Binary Trading Philosophies
- Admit all trading is “G*bling” in that you don’t know the future exactly so you are taking a chance no matter what system or strategy you’re trading. So if you are willing to be honest about the process of trading and accept that, then… you can trade much more smartly. So when you “roll the dice” you now acknowledge that you are taking a risk with that entire position. Therefore if you are taking a risk with the entire position you better have a money management position sizing that works out to give you the best odds of getting out a profit. Or if you are taking a chance on the next trade and willing to admit that trade could lose completely then you will tend to take a smaller more intelligently optimized trading position size. Therefore your money management improves.
Additionally if you are going to “roll the dice” on your next trade (because that’s what you’re doing in reality), you might as well roll the dice on a trading setup that has given a good degree of probability of winning towards your desired end result in the past. So it’s much better to roll the dice on a trading system set up then on some whimsical emotion of the moment, which you know, whimsical emotions lost almost every single time…
- Learn to be detached systematic
- Don’t try to crush it, you can crush it by being even position sized and systematic
- Making money is more important than being accurate
- Don’t be a wuss or a scared trader. The markets smell fear and will find away to attack you and take all of your money. Scared traders are easily manipulated by the market place
- Don’t ever get angry when trading. Doing so is a quick way to wipe out a trading account.
- Slower days are slower days and that’s ok. Slower days or a group of slower days are often followed by fast days so don’t get lulled to sleep.
- Trade for excellence of execution, trading excellence. Don’t trade for money. The money can flow if you trade correctly.
- Fit your position sizing max size to your personal accuracy that you get out of a trading system.
- Never trade on emotion or “special feel”. Trade on logical system or strategy entries.
- Trades that feel safe and comfortable to trade are probably a trap that will lose you money.
- The “scariest” entries are usually the best, most profitable entries.
- Demo trade then trade tiny to get a system down pat.
- Many more tips in our courses and systems. See our product page.