“What method should I use to deposit my money and open my live trading account? How much should I deposit?” These are important questions to ask yourself when you are preparing to trade live with binary options, but the question you should start with is actually whether or not you are ready to trade live at all. Not all traders even stop to consider this. For many, trading live is actually the first thing they do, even before properly learning how to trade.
You may think the entry barriers to trading binary options and making a huge amount of greenbacks are these:
- Deposit $200 into a binary options account.
- Read a how-to page that takes one minute to understand.
- Click a mouse a couple of times.
- Place a trade.
- Make money!
It is a bit unfortunate that a large number of binary options brokers have chosen to couch their advertising in this kind of language, which encourages nothing more than reckless gambling. Even if you are not honestly expecting to make a billion dollars, and you are playing for entertainment purposes only, there is a smarter way to go about trading live. And if you are hoping to make a billion dollars, or to trade for a living, you absolutely need to set higher standards for yourself.
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Here are 5 signs that you are not really ready, and should hold back before you make that deposit:
1.You know nothing about money management.
This is a sign you are not ready to trade live, whether you are trading for fun or for serious money. Let’s say for the sake of argument you are not all that concerned about whether you ultimately lose money trading, and you just want to have a good time. You do not want the fun to be over before it even begins, do you? It is a common mistake among new binary options traders not to take some time to think about percentages and how much or how little they can afford to invest if they want to do X number of trades. Nothing is more frustrating than depositing money into an account and thinking you are going to have a lot of fun, only to lose all your money in three or four trades.
If you are serious about trading, you absolutely must learn about money management. No matter how great your trading system is, you will probably fail sooner rather than later without a money management system to go along with it.
2.You have no trading method.
This one applies mainly to traders who are looking to become professionals. If you are trading for fun, a method is a great way to get an edge, but it is not a requirement. If you are trading professionally, you are casting your fate entirely to the winds by not trading with some kind of an orderly, consistent method. A method brings consistency to your trading, which in turn generates consistency in your trading outcomes. Without a method, there will be no consistency in your outcomes, which means you will win and lose at random. That is no way to professionally trade.
You also are not really ready to trade if you have a method but you have not tested it to discover how consistent it really is. You need to be fully aware of the percentage of wins and losses you can expect, as well as the size difference in each. Once you are aware of how your system is likely to perform in most contingencies, and you are satisfied with the statistics, you may really be ready to trade.
Testing your method at Bancdebinary will help you get ready to trade live.
3.Your emotions are still supercharged while trading.
If you have been demo trading and you find that your emotions are still disrupting your trading, you are not ready to trade with real money. You want to get to the place where you are able to keeping your emotions in check. You will never be able to trade like a robot (and that is not necessarily something you should aspire toward either), but you should at least be able to trade without your emotions interfering in your trading performance. If anger, fear, or overconfidence are costing you money in demo, you are not ready to trade with real money.
4.You do not yet understand your broker’s terms and conditions.
Usually when you purchase a new product or service, you probably skim the terms and conditions. This is one of the few times in your life you should consider taking that statement “I have read the terms and conditions” very seriously before you check the box stating that you have. Reading them from top to bottom will help you understand your broker’s rules on withdrawals, bonuses, and other sticky matters. So many traders complain about brokers and their behavior only to find themselves reading the terms and conditions for the first time and realizing that they gave a broker permission to treat them a certain way. Do not allow a broker to get away with scamming you because you are too lazy to understand how they operate.
5.You are in a rush.
“The sooner I start trading live, the sooner I can make thousands of dollars overnight!” This attitude is one of impatience, and it is a surefire way to blow your account. If you are in a hurry to make a ton of money, you are not focusing on the now. You need to be able to slow down and think about what you are doing. If you start trading thinking about where you will be five years from now and not where you are right now, you will not make the smart decisions you need to in order to reach that glorious tomorrow.
Patience is a key quality in a successful binary options trader. You may be completing a lot of your trades within a short time frame. If you trade 60 Second options, you may only be in each of your trades for a minute. Great success is not achieved in a minute, though. It is made up of numerous minutes, but those minutes will span the time of months and years. This relates to setting goals. More on that below.
6.You have yet to set realistic goals.
One of the biggest mistakes you can make when you open a new account is doing so without realistic goals in mind. Goals you set for trading need to be smart, simple, concrete, and achievable within a finite timeframe—and not necessarily with everything going its best. You will encounter setbacks and obstacles and losing streaks, and you need to account for those pitfalls when you set your trading goals.
The reason this is so important (and the importance of it is underestimated) is because without realistic goals, you will not be able to forge ahead when you get discouraged. You will take reasonable, expected failures to represent deep personal flaws, rather than taking them in stride. When you set your sights unrealistically high, you are setting yourself up for disappointment. When you get down on yourself, it can be very hard to continue striving to meet the reasonable goals you forgot to set.
Large successes are generally built on a platform of numerous small successes. When you focus on achieving these small successes, you become encouraged by each one, and you continue to move forward, even when the going is tough. Step by step, you ascend toward greater and greater profits. In this way, your perception of your trading experiences plays into the reality of your success or failure.
So, based on what I have discussed here, I can present a new list of entry barriers for trading binary options. As you can see, this set of entry barriers is higher than the previous one, but it still comes down to what you are willing to do. For that reason, binary options is still ultimately very approachable for a determined trader.
- Deposit $200 into a binary options account.
- Read up on plenty of different trading resources. Watch tutorials. Learn about trading systems, trading psychology, and money management.
- Have a money management plan.
- Have a tested trading method to use.
- Be centered, focused, and not prone to emotional fits during trading.
- Understand your broker’s terms and conditions thoroughly.
- Set realistic goals that you can follow through on and achieve.
If you read through this list and you do not feel you are ready to trade, that is not the end of the world. You just need to put in a little more time and effort so that you can meet the real entry requirements of trading binary options. You will feel less nervous about trading and more confident if you have taken the time to prepare yourself. And most importantly, you will trade far more successfully. Having set realistic goals, you will be able to meet them and ultimately exceed them. Now find out if you are ready to trade!