Every trade is a valuable step toward generating consistent income trading for a living.
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New York, NY (PRWEB) September 15, 2014
People aiming to achieve financial stability can find what they are looking for by considering the binary options trading system — but only if they are willing to work hard, exercise discipline, and avoid a number of costly, careless mistakes. In a fresh blog post, a seasoned trading specialist from The Binary Options Experts lays down some of the more common miscalculations that investors (who are somewhat new to the field) make when trading a small binary options account.
Duane Cunningham, VP for Global Operations of The Binary Options Experts, begins the blog post by pointing out how the learning curve for trading for a living can be extremely flat. "You may spend countless hours learning all there is to know about the trading the markets, but you aren’t seeing a return in profits," he explains. "Your time spent learning increases, but your account stays the same, or in many cases shrinks."
The typical beginner trader is likely to begin their journey by practicing the techniques they learned (and testing out the initial strategies they've devised) on a simple binary options demo account. Everything appears to be fine at first, until traders make a premature switch to live trading and discover that everything they learned from studying up on the investment vehicle goes straight out the window. Anxiety and emotions get in the way of clear thinking, and the trader's methodology gets all messed up.
To help less experienced traders prevent their small accounts from blowing up, Cunningham recommends avoiding three specific mistakes that can surely lead to disaster in trading binary options:
Impulse trades. It is never advantageous nor effective to click trades at random, so if a trader finds himself doing this, it is imperative to immediately stop and reassess their trading plan.
Revenge trading. There will always be failed trades, but experiencing a loss is certainly no reason to become hell bent on winning the next trade. A healthy trading system will always be a mix of winning singles and doubles along with some strikeouts.
Trading too big for the trader's particular account size. Risking more than one to five percent per trade is always a sign that the trading aim is too high.
Every error made when trading binary options, forex or other types is sure to cost a trader money — that's a guarantee, according to Cunningham.
"Treat your trading capital like you would your children," the VP says as he closes the blog post. "Every trade is a valuable step towards generating consistent income trading for a living."
To read the full blog post and obtain a free copy of the Amazon bestseller "Binary Options Profit Pipeline" by The Binary Options Experts, visit the consultancy's website today.