Trading Psychology: How to Avoid Losses Trading Binary Options


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Alright, guys so in today’s video I’m gonna talk to you about five things that you must avoid when trading, if you are gonna make money trading binary options. My name is David with Binary Masterclass, and welcome back to the channel.

Okay guys, so if you’re gonna make money trading binary options then not only are there a number of things that you need to do, but there are a number of things that you need to avoid. We’re gonna talk about five of those today, but guys there’s many many more that aren’t listed here. The list could keep on going, but five of the top reasons that or things that come to my mind that you need to avoid if you’re gonna make money in the binary options world are, number one, trading without a plan. You would be surprised how many people we encounter that come into our community, that are just they, have no plan they had no plan previously in their buying options trading. They’re just trading whatever, however you know and just hoping that by the odds they’re gonna win these trades and they’re not winning. Of course you’re gonna lose money if you’re not trading with the plan, so the number one thing in my mind to avoid when trading binary options is trading without a plan. You need a plan, you need a strategy. There’s not just one strategy that will work. There were many successful strategies. At Binary Masterclass, we have a strategy that works 95% of the time that is very successful that helps our students make money consistently. We’d love to share it with you, but the number one thing that you need is a strategy, you need a plan. What is your plan? You should never go into any kind of trading without a plan.

Number two and this is my personal favorite. It’s something I have to tell myself in every session, remind myself it is my biggest weakness. It is the one way that I primarily lose money, when I lose money, and that is chasing breakouts. Do not chase breakouts. Now, there are probably strategies associated with making money trading with breakouts, but our strategy, our support and resistance strategy specifically requires you to avoid chasing breakouts. And guys this is the easiest thing to do, because when a currency begins to move and it begins to get very extended and move beyond its boundaries, in your mind you’re convinced that it’s gonna turn around any second. And guys we’ve seen currencies run for 10, 15, 20 candles in a row before making any kind of a meaningful reversal. So the number two thing that you need to avoid if you’re gonna make money in binary options is chasing reversals on breakouts.

Okay guys, so the number three thing you need to avoid if you’re gonna make money in binary options is trading in an adverse market. So what does that mean? So every strategy needs certain market conditions to exist for that strategy to work consistently. Including ours. Our support and resistance strategy requires the market to behaving support and resistance, so when we come into every session, the first thing that we do is look and see how the market is behaving. Is it behaving in a manner that will allow our support and resistance strategy to be successful? Because guys, not every Market will. There are many times when the market gets into a very trending mode or where there’s just not enough volume or when there’s just not enough activity happening, where currencies are making consistent moves, back and forth. So the first thing you need to do when you come into any trading session is to evaluate the market conditions based upon what you need for your strategy to be successful. And only trade when those market conditions exist.

The fourth thing you need to avoid in order to make money in any trading, but specifically right now in relations to binary options trading is to avoid trading when you’re in a bad mental or emotional state. You need to make sure that you’re able to take trades that make sense based upon your strategy in a disciplined way. And guys if you’re coming into trading, maybe without enough sleep or just you’re in a very down mood or you are very stressed out or any number of things that could mess up your emotional state, it will probably cause or be reflected in the way that you trade. And anytime that your trading is affected by your emotions or an emotional condition that’s going on, it is going to affect the quality of the trades that you take and therefore your overall profitability. Guys you cannot make a session in one trade, but you can certainly blow a session with one very big bad trade, and you want to make sure that you’re in a good emotional mental state before you start trading in any session.

Fifth and finally for this video, something you need to avoid if you’re gonna be successful trading binary options is to trade because you need to. Sometimes I’ve seen people come into trading sessions and they really feel like they need to make some money. Either they’ve taken some big losses and they feel this need to make their losses back or they are under financial pressure and they feel like, you know, they could come into the binary options trading session and make some quick money and solve their financial troubles. And whenever you’re coming in with that kind of a mindset, it’s gonna affect the way that you trade. You are gonna trade more aggressively, probably than you should be trading. You’re probably gonna be taking trades that don’t make perfect sense, because your mind is seeing things that you really want the trade to be there more than waiting for the actual setup to appear. So guys, if you really are in a financially stressed mode or mood, it’s not a good time to be trading. You’re not gonna make money consistently.

Okay guys and with all that having been said, if you would like to learn how to make money consistently trading binary options we’d like to to invite you to join us here at Binary Masterclass.

Right now, we have an amazing promotion going on where we are giving away our indicators for free. We want to give you our indicators which retail for $199 which are well worth every penny, probably much more because they are one of the fundamental pieces of our trading strategy, our trading core that allow you to make money very consistently. We want to give you those indicators absolutely free guys. Right now, if you sign up as a premium member with Binary Masterclass which is gonna give you access to right now three daily trading sessions, maybe four coming soon, but right now three different timeframes in which you can trade with us every non-holiday or weekend day of the week. You’re gonna get access to private coaching, private telegram groups, all kinds of training, all the support that you need, our Binary Masterclass take you through our strategy, our money management, everything you need to be successful as a binary options trader. You will get as a premium member in our community and if you sign up right now through the end of September as a premium member you’re gonna get our indicators absolutely free guys.

Okay guys, so click the link on the description below, you will figure out how to get your free indicators, how to join us as a premium member and we will see you in the trading room.