There is no doubt that today’s binary options trading is not a new phenomenon. And almost everyone is fascinated by its impact and implications. But whether you are someone who has just started trading or been dealing with this gig for a long time – chances are that you are facing certain challenges and you might be that you have lost your game in trading.
Who should consider starting over?
Whether you are a beginner who blew their own accounts or a veteran who has started trading again after a long break; if it feels as if you have lost your edge in the market then it is time to take some action steps. However, quitting is still not an option. Even after all the loses and bad trading, you still have the chance to get your mojo back in trading. How? Well, that’s simple. Switch from ‘thinking to quit’ to ‘start from scratch’. If you have chosen to start it all over again, then congratulations as you have taken the first step to swim, rather than sinking!
The best place to start over, is with a binary options software, or signal system.
Even if you are going to start from scratch, you still have to quit certain things. For starters, you need to say ‘goodbye’ to your old trading habits and processes. You have to rethink the whole process and come up with new strategies if you want to get a hold on Binary Options Trading. Moreover, you should prepare yourself that starting over is going to be difficult and more challenging than doing it the first time. The plan is simple, to confront and accept your past trading mistakes and failures, let go of your old ways, and pursue the new avenues.
You can read up on some of the tips related to binary options trade.
If you are still not sure where you should start and how should you start back as the Binary Options and Forex trader, then here are some simple but effective tips for you.
1. Refresh Your Forex Market Knowledge!
The basic step to level up your trading game is to enhance your knowledge about the recent trends in binary options and forex market! Whether it’s your very first time or you are an old player, learning the new market trend is important. Binary options and forex trade is a dynamic market, where traders need to update their skills and tactics in order to survive.
You need to ask yourself about what is the real reason that is stopping you from learning new skills? Because the old ways aren’t making any profits, so what is the point in sticking with them? As long as you are willing to explore new trading trends there is nothing stopping you.
2. List Down Your Strengths and Weaknesses
When you are starting over in trading, you should identify the trading opportunities where you need to maximize or improvise your trading strengths. In other words, you need to list down your weak points.
Maybe you are not a good trader in times of low volatility with shorter time frames. Or maybe trading majors is not what you are strongest at. But starting over doesn’t mean that you have to forget everything. Look into your previous trading personality and point out your strengths. It will not only help you focus better on your weak points but also boosts your confidence.
3. Keep A Detailed Trading Journal
Just like any other trading, when it comes to binary options journals could be your savior. No matter you are new, old or starting over, you must keep a detailed journal on your trading habits, processes, progress and even the failures. The ultimate benefit of this journal is that it helps you to understand your trade habits and observe the strategies and processes that needs an alignment or an update according to the prevalent market trends. Furthermore, it is a good source to help refine your trading methods as well.
It is okay to feel overwhelmed and burned out in the competitive binary options and forex trade markets, however, you have to stay vigilant and constantly work towards avoiding to fall prey to the dreaded binary options trading yo-yo (read more on how to avoid a trading yo-yo). If you want to read more on how to avoid getting stuck in trading-burnout, we have you covered already (read up on some tips to avoid trading frustration here).
4. Don’t Stop Trading
Once you have made your mind to start from scratch, there is no option to step back, if you really want to excel as a trader. Even when you are not getting the desired profits and results, you should never stop trading. Because, to be a successful trader, you need to be consistent and deal with the challenges on the way.
What you need to do is to use an alternative approach. It means if you are dealing with real money then switch to demo/practice trading that involves no real money. This will help you to test the effectiveness of your new strategies. The other option is to keep trading with real money but slow down the pace. And remember if you are trading often or wish to do so, then do it with deliberate practice.
No matter, which approach you decide to use, the purpose and cause behind this logic is just to test the efficacy of new methods. You can easily rule out the ones that don’t work with the new market trends and improvise the ones that work to get better profit results!
Re-learning and exploring the forex market and its trends is not the difficult part of starting over the journey. Rather it is admitting that your old methods, tricks, and skills are ineffective and you need to let go of those sluggish methods. In a nutshell, the key to whole starting over in binary trading is your willingness to try out new things!
Do you have some tips and tricks or nuggets of wisdom as a trader in binary options market? Well, we would love to hear from you. So, share your trading stories and tactics in the comments section below.