  • Most determined
  • The most experienced
  • I only do the right thing
  • And all around are stupid sheep
As a result, from all this it turned out that I was the most stubborn sheep. The outlook on everything has changed a lot, hasn't it?! Admit your own mistakes? Say "I was wrong"? How difficult it is. It turns out that "I'm not as unique as I wanted to think"?

This is the uniqueness - "My mistake - I am responsible for everything!". No broker, no other trader, no price, no market, no one and nothing - just me! All responsibility for their actions lies only with the trader. It is to this position that you must come in the end.

You are not the smartest (it is not required), you are not the most experienced (it is not required either), you make mistakes (like everyone else is normal), you are not the most confident (do not think about it, there are doubts). everyone), around you are exactly the same people (and not sheep). You are you, and you yourself have the right to decide your own destiny. No one else should choose for you what to do and how to do it. Just find people who share their experiences and listen to them sometimes.

You don’t even need to listen blindly, but question every word. Be skeptical!

Average Age of the Best Binary Options Traders

Since we are talking about who can become a successful binary options trader, it is also worth saying a few words about the age of experienced traders.

Average Age of Binary Options Traders

By the way, many people are interested in this question. Binary options trading is done by people aged 18 to 90 (yes, there are some). There are even clients of brokers who are under 18, but, with your permission, I will not classify them as traders, because they have an “awl in the ass”, and for them this is just a game, not a serious hobby. In addition, brokers prohibit trading for persons under 18 years old - this is understandable, no one has canceled the risks of losses!

Let's go back to the age of traders. An experienced trader can be found at the age of 21-22. Cases are very rare. But still, there are such people. They start trading immediately at the age of 18. If you have enough perseverance and ingenuity, then learning takes place very quickly - young people love to learn something new and very quickly adapt to changing conditions.

From the age of 22 to the age of 30, there are more and more experienced traders. This age not only allows you to grasp everything on the fly and have a desire to learn, but also allows you to actively enjoy your successes.

The largest number of experienced traders are between the ages of 30 and 45. These are seasoned wolves who have spent a lot of time trading and know many tricks that mere mortals will never know about. But at the same time, at this age it is quite difficult to learn to trade, because there is no time (you are not a trader, which means you have to spend a lot of time on work), and there is no particular desire to listen to someone either (I will have some a 25-year-old trader to tell me what to do and how to do it! From 45 to 65 years old, there are still experienced traders who are ready to share advice and give guidance. In general, they only make these “generosity” gestures when they are bored and just want to hang out with people of different professions a little. In such situations, they are experienced traders, whose word few can dispute. The appearance of such an old-timer of Binary trading on a site or forum causes general interest in this person and everyone runs to ask their questions.

If an experienced trader is over 65 years old, then you most likely will not hear about him at all. Why should he talk about himself - he is doing well, but how are you doing - he is not interested. Such traders trade for their own pleasure, do not interfere with anyone and do not depend on anyone.

By the way, in the understanding of “Trader”, many people have a male character, but a female trader in many ways bypasses a male trader. Girls have some distinct qualities that allow her to be less impulsive in doing what she has to do, drawing on the experience of more intelligent colleagues.

The trade of a female trader looks like this:

“I was told that this is the right way to trade. Therefore, I will listen to a more experienced trader and slowly earn my money. ”

How do male traders trade?

"I was told that this is the right way to trade - bullshit! Now I will show you how to earn millions!”

So if you are a girl, then do not think that trading is a profession of men. In many ways, you will succeed even more.

How to Become a Successful Binary Options Trader

Binary options trading is a very lucrative business – a lot of people know about it. Millions are earned in this area.

In the minds of the townsfolk, a trader is a person who has huge sums of money and knowledge in trading. In fact, everything is not quite so. A trader is a person who trades binary options (in this case). The results of each trader are different: someone really earns millions, and someone loses everything.

As we have said more than once, in trading with Binary Options betting brokers, traders earn at the expense of the loss of others. Some have lost, some have gained. Your task in trading is to become exactly the trader who will consistently earn. The key word is "stable". Not by chance! More than once! Namely, stable!

Where do successful binary options traders start?

Registered with a binary options broker, opened a couple of deals and that's all - you are a trader. But something doesn't smell like millions. By clicking on the buttons for opening trades “Higher”, “Lower”, you can even guess the direction of the price for some time. But it can't last forever.

where do the best traders start

To get a stable income requires something more than a novice trader has - knowledge and experience. They are what distinguish a newcomer to trading from an experienced speculator.

You also need to be able to learn from your mistakes. Any experience is, first of all, an experience that moves you forward to your success.

