A trader should check all parameters to see that they reflect the trade to be made and that there are no errors. So many traders make wrong entries due to lack of attention to detail. Attention to detail will also enable the trader implement strategies according to the parameters and rules on which they have been built. This is also a necessary trait to develop if you are following a signals service.In order to succeed in trading one must practice as much as possible. Similar to professional footballers if a trader stops practicing and honing his skills he will eventually lose them. There are thousands of strategies that can be used but its best to pick a few that work well and practice them relentlessly on a demo account or paper trade (noting entries and their expiry times in a notebook) until they become profitable. Needless to say, practicing requires time and a certain degree of psychological and physical devotion.We know that good strategies that can predict the behavior of currency pairs to some degree of accuracy are required to profitably trade binary options. However, strategies are not marionettes. They must be applied by human beings, and errors can come from the human aspect. There could be errors of judgement and errors of implementation. These are all psychological factors.Trading is highly psychological because it is all tied to money, the very center of human existence. The ability to function as a human being depends of stuff which are bought with money. Loss of money will therefore produce bad psychological feelings, while addition of money to the individual will stir up great emotions. These emotions can produce good and bad outcomes. It is not all the time that good emotions will produce good outcomes, just as failure in the markets is not always a bad thing. It is all about acquiring the following traits:Self-control is that trait which allows good emotions to produce good outcomes. A trader who is on a winning streak can easily get tempted to scale up trade volumes beyond acceptable risk levels in order to land that one big payday. Many accounts with several winning trades have been taken out by one huge trade gone amiss. Self-control keeps the trader in check using only acceptable risk levels to compound profits.Rather than get paralyzed by several losses, a bold trader is one who is not afraid to make the trade when the opportunity presents itself to profit. It also takes boldness to recognize a failing trade and use the Early Closure function to kill the trade off and conserve capital.Patience is one of the best character traits a trader can develop. Many bad trades are screened out by patient traders, who prefer to wait for clear opportunities rather than nebulous ones. Some of the strategies described on this blog are those which require patience for them to setup properly for the trader. Trading is a lifetime event. Once trading skills are picked up, they stay with the trader for life. There will always be a profitable opportunity in the binary options market, so if no opportunities are seen for several days at a stretch, do not worry. Patient dogs will always get the fattest bones.Its so right that practice makes perfect, as I found out for myself. Ive been trading for 5 months now and at first I was losing almost every time I traded. I learned and learned from my mistakes and tried to be calm. I read about different signals and techniques and eventually I started earning some money. So beginner traders dont give up, but learn from your mistakes.Imagine you just went through a losing streak. In a short period of time you lost 50 percent of your total equity. This means, you have to double the money you have left just to get back to where you were.An experience like this makes many traders more cautious. They add more elements to their strategy to reduce the percentage of losing trades or start questioning their entire strategy. Since they just lost a lot of money, however, starting to become more cautious will make winning their losses back even harder.If they double the percentage they invest, however, they are in for a surprise: Since every winning streak will eventually be followed by a losing streak, the increased percentage will make them not only lose what they just won, but even more.Now that they have a smaller cushion, they reduce the percentage they are willing to invest again and have a hard time to win the lost money back.Many traders feel the need to adjust their money management strategy because they had bad money management in the first place. They were either investing too much, and now realize that staying with this strategy will ruin them, or they invested too little, and now realize that this strategy will not get them anywhere.If you have a good money management strategy, however, you can stick with it through even the worst losing streak and the best winning streak. Invest a fixed percentage of your total equity, and you will automatically adjust your investment per trade to fit your financial abilities.Sometimes, a losing streak convinces a trader that his strategy is poorly designed and needs to be adjusted. This, however, is only a reflection of a much bigger problem: Obviously the trader did not have much faith in his strategy from the start. If the trader had designed his strategy carefully, hed know that the losing streak is only temporary and that his strategy will take him back to where he was.The same goes for traders abandoning their strategy after a winning streak: If they had planned their strategy well, why should they abandon the instrument that got them to where they are Traders investing in more opportunities or cutting elements from their strategy only prove they had not planned their strategy.Take the time to prepare for these events by carefully designing a trading strategy and a money management strategy that you believe in and feel confident about. If you win or lose big, this will help you believe in the strategy and stick with it.Just like in the market, highs and lows are inevitable. Still, your equity should resemble an upwards trend. The only way to achieve this constant improvement is to plan your strategies carefully and then stick with them.First there was the feedback from people who read the last review.
