This is How I Lose Money EVERY TIME | Trading Psychology

00:00

Alright guys, so in this video today we’re going to talk about the one thing that you need to stop in order to make your binary options trading profitable. For me, I already know what the one thing I need to stop is, and that is chasing breakouts. Virtually the only time I have a losing day and really the only time I take big losses trading binary options is when I am chasing a breakout.

Now, we do have things in place that tell us when a currency is in a breakout, but it is so easy to think that just one more trade and it is going to turn around guys, but we have seen currencies that run 10, 15, 20 positive one-minute candles in a row. So just because a currency is moved five, six, seven, eight, nine, 10, 12 minutes in a row, one direction, it does not mean that it is going to turn around the moment you place a trade on it. So for me, I have to constantly tell myself do not chase breakouts. Take that losing trade over to another currency and clear out your trading cycle somewhere else.

Now, chasing breakouts is the thing that I need to avoid. What is it that you need to stop doing to make your binary options trading profitable?

01:09

For some people, it is revenge trading. For some people, it is getting in too early. For some people, it is emotional trading. It’s trading because you need it. Trading out of desperation, not trading because the market is giving you something. Not following a strategy. Not having a money management. What is it that you need to stop? You need to, if you are not successful or profitable consistently in your binary options trading, you need to stop right now and ask yourself the question, what do I need to stop doing in order to make money trading binary options?

01:44

And I just had someone tell me the other day in a Telegram meeting that we were chatting with, he says for him right now, it’s just stopping trading altogether. He just does not have the mindset in order to be able to successfully trade because of some different things going on.

So in order for us to be profitable as binary options traders, we need to be honest with ourselves first and foremost about our current state of mind, about our capacities, about our knowledge, about our decision-making.

02:11

And we need to stop and ask ourselves the question, if I’m going to continue trading of any style, including binary options, what is the one thing I need to stop doing in order to be successful and profitable?

As always guys, if you like the video, click like on the video, subscribe to the channel hit the bell icon so you can see upcoming videos and we will see you in the trading room.