Many beginner traders start trading with very short expiration dates. Most often, they trade on turbo options. The result of such transactions is not long to wait, and many transactions can be opened in a very short period of time.

The problem is that a novice trader does not know how, or knows how, but poorly, to analyze the price chart, which leads to frequent mistakes and haste. It is better to start with a longer expiration time - several hours or even days. In such cases, the error will not affect the trading balance of a novice trader so much.

Price charts themselves have to be used regularly. The charts of many binary options brokers are not suitable for analysis, so traders resort to using the price charts of the MT4 terminal (MetaTrader 4) or similar live charts.

In general, finding a live chart of the desired asset for analysis is not so difficult. So you shouldn't have any problems with this. You can also easily find information about indicators on the Internet.

Novice traders are in a hurry to earn money. By investing their money, they hope for quick results. They are really fast, but the trader himself is not at all happy with them. Without knowledge, trade will only take money and give it to those who are not too lazy to get this knowledge.

A novice trader has a very important thing at his disposal - a demo account, which many binary options brokers have. It is this account that should be used to obtain initial knowledge. At the same time, it is not worth staying on a Demo account, because a trader can get all the necessary skills only in real trading. But to get acquainted with the broker's trading platform, the Demo account is perfect.

Ingredients of Successful Binary Options Trading

First of all, a successful trader must have knowledge in the technical analysis of charts. It is desirable that the trader also understands fundamental analysis (analysis of economic news), but if there is no such knowledge, then there is one very good rule - do not trade when important economic news is published.

Also, a trader must be able to manage his capital - money management. There has long been a trading rule, according to which you should not trade with an amount exceeding 5% of the trading balance.

Components of successful trading

Even if trading brings losses, then you should not increase the investment amount - trade the same 5% or even less. The desire to recoup will only increase your losses.

One of the important components of successful trading is your trading system or trading strategy. You always have a choice between:
  • Use different trading strategies in your Binary Options trading
  • Use only one strategy and perfect it
I would recommend using several trading strategies. A trading strategy does not always show the same results - somewhere you will lose money, and somewhere you will earn more than usual. This is quite normal for any trading strategy because the market is volatile. Today one works, tomorrow another.

You should also not change trading strategies too often - nothing good will come of it, and you will just lose time. In addition, you should not trust other people's results - you need to test the strategies yourself. Don't forget, every trader will have different results, even if traders use the same trading strategy.

Reasons for failure in binary options trading

As it is not surprising, traders themselves are to blame for the failures. Binary options brokers provide everyone with the same conditions for trading, so why do some traders earn and some lose their entire deposit?

causes of failure in binary options

Due to their own greed, traders very often break every conceivable rule that is aimed at keeping money in a trading account. Simply put, traders invest too much in a trade that they cannot afford.

Hence, Martingale trading is a very risky strategy that drains 99 out of 100 deposits in just one hour. Do you seriously believe that over and over again you will be the lucky one who will be bypassed by this misfortune ?!

Another important disadvantage of traders is trading without a plan. “When we want, then we trade!”, “As much as we want, we will lose as much!”. Do you think that experienced traders just set goals and paint a trading plan just like that? But no!

What distinguishes a successful binary options trader from a novice trader?

This question can be answered with just one phrase - the best traders consistently earn, and do not lose like most!

But, is Ted, who first came to binary options trading, who closed both of his trades in profit, a successful trader? Of course not.

Psychology of the best binary options traders

Binary options trading involves a lot of risk if the trader is emotional. Here there is a desire to recoup, increase the amount of investment, put everything on the outcome of one transaction.

At the same time, as long as the trader is cold-blooded to all open transactions, he is invulnerable to the binary options broker. How to make a person who is not afraid of loss make a mistake? No way. At the first signs of possible losses, an experienced trader will stop trading. A novice trader, on the contrary, will try to recoup.

An experienced trader, like a boa constrictor, is ready to calmly watch his “prey” for hours, and at the decisive moment “grab it” and go home. There is no tossing from side to side. Trading without emotions is exactly what an experienced binary options trader has.

Knowledge of the Best Binary Options Traders

Knowledge, like self-control skills, is the result of long and hard work. A trader knows a lot about:
  • Principles of price movement
  • Trading strategies
  • Economic news
  • Trading psychology
  • Wealth management methods
This knowledge cannot be obtained overnight. Everything comes with time. Knowledge will accumulate gradually. The more you read, communicate with traders, visit forums and websites, watch educational videos, analyze price charts and economic news on your own, the more knowledge you will have.

