As we’ve mentioned in our previous article, we’ll be doing a series of article in which we’ll discuss the most important emotions a binary options trader face. Last time, we’ve talked about fear and now we’ll explore the other side of the coin, which is confidence. As opposed to trading binary options with fear, which happens without our intervention, trading with confidence is something that needs to be built over time.
Confidence – a wall built brick by brick
You definitely want to trade with confidence, but what does it take to trade with confidence? The answer is tinny or small positive results. The reason why you are trading with fear is that you don’t trust your trading strategy and you don’t trust yourself. By developing a good trading strategy you will manage to get results and those results one by one will build up your confidence.
One key aspect ignored by all beginners is that they just jump in a new domain, with a lack of education and they expect great results. It takes time to learn a skill and then monetize it and that is true for binary options as well.
So, first, study as much as you can. Then, practice until you find a successful methodology that works for yourself. If it works, then you will have results and those results are going to build up your confidence.
Simple to speak, harder to implement. But as we’ve mentioned in other articles as well, trading binary options is not easy at all and you will need to dedicate yourself to this craft in order to succeed.
Now think for a few minutes about the situations in which you’ve managed to have some successful binary options. How did you felt? It was a positive feeling, or not? How could you use that energy to motivate yourself in order to dedicate yourself so there will be other winners in the future?
By putting yourself questions like you will be able to know yourself better and spot the weak points that you, as everybody else, have. We hope this article managed to make you think in a different way about trading with confidence.