6 Ways to STOP LOSING MONEY Trading Binary Options | Pocket Option | 2022
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Alright, guys in today’s video. We’re going to discuss the top reasons why people lose money trading binary options and how to avoid it. My name is David with Binary Masterclass and welcome back to the channel.
Alright, I’m gonna list some of the top reasons why people lose money trading binary options. Number one, you don’t have a plan. Guys, I see so many YouTube videos with traders throwing all of their account or a huge percentage of their account on trades and pretending like they’re taking their account from $10 to a million dollars in you know a hundred trades or whatever it is. That is not a way to make money trading binary options. That is a way to blow your account. If you’re gonna make money trading binary options, then you need to have a plan. There are many good strategies and ways to make money trading binary options. You just need to pick one, one that works, and make sure you learn it and follow it in a disciplined fashion.
Number two, and I see this all the time, avoid emotional trading. Now what do I mean by avoid emotional trading? That means you need to get rid of FOMO, the fear of missing out. You need to not be afraid to miss a trade. I tell our traders we need to be okay with missing trades. In fact, we need to miss trades, or we’re trading too often. Avoid taking a trade because you want the trade to win. Take a trade because it makes sense based upon the criteria of your strategy. Avoid getting desperate to win a trade. If you need to win a trade, you’re going to be looking for trades that just aren’t there.
Okay, guys, and this is a big one. Stop chasing trades. You’ve got to know when a currency pair is in a breakout and just not worth trading any longer, and figure out how to get your trade over to another currency pair before you get caught up blowing your whole account like I’ve done before, like so many of traders have done before, chasing a trade that just is not going to turn around in the time frame that you need it to.
Avoid using over-aggressive money management and I cannot stress this enough, if you want to grow your account from small to bigger, from big to huge, you need to have a well-designed money management strategy that allows you to lose trades, win trading cycles, and continuously and consistently grow your account to higher levels. One of the biggest mistakes I see people make is that they get too aggressive in their money management, they get too deep into a trading cycle, and they end up blowing their account. You need to get a money management system that allows you to grow your account consistently without placing too much of your money at risk in any given trade.
Another way I see people lose money trading binary options is following a loss, they try to get too much of their loss back too quickly. Guys this is a numbers game. You’re gonna lose trades. The key is after you lose a trade take a breath and figure out how you’re going to get back from that loss without getting too desperate, too over-aggressive in your money management. Realize it is a numbers game. It may take you a few trades, but you can get back in the profit if you’re not trying to get too much back too quickly.
And guys, another big mistake I see traders make, I’ve made this myself, is over-trading. Guys, I’ve had sessions where I’ve won 20, 25 trades and it’s always that one more trade and if we have a target of five trades and you hit your fifth trade then you need to stop trading. I did that perfectly today. I got myself in a demo right after I got my fifth win in the session and I attempted to take another trade on demo and that trade really took me a long ways out. Guys, avoid the desire to keep trading once you’ve hit your trading target.
Hey guys, just wanted to come to you a minute here with three quick things to wrap it up. Number one, if you enjoyed the video, please click like, comment, or subscribe. It really does help the algorithm. Number two, we just finished up a three-week session, mentoring session, with some amazing students and we took them through our binary master class and they learned to take their account to many levels higher than it previously was and learned a ton about binary options trading. And guys, we’re starting up this boot camp again and we would love for you to be a part of this mentoring, a three-week mentoring, starting at the beginning of November. We will take you through our masterclass personally. We will trade with you live in our trading rooms and guys you’re gonna get a ton out of it. Click the link in the description below to figure out more and to fill out the application to be a part of this next session starting in just a couple of weeks. And guys finally if you’d like to join us live in the trading room and make these returns with us every day, click on the link in the description below and we will see you in the trading room.