New York, NY (PRWEB) April 22, 2014
Trading in binary options platforms has gained a following in recent years because of the many advantages it provides both new and experienced investors. And while there's no guarantee of a successful trade at every single opportunity, there are ways for traders to increase their chances of having a good day at work, so to speak — which involve, quite simply, having the ability to battle distractions of all kinds that are likely to pop up frequently whenever a person sits down to trade.
In its recent blog update, New York-based investment consultancy firm The Binary Options Experts illustrates clear examples of distractions that can hamper a trader's productivity at any given time and cause him to lose out on the best trades. The solution, though, need not be complex — it's all a matter of being prepared for such situations and overcoming them to protect the chances of making successful trades.
"Any experienced trader will tell you that being successful is, in large part, a matter of overcoming all the hurdles that get in your way," explains Duane Cunningham, VP for Global Operations for The Binary Options Experts. He further elaborates that hurdles come in two basic types: the physical ones, and the mental ones. And because life can be quite creative in presenting challenges, there are also instances when physical and mental hurdles become intertwined and are served up at the same time.
For an individual who has taken the time to learn about the ins and outs of trading through a binary options course and has set up space at home or elsewhere for regular and consistent trading, certain situations can spell huge losses and missed opportunities when he is caught unprepared.
A big thunderstorm is one very real obstacle for any binary options trader, according to Cunningham, as such sudden weather disturbances can cause electrical storms or outages that can have a significant impact on a trade. Often, people are left scrambling for their phones to get in touch with brokers just so they can continue to have eyes and ears.
Phone calls, the subjects of which are unrelated to trading, may seem like a trivial factor, but Cunningham emphasizes that small occurrences like these actually result in a lot of missed trading opportunities. "You know you can’t talk, but you don’t want to be rude. Well, being polite just may cost you," Cunningham stresses. "Trade missed. You’ve waited all morning for everything to fall into place and you missed it."
Yet another example of a substantial obstacle to successful trading in forex binary options is an impulsive decision. Say, a trader has set a specific target for the day, and the trade is going well. On a hunch, the trader feels like he can ride the trade a little more, and decides not to take the profit yet even though he's right on top of the price target — perhaps he can trail it with a stop. Then, suddenly, the market blows through the stop — and the whole trade falls flat.
The main point to consider, says The Binary Options Experts' VP, is that both big and small distractions can come from anywhere, and either type can cause huge losses at any given time. "Distractions to following your system come from outside (lightning and phone calls) and inside (your 'feelings' about what could happen)," he shares. "It’s your job to make the commitment to follow your trade plans."
Preparation is still key; a responsible trader must have a contingency for when the lights go out. There are basic technologies available, like Caller ID, that would enable a trader to choose only the calls that must be taken while trading so that he can stay in focus at the crucial moments. And when such hurdles take place, it's important not to fall prey to "mental stops" — accept that there will be bad days, but there's absolutely no reason to stay frozen and hesitant to take another risk.
"Trading is a business. Treat it like one!" Cunningham advises. "You’ve worked hard... Do everything in your power to stay focused on the one task of following that system to the tee. To do otherwise is to be out of control."
To read the full blog post and to learn more about binary options trading, visit The Binary Options Experts' website today.