This article goes out to all you who have been trying to trade binary options and just can’t make it work. Let me tell you, it’s probably not your fault. Trading is hard, if it wasn’t then everybody would do it and we would all be rich. Binary options is an easier way of trading but in the end is still quite complicated. You have to consider economic trends, news events and valuations in order to choose a direction… and then pick the exact time in which prices will move, a combination that can easily wash an experienced trader right out of the market. Not only that there are many hurdles and obstacles that can sap the fun out of trading in the least and rob you of your capital at worst. The important thing to remember is that you have tried, and that you have to keep trying in order to succeed.
Don’t Give Up!Trading Is A Lifestyle!
There are a couple of things I want you to think about. First, quitters never win and winners never quit. The second is “fake it until you make it”. The first may be cliche but is a time tested adage, quitters never do win, do they? Why you might ask? Because they take themselves out of the game, if you aren’t in it you can’t win it. At the same time winners never quit. They live by a different creed and have something that sets them apart from the average trader. If at first you don’t succeed try try again is the motto of the day. If something isn’t working right they go back and figure out what it is until it does work right. The beauty is that winning, being a winner, is something that can be learned, all you have to do is try.
The second thing I wanted you to remember is one of my personal favorite sayings, “fake it til you make it”. This means to pretend to be what it is you aspire to be. They cay copying is the best form of flattery, it is also one of the best methods of learning. Think of all the highly skilled craftsmen, tradesmen, builders, businessmen and artists who have learned their trade by watching at a master’s feet. Faking it goes deeper than just pretending to be successful, to truly fake something means to emulate, replicate and copy something down to its last detail. As a trader it means to learn the strategies the pros use, to use money management the way successful trader do and to do all the things that professional traders do until you are doing them yourself. In the end you will mind that you have faked yourself into profits.
Maybe Its Time To Start Social Trading
One method of faking it in binary options is to follow a signal service or using an auto trader. Both have their advantages but neither really help you in the end. If all you do is follow a signal, or let some robot tell you when to trade, then you will never learn to do it for yourself. A growing trend in binary options that is more in line with the principle of fake it til you make it is copy trading. Copy trading allows you to follow the trades of live traders as they make them. Some platforms rank their traders in a live leader board and you can copy each trade as it happens. This allows you to see what other traders are doing, as they do it, and to copy the best of them and learn while you do it. Another style of copy trading ranks traders by performance and you pick the ones you like best to add to your account. Once added all trades they make are made into your account too.
Forums are great places. They are where people from all over the world can come together to talk about a common subject. In this case we’re talking about speculating financial markets and trading binary options. There are a number of forums for binary options trading and some of them are even OK. The drawback of most forums is that they do not include a trading platform and/or are not part of a broker who supports copy trading. This provides a conundrum for us traders but one that in the end creates a richer experience for the dedicated social trader. I say this because you will have to use more than one website to accomplish your goals. Like they say, no man is an island and to date no one website provides all that social trading has to offer.
One platform for social trading binary options that I like a lot is Communitraders. Communitraders is a binary options forum supported by a demo trading account. The demo trading platform is one of if not the best one available and allows for copy trading. The drawback of this platform is that it is only demo trading, to trade live you will have to choose a broker. The point is that you can meet people in the forum, and then copy them in your account. You can learn about who they are, about how they trade and read about their opinions on the market. When you find someone you like, you can learn their style of trading and copy them until you can do it on your own. The real beauty about copying someone from a forum is that you can copy the trades that you want, when you want, and fake your way to profits.