5 Ways Traders Hold Themselves Back from Success
Been trading binary options for a while without achieving the results you were hoping for? Most traders who do become successful do so after struggling for a while to get there, so it is not necessarily a bad sign that you are having difficulties. Success is a challenge and nobody makes it overnight. What is holding you back from success? Oftentimes it is actually mistakes that you are making. Could you be standing in your own way? Here are 5 common mistakes that traders make which hold them back.
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1. Wasting resources.
One of the worst things you can do to yourself as a trader is ignore the abundance of learning resources available. Trading seriously is like going to college full time and also working a job full time, because you will always be learning and growing your knowledge. Online, there are numerous eBooks, articles, tutorials, and forum threads you can use to learn about trading. Many of these resources are free; others may be provided by your broker after you make a deposit. Still other resources may be available at your library, and online you can buy great trading books to read.
Still other resources are available through trading communities. Do you isolate yourself as a trader, avoiding interaction and conversation with other traders? Other traders are resources, and they can provide you not only with knowledge, but with the benefit of their experiences. Those experiences can save you time and prevent negative experiences in your own trading life, if you learn from them. Make use of these experiences, and share your own with the broader community. Refusing to be a part of the community is one of the biggest ways you can hold yourself back as a trader!
2. Not learning a trading system.
Are you still trying to trade based off your gut? Many traders who have been losing money trading on intuition make the persistent mistake of believing it is not their intuition that is faulty, but their grasp on their own gut instincts. The reality is, though, that nobody has a perfect psychic meter inside them that can perfectly predict price movements. And even if you are a pattern-spotting genius, you are holding yourself back by refusing to understand the patterns you see.
To that end, you need to either develop a trading method or use somebody else’s. Trading methods are grounded in a firm understanding of the patterns—including some of the patterns you might be picking up on from time to time with your gut instinct. Imagine being able to see those patterns visually and recognize them time and again without having to guess. That is what a trading system does for you. If you do not have one, get one!
3. Wasting money.
There are a lot of ways that traders throw away their money. Few things hold you back more than this, because every dollar you lose is one you have to make back before you can profit again. If you are at zero, and you want to make $10, all you have to do is make $10. If you are $10 in the red, however, and you want to make $10, you have to make $20, because you must first get back to zero. In other words, you have to work twice as hard to get to the same place. That is why saving money is one of the most vital steps anyone can learn to make money.
How do traders waste their money?
• Poor money management rules, or no discipline applying those rules.
• Money spent on trading systems or signal services without again learning how to apply those services and systems in a useful way. In other words, believing one can simply throw money at the problem of learning how to trade instead of doing the hard work.
• Trying to trade live before you know what you are doing, instead of demo testing until you are successful and have the potential to be profitable.
All of the above are patterns of spending that waste money, and they hold you back. Every dime you waste is one you will have to make up for before you can start profiting. Wouldn’t you rather save your money so that you can start at zero and work your way into the green? Why battle your way out of the red when you can avoid ever entering the red in the first place?
Are you intransigent? Do you obstinately refuse to change when your circumstances are calling for adaptation? One surefire way to hold yourself back from trading success is to keep on making the same bad decisions on loop. While you need to have a trading system, you never want to become so systematic with your decision making process that you forget how to make change when your circumstances start to slide. Be willing to try something new when you have to and step outside your comfort zone.
5. Refusing to take a look in the mirror.
And the biggest way you can hold yourself back from success in binary options trading or any other field? Refusing to see your own mistakes, flaws, and shortcomings. If you do not see where you are going wrong, if you let your pride or sloth constantly get in your way, it is going to reflect badly in your trading. Sometimes a lack of self-awareness also stems from a refusal to weigh your strengths. You should be proud of your strengths, no matter what they are, even if they are different from what you might have hoped.
Becoming a great trader is all about learning to see yourself clearly, and allowing your own knowledge of your strengths and weaknesses guide you to success. Self-awareness is the key that unlocks the door of change. Once you have it, you are empowered to make the adaptations which are necessary to rise above your weaknesses and harness your strengths.