horseWhat is the most difficult challenge you face as a trader? For a lot of us, there are two: quitting and starting. And when you combine the two, you get something even harder: restarting. Each time you fall off the trading horse, you may feel like you are the only one who has ever failed so totally. And when you try to climb back on, it can be much harder than it was to get started in the first place.

When you are new to trading, each day feels like an adventure. You think about the possibility of winning, and you don’t get dragged down as much by the likelihood of losing. If you have failed as a trader, though, you come at it without that relentless optimism. In fact, you are likely struggling to wade through a swamp of pessimism. And if this is not the first time you have fallen off the horse, but the second, or the third, or the tenth, it can feel like a futile struggle. Here are some suggestions for getting back in the game.

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1. Update yourself on whatever you have missed.

Events move quickly in the trading world. You do not need to learn about every financial event of significance to happen while you were down for the count, but you should at least check to see whether there have been any regulatory changes since you were away. You also should check to see whether your broker’s terms and conditions have changed at all, and if they are still accepting traders from your country. Know where you stand in the grand scheme of things so you can figure out if you need to get a new broker. If you do need a new broker – check here to get a trustworthy one.

2. Figure out why you failed.

If you have not already done this, this is the number one most important thing for you to do before you begin trading with real money again. There are a lot of reasons that traders fail, but most of them come down to one of four things. Either you compromised on your money management rules or misapplied them (easy to fix), you have a problem with self-discipline (harder to fix), something went wrong with your trading system, or you were scammed.

Get to the bottom of things. Be totally, ruthlessly honest with yourself. There may have been more than one contributing factor. Learn the basics of sound money management principles if you were not using them, and learn how to calculate risk. If your trading method stopped working, go back over your trading logs and figure out the reason. Ask for help on forums if you need it. Go back to demo testing.

Whatever you do, do not go hunting for the holy grail of trading systems. There is no such thing as a perfect system. There is such a thing as perfect focus, however. If your system was working before, it probably just needs some improvements. Do not send yourself on a wild goose chase for a flawless, magical system that is going to make your life easy. All you will do is make it harder.

If you were scammed by a company, report that company and find a legitimate one to trade with. Everybody makes mistakes. If you have problems with self-discipline and honesty, work on improving yourself as a person. Yes, it is easier said than done, but nobody is born a winning trader.

3. Realize that you are not alone.

Very, very few traders will ever become professionals who do this for a living, and only a minute percentage of those will succeed on their first try. Even those that do will eventually encounter some kind of hiccup along the road that forces them to slow down or pull out altogether to make adjustments. And guess what:

The vast majority of serious binary options traders have been in your shoes or will be in your shoes! Most people stop and start not once, but many times! This should not be an excuse for failure, but it should be enough at least for you to realize you are not alone, and while you may have failed, you are not a failure.

In fact, if you are going through this, you may actually be on the road to success. How can that be? Think about the gamblers of the world. Most of them are out of the game the moment they blow their bankroll. And not only that, but they are not coming back. And if they do, they will come back casually, and lose again. The only people who have to put themselves through the serious business of learning how to trade again are those who are really dedicated to winning. And if you are in this situation, that means you have that dedication.

4. Make your adjustments and get back to testing.

Make the adjustments you need to your trading system, money management plan, or general approach. Get back to doing tests on your charting platform, and later, in demo mode. Don’t make the mistake of jumping right back into live trading with real money. Doing this will only cause you to lose money. You need to actually know that you are making the right changes to bring about positive results before you risk real money. Plus, you are under a lot of pressure right now, and those failures are probably still weighing very heavily on your mind. Give yourself a confidence boost by doing well in demo, and then take that with you when it is time to invest real money again.

5. Fund your account halfway and start trading live again.

Ready to start trading for real again? Here is a quick tip for success: Do not fund your account in full just yet. Put in about half of what you are planning to start trading with again. This reduces your exposure to risk as well as some of the pressure, and gives you a chance to get used to trading with real money again. When you are profitable doing this for a month or two, go back to trading with a full account.

Falling off the trading horse can feel pretty disastrous when it happens, but you can get back up on that horse again when you remember that it happens to the best of traders. You have to learn from the past, but you also have to learn to let go. Carry the lessons with you, not the guilt or the fear. You learn from your mistakes, and knowledge is power. With that power on your side, you can become a better binary options trader than ever!