Risks of the Best Binary Options Traders

The best binary options traders risk nothing in trading. Why? Because they work according to an algorithm that eliminates any losses over a long period of time.

Of course, like any other trader, the best binary options traders have losing days or even weeks. The difference is that experienced traders, even with a long period of unprofitable trading, do not lose their deposits.

An experienced trader is always worried about how much he can lose, not about how much he can earn. For a novice trader, the opposite is true - first of all, he thinks about possible profits, but does not think about risks at all.

How can a beginner become the best binary options trader?

To begin with, it is worth focusing on acquiring new knowledge. This category includes:
  • General concepts of market operation and asset price movement
  • The mechanics of trading on binary options
  • Basics of risk management and money management
The next step is to learn how to properly treat losses (everyone has them anyway) and keep them within reasonable limits. If you lost half of the deposit at a time, then you definitely have problems with this!

Next, we move on to choosing a trading strategy. We study the work of the indicators necessary for trading. We look at how and when signals for opening trades appear. If necessary, we refine the strategy or adjust it for ourselves.

A professional trader must have complete confidence in his trading methodology - rigorously following the signals of his trading strategy. There is a signal - the trader opens a deal. No signal - the trader does nothing. We can never know for sure which trade will close in profit, so we open a trade on every signal.

This approach will develop probabilistic thinking in the trader. The skill is very useful. It will allow the trader to rely on any outcome of the transaction and not overestimate the risks: the worst transaction (according to the trader) can eventually bring profit, and the transaction with the best entry can close at a loss. In addition, probabilistic thinking will prove to the trader that there is no need to worry about each of his transactions - over a long period of time, the trader's trading balance will grow.

Impartial attitude to trade. An experienced trader does not need to worry about his open trades - he knows that most of them will close in profit and bring him income. Even if this does not happen immediately, in the long run, the trader's trading will cover any trade balance drawdowns.

Why Binary Options Traders Fail

The reason for almost all failures in trading is related to the desire of a novice trader to make money very quickly without making any effort.

Why Binary Options Traders Fail

This desire makes the trader make the same mistakes that lead to a stable loss of the deposit:
  • No trading rules for opening deals - chaotic trading "Maybe you're lucky"
  • Turbo options trading - price doesn't get far enough from the buy point
  • Wrong attitude to risk - too much investment in the transaction
  • Psychological weakness and the influence of emotions that greatly interfere with profitable trading
  • Intuitive trading and the desire to recoup after a trade balance drawdown
  • Using other people's forecasts (signals) - you should only trade with your head
  • The absence of a plan for disposing of own profit
  • Choosing a fraudulent broker to trade with
  • Shotgun fire - too many open trades in one trading session

Compliance with trading discipline

How often do you have moments in your trading when you open trades that do not follow the rules of your trading strategy? If there are such cases, then they need to be removed from your trade. Chaotic trading will not do you any good.

You also need to exclude cases when you open transactions for an amount greater than 5% of your trading balance. You just can't, period!

Failure to follow trading discipline makes you not a trader, but a player who relies on luck. Experienced traders never allow themselves to violate the rules of trading, established in advance, because. this is the best way to avoid possible losses.

Trading without a plan

An experienced trader draws up a trading plan for his trading:
  • What time to trade
  • What strategies to use for trading
  • What risks can a trader take on the current day
  • What profit does he want to get
  • How many trades are ready to make
  • Under what conditions to end a trade
If you do not have such a plan, then it will greatly affect the results of your trading. A trading plan is an algorithm of actions for a trader. By executing this algorithm, the trader knows that in the end he will make a profit, because all possible situations have already been calculated.

Inability to adapt to market changes

Today the trading strategy worked, but tomorrow it won't. What if the market has changed?

A trader must be very flexible about his trading. You need to have several trading strategies available that will allow you to work in any market. It is very unlikely that all strategies will stop working at once.

If one strategy has ceased to show a positive result, then this is temporary - after some time it will be possible to return to trading using this strategy. Well, now it is important to switch to another technique.

Learning trading by trial and error

This is a very expensive way to study the market. It is better to learn from more experienced traders: watch how they trade, how they manage capital, how much they allow themselves to lose.

You need to correct your mistakes as they are discovered. But you don't need to make these mistakes on purpose - “I'll bet my entire deposit on one trade. I wonder what the end result will be?”.

Unrealistic expectations of trading results

If you think that after 6 months you can earn a million a day, then you clearly have a problem with expectations. In half a year it will be very good to learn not to lose your deposits - this is already a huge achievement.

Set realistic and achievable goals. Setting goals incorrectly will require you to increase risk where it is fatal to your investment.

