Trading for Yourself: The Trials and the Plus Sides

Getting away from the busy office scenario can be very tempting. What is even more enticing is making a living of your own. Own great way to make this into a reality is trading. However, it’s not as easy as it seems. If you want to enter into the world of trading and make it as your major mode of income or if you are already a trader at home, you have to consider it as a business. In the same way, you need to make yourself your personal boss and assure that you do everything in your capacity to achieve your trading goals. Some vital things that you need to do include research, making a good trading plan, and getting trade set ups. After this, you have to follow your own trading plan. Yes, the steps sound quite easy but it’s actually not. Reality is you will have to go through trials before you can taste success. Here are some possible trials that you will most likely face and overcome.

binary options trading for yourself

TRIALS

1. Yourself – Sometimes you can become your worst enemy. Just like any profession, trading curtails discipline. You have to get up every morning and check on assets. You have to keep yourself updated. When you are still new at your trading business you will most likely struggle at the first few months until you develop a routine. Your routine may include getting out of your bed and into your computer. This means that you need to establish strict personal rules and efficiently mix your daily needs with your trading needs

2. Interruptions, Distractions, and Temptations – when you are drawn to trading, you will surely consider watching the market fun. Reality is that no matter how much you watch the market you will have a high chance of being distracted and tempted to do other things. There are more distractions when you trade at home, alone with all other gadgets surrounding your. This is why you need to have a specific day every day wherein you are distraction free. You may check your emails and do some surfing before you start trading. You can create a habit of trading for an hour to three hours. You can then take a break and do your chores or to the gym. When you get back you can check the charts. Sometimes it’s ideal to force yourself to work for at least four to five hours a day.

3. Risks – know our risks. Risks are huge trials. When are trading in your own home using your own money, no one will stop you from making bad decisions. The moment you enter the trade you have to realize that you are in a warzone were all sorts of financial risks are present. A single decision can crumble your financial future. You have to understand that if you are trading for yourself there are no stoppers. You can develop your own risk controls.

4. Seclusion – Yes, working alone can be boring and it can make you feel isolated. The good news is you can always leave your office at home and be sociable for at least an hour or two a day. Working at home doesn’t have to be boring right?

THE PLUS SIDES

The plus sides are obviously the reasons why you love to trade. So here are the perks.

1. Freedom – You have no boss and no one nags you about what to do. Now that’s freedom. However, you have to remember that no matter how free you are you can drift to point of no return. With freedom you depend on your own skills and disciplines towards making money.

2. Money – of course, trading gives you lots of money if you do it well. But, never put in mind that trading can make you rich because this attitude can pull you down.

3. Time – This goes hand in hand with time. You do not have to sit at home in front of your computer the whole day. You have all the time to go out and do other things you want.


Which Assets should you Watch and Trade?

How many and which assets must you watch and/or trade? Most seasoned traders would conclude that basically day trading at least three to five offers a great variety of opportunities. However, when you trade more than this number will surely make you look crazy. One number is not the same as other trader’s numbers. You may choose to watch for more assets to grab more opportunities, or you can watch for lesser assets. In an industry where there are hundreds of opportunities surrounding you, you have to sift out most of these assets and look for some to watch and then trade. Here are some easy ways that for you to watch trades efficiently.

which binary options asset

1. Only trade one asset – if in one day the USD EUR is moving too much, say for example 110 pips an average in a day, you will typically day trade it. This can offer good trading opportunities. When you find that a stock is volatile and has promising volume, you can trade it alone for some weeks. You can also trade futures. You can also only trade S and P 500 E-mini. By doing so you will only need lesser research and homework thereby developing a mood for that asset. The drawback with this is that its trading conditions are not ideal all the time when you trade a single asset. This means that you will have to know the perfect time of cutting back on your trades and not trade yet while periods are still tough.

2. Screen Stocks every night – Screening stocks is a famous move when you are day trading. You can download a stock screener. There is lots of it online. By using it you can manage your list and then refine your criteria to a short list of three or five stocks. You may have a lot of stocks to observe and with this you may end up omitting good moves. When you screen, you can look for a higher volatility level and look for patterns on charts thus allowing you to trade breakouts which can quickly happen. Thus, if you are watching for more stocks than you can take, you will end up losing them.

3. Trade from your master list – when you have a master list you have to trust it and rely on it. Trading off your master list is a typical approach especially when you are trading binaries. During the day you can review the charts of say six or seven trading pairs and then you can select one or that moves well. It is ideal to day trade these selected pairs in the morning. At night, you can look at your swing trade chart and place your trades on pairs with promising setups. You do not need a lot of research to do this. It is manageable and at the same time produces numerous opportunities. Yes, it may consume your time Compiling your list but this is just at first. You can create an asset list that you prefer to trade based on their movements. Also create a list with assets that will agree with your strategies. The charts on the lists that you have created are the ones that you will only monitor.

