How Scrooge McDuck can influence your trading?
What is the biggest secret of any successful trading? All famous traders know it. They have spent millions of dollars to gain that skill. Once you know the secret it seems incredibly simple to write a special article about that. But in that simplicity lies the most important aspect of trading. Newcomers may not notice it.
The secret is in control of emotions and spontaneous actions. Stop for a while and try to remember your last trading session. Remember all emotional outbursts and deals opened under emotions.
In a meantime we will provide you with the most typical mistakes of traders and how to avoid those.
Observation #1. Scrooge McDuck
Remember the feeling after you win a good deal and rush instantly into several new hoping to get even more profit? That is Scrooge McDuck has taken over you. Fight him and get control back to you. After one deal is won make sure that following you want to open are based on your strategy and your analysis and not on your greediness.
Observation #2. SpongeBob Squarepants
Have you heard of “200% working trading strategy”? Have you started using that strategy on the real platform right after you read about it? That naivety may suit someone like SpongeBob who lives in a pineapple under the sea. You cannot afford to be naive in trading. Remember that there is no even 100% working strategy. All of them have flaws and weak points. Test all strategies on the demo platform first. Make sure it really works. Make sure to master it. And only then you can use it to profit on the real platform.
Observation #3. Avatar
Candles can sometimes create certain patterns indicating the trend reversal. Make sure to remember the following pattern and use it in your trading.
In Avatar movie the main character is always told to listen to his body and feelings, to trust his guts. You are definitely not in the world of giant blue creatures contacting each other with their pony tails. Simply believing your guts and trying to “see the market” will not help you. Don’t think you need no strategy or tools to predict the market. Check the market situation, indicators and news before engaging with a new deal.
As once has been said: “By seeking and blundering we learn”(J.W. Goethe). There are hundreds articles about trading binary options. There are even more about trading mistakes to avoid. Observe and classify your own emotional mistakes and work to fix those. That is a great start towards becoming a great trader.