Risk and cash management

Managing your own risks is the key to your success. All traders who do not know how to manage their capital drain deposits in batches.

Experienced traders always know how much they invest in a deal, and they also perfectly understand what they will do after the option closes. The same trading plan comes to the rescue, which takes into account even such “little things”.

Lack of capital

This problem occurs with many novice traders. Very often, binary options brokers offer their clients to open a trading account with a minimum deposit of $5-10, driving traders to a very disadvantageous position.

Such a deposit is enough for 5-10 transactions, and the risks, in percentage terms, are huge. But, novice traders are very greedy - they dream of replenishing the trading balance with these 10 dollars, and tomorrow they will take 10 thousand dollars.

It would be more correct to make a deposit for an amount that is enough for 50-100 transactions. In this case, draining the trade balance due to a lack of money in the account will be very problematic.

Traits and Skills of the Best Binary Options Traders

The desire to become a successful trader is very important - it encourages us to move on and develop our skills.

Traits of the Best Binary Options Traders

All the time spent on training, in the future, will pay off with a vengeance. In addition, a novice trader is required to develop several more important qualities:
  • Perseverance and the desire to achieve more is the quality that will push the trader to the open door behind which he will find answers to all his questions.
  • The ability to understand and accept risks is a quality that every trader needs. Novice traders are constantly faced with risks in trading, an experienced trader, by virtue of his experience and knowledge, does not risk anything.
  • Patience - the first results of your training will not appear as quickly as you would like. It will take a lot of time to learn certain aspects of profitable trading, so be patient. The road will be mastered by the walking one!
  • Psychology - all fears and experiences are only in our head. If you turn off emotions, then only the price chart with the signals of your trading strategy will remain - this is the state you should achieve during trading.
  • The ability to predict price movement comes with experience, but nothing prevents you from giving this quality extra time to study and gain experience.

Binary options trader trap

Many binary options traders, when analyzing the price chart of the next asset, fall into the same trap. The problem is that traders use trading indicators for their analysis.

"But there's nothing wrong with that!" - you will say and you will be right. Partially. Using 2-3 indicators for a better understanding of the market is very good. You can notice important details that will affect the future forecast. But if there are a lot of indicators, then it is almost impossible to make a correct forecast.

The chart, with 7-10 indicators added, shows conflicting signals. Some indicators advise opening a trade for an increase, others - for a fall. What should a trader do in the end?

Nothing. In such an environment, trading is extremely problematic. The only way out is to remove half of the extra indicators that interfere with chart analysis. If the strategy is trending, then it is better to use trend indicators and at most one flat indicator to filter out false signals. In a flat (sideways price movement), trend indicators will give a lot of false signals, so the emphasis should be on indicators that show signals in a sideways trend.

How the Best Binary Options Traders Trade

The best binary options traders didn't turn pro overnight. A very important piece of advice that every successful trader is ready to share is never take binary options trading as a game. Binary options trading is a business and should be treated accordingly!

In order to consistently make money on Binary Options, the best traders need to close a large percentage of transactions in profit. To achieve high results, professionals use many different "tricks" and techniques.

Many successful Binary Options traders talk about their success in trading and also point to various factors that, in their opinion, led them to a stable income. Moreover, almost all traders talk about the same principles of trading, which will be discussed further.

Learn to trade Binary Options

The best binary options traders are constantly learning new things that improve their performance and increase their profits. Each of the experienced traders advises to start your study from the basics.

You should start with the usual acquaintance with binary options trading and working with charts, and only then move on to something more complex: studying the work of various indicators, strategies, money management and psychology.

A very important note: if something doesn’t work out for you, then try to understand the reason for your failure and direct all your efforts to correct it - this will significantly speed up your learning to trade and greatly reduce your financial losses. Don't be afraid to admit to yourself that you don't know everything.

Trading Tools of the Best Binary Options Traders

Every experienced trader has his own "suitcase" with trading instruments, indicators, strategies that he uses in his trading.

This is necessary so that the trader can trade completely on any market and at any time of the day. It does not matter what is happening in the market right now - a trend, a sideways movement or a news release - a trader can always benefit from it.

Start building your trading portfolio, which will allow you to take advantage of any market movements and earning opportunities.

Binary options expiry time selection

All experienced traders are very successful in trading with any expiration time. However, many traders advise starting with an expiration of at least an hour.

A longer expiration time will allow a novice trader to devote more time to analysis. In addition, the entry point will not be so important - in any case, the price will go far enough by the time the transaction is closed. If the forecast is correct, the trader will make a profit, the forecast is not justified - the losses are minimal.

