Our goal at The Binary Options Experts is to teach our clients how to make money in the markets in the easiest and most pain-free way possible. We teach them how to develop a sound game-plan and how to develop the discipline and self-control to follow that plan.
Trading is one area where the majority loses and misinformation abounds.
We have found that traders generally go through three stages of growth on the path to successful trading.
Stage one involves the person thinking they can make “easy money” from trading. The novice may think this is how rich people get richer so it’s how they will become rich.
Novices may approach the markets with an innocent naivety, asking randomly for advice on what to buy or sell – then lose money and leave the markets quickly, never to return.
Stage two involves a change in strategy with traders beginning to ask “how should I trade to make money?” So here we see a switch from stage one’s “what should I buy to make money?”
Stage two typically begins a search for the trading system that will bring financial security. But systems don’t make the money, the trader makes the money!
Stage three comes when the trader realises that trading success doesn’t come from external control, but from internal control. This is a radical change for most traders.
Internal control is not that difficult to achieve, but realising that it is important can be more difficult.
Most traders believe that the markets are living entities which create many victims. If you believe that statement, then it is true for you.
But markets do not create victims; traders turn themselves into victims.
Every trader controls his or her own destiny. No trader will ever find success without first understanding this.
Most successful traders achieve success by controlling risk. Controlling risk goes against our natural tendencies and so this requires tremendous internal control.
Most successful speculators have success rates of 35-50%. They are not successful because they predict prices, but because the size of their profitable trades far exceed the size of their losses. This also requires internal control.
Most successful conservative investors are contrarians. They do what everyone else is afraid to do, and they have the patience to wait. Again, this requires internal control.
Investment success requires internal control more than any other factor. Understanding the importance of this is the first step toward success, and traders who can master this in themselves are the traders who will ultimately succeed.