The price movement (the very appearance of price charts) is very similar on any time frame - what is there, what is there Japanese candlesticks.

Binary Options Broker

The Binary Options Broker used by the best traders should suit their trading style and the trading strategies they use.

How exactly to select binary options brokers, we have already said in this article.

First Trades on Binary Options

Let's say you already have a trading strategy that you have tested on a demo account. It's time to try it out on a real account.

Trade only the minimum amount of investment - there should not be any increase in risks! Your main task at this stage is not to drain your deposit. If the trade does not go, then after several losing trades, take a break until the next day. No one said that trading with real money is easy.

Binary Options Money Management

Always ask yourself the following questions before making a trade:
  • What will I do if the trade closes at a loss?
If your plans are to invest more than 5% of the trading balance, then you should not open such a deal. Always aim to reduce risk and trade in amounts of 1-2% of your balance.

Even if the profit seems obvious, then do not risk your entire deposit - there is no guarantee that you will not lose everything. Also, do not use Martingale and everything related to an increase in the amount of investment in your trading.

Communicate with traders

Be in the circle of experienced traders and listen to their advice. So you will understand what you should pay attention to and what mistakes to correct in your trading.

Trader evolution

If it is possible to observe the real trading of an experienced trader, then pay attention to:
  • How does he manage his capital - how much does he open deals
  • How it reacts to profitable trades
  • What does it do after the trade closed at a loss
  • Regarding trade in general
  • How to control your emotions
Watching the work of an experienced trader is a pleasure. Most importantly, do not forget that a professional is working in front of you, real trading is much more complicated than it might look.

How to identify an experienced binary options trader?

For a novice trader, it is very important to understand who to listen to. There are a lot of traders and they all say different things or even the opposite. So who should be trusted more, and who should be doubted?

How to spot an experienced Binary Options trader

Indeed, now there are a lot of those who teach others to trade, although they themselves do not know how to trade. Such training can hit the pocket of a novice trader very hard. But such "Guru-traders" are quite easy to recognize in the crowd - they are:
  • They use Martingale, and they advise everyone "this wonderful system" draining deposits of stable earnings
  • They do not comply with risk management rules - drawdowns of half the trade balance are common
  • Periodically trade all trade balances in one trade
  • Very emotional and prone to revenge or fear
  • They do not follow the rules of their own trading strategy - "I will open a deal here, suddenly I'm lucky"
  • Give trading signals
  • They learn to trade only according to their "unique" trading strategy (sometimes even for a fee)
  • Learn how to overclock the minimum deposit
  • "Take" your account to trade and increase your profits
If you notice at least one match from this list with a trader from whom you are going to learn from experience, then be sure that listening to his advice, you will lose a lot of money.

At the same time, the best binary options traders:
  • Trading only with a fixed investment amount
  • Risk management rules come first - you won't see them risk more than 2-3% of the trade balance in a trade (usually, the risk is less than 1%, because the trade balances are quite large)
  • Never risk your entire trading balance in one trade
  • Trade without emotions
  • With a number of losing trades, they simply stop trading, and do not try to recoup
  • Always follow the rules of the trading strategy. There is a signal - there is an open deal
  • Able to show trading in different markets and for different trading strategies
  • Do not give trading signals and advise you to trade with your head and gain personal experience
  • The minimum deposit should be enough for 50-100 trades, not 5-10. They themselves do not experience problems with balance - it is understandable
  • They will not trade other people's money (exception - traders of investment companies)
They are all different, even though they trade on the same financial instrument. It is very difficult to meet a real trader - very often you will fall for the underGuru, so learn to filter who you listen to. Your success in trading will greatly depend on this.

You are the King of Binary Options Trading

Binary options trading is a very creative place where everyone can achieve unprecedented heights. However, not everyone succeeds in this - there are very few really experienced traders. You can't argue with that.

everyone starts somewhere

Success is achieved only by those who diligently went to their goal, stuffing thousands of bumps on their mistakes, creating their own profitable trade from scratch. Watching such personalities is very interesting - each success story is unique. Sometimes, you even wonder very much how a person could go through such difficulties - “You tried to trade for 4 years and failed every time, how did you have the strength to overcome yourself and become a very successful trader ?!”.

But such people really exist - they are among us! They share their success, give important advice, help avoid mistakes. Although once they, like many of you, did not know anything about trading. How things change over time. We are free to choose how we spend our time, depending on how we see ourselves in the future.

All that is required of you is to take the first step into this interesting and difficult world. You can achieve any success. You are the King in the world of binary options trading.
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