FINALE

There are no correct or incorrect answers here. you can always trade a single asset at all times. You can even choose to look for a few assets every day. However, it has to be manageable. When you realize that there are some trades that you missed which you ought to have taken, you are most likely focusing on too many assets and cannot trade all of them effectively. When you only trade a single asset and it is not moving in a good way, you can create a master list giving you lots of assets to trade. Make sure there is balance to achieve good trading opportunities but at the same time not overpowering yourself with numerous choices or alternatives.


Go for Quality and Quantity in Trading

It wouldn’t take a genius to realize that most people’s lives today revolve around quantity. You might often ask yourself how much you earn, how many e-mails you send and receive every day, and how much food you eat in a day or week. Numbers have become very vital elements in our and we have compromised quality leaving it behind amongst other not so important things. Moreover, with regards to acquiring more, most of us rely on trading which is an easier way to acquire more cash. The sad thing though is that trading does not give your rewards for trading as much as you can. It actually rewards you for acquiring quality and promising trades.

binary options

FOR THE LOVE OF QUANTITY

There are some common themes that you will most likely see in trading. These themes basically influence traders to over trade thereby letting their trading capitals to dwindle with trades that are of low quality. One of the themes is that of having an idea that if you make say for example, $100 on a single trade then you can make a thousand if you make ten trades. The other theme is that humans love finding reasons regardless of how illogical it is. For example, when your brain directs you to take a trade (probably out of boredom), it will begin giving you information to make sure that you will make that trade. This means that when there’s no reason for you trade, your brain creates such reasons.

MOVING TOWARDS QUALITY

The first theme mentioned above may be mathematically true. There are basically lots of opportunities every day. The amount of top quality opportunities you can find shall rest on the strategy that you will be using. However, you cannot stop great opportunities from arising. Whether these opportunities show up or not, what you have is only what you can trade. There will be some days without any trade at all while in other days there will be an abundances of trades. It takes discipline and patience to grab those promising opportunities the moment they surface. When you have patience then you can get quality results. If you try to over trade you will most likely lose trade and lose profits from possibly good trades.

The second theme mentioned above is quite difficult to beat. The initial step is to make sure that you have a comprehensive trading plan which tells you why and when you can get inside and outside of probable trades. If your brain is telling you something that is not in your plan, then do not bother taking the trade. This situation is hard to control but very slowly you can learn how to control your urges. You have to discipline yourself and stick to your plan even when your brain is already telling you to make the trade. When you are in a dilemma of sticking to your plan try to outwit your brain to stick to your plan.

PUTTING EVERYTHING TOGETHER

Amazing traders make trades once a price is very near specific levels or going through precise conditions. Once price conditions or levels are not there, good trader try to explore reasons to do away with these trades. As for bad traders, they look for reasons to take trades at whatever level no matter its importance or regardless of the specificity of the present condition.

There is a huge market outlook difference between a poor and a good trader. A good trader is an opportunity seeker who seeks towards only high possibility times. On the other hand, a poor trader tries creating opportunities everywhere and in the end losing his capital.

Trading is actually about quality. You have to focus your goals on the refinement of your strategy in order to generate a number of signals that are of high probability. Put in mind that there are days that do not have a lot of good opportunities. You also need to be well disciplined on keeping your capital for those probable good days.

FINALE

Every money that you randomly waste through undisciplined and low probability trade is money that you can no longer use once there are good opportunities. Our world revolves by the pursuit of quantity. Never fall for this adventure and it is by then that you trading life can improve.


15 to 30 Minute Binary Options Strategy by Okane

This strategy is highly recommendable for amateur and professional traders. Newbies can easily follow its rules and trade it mechanically until they can get the right skills to know the reasons behind the strategy’s rules. When you have reached the state of complete understanding you can then take advantage of your strategy.

HOW THE STRATEGY WORKS

For this strategy to work, you have to confirm the trend’s direction. Moving averages can be very useful for it to work. In identifying trends, you go to the fifteen minute chart and look at the candlesticks and see if they are above or under 50- EMA and 200 EMA. In order to assure that the trend is not in a consolidation state or on the verge of changing direction, it is vital for you to know previous lows and highs. In locating lows and highs, you simply have to marl areas where the stochastic oscillator showed oversold and overbought levels. See if prices are stepping down and is below 50-EMA or 200 EMA. Your goal has to be finding these small retracements in the trend.

For call options you have to enter on higher lows and candlesticks have to be above 50 and 200 EMA. It must also be above oversold levels on RSI and Stochastic. For

Put options you can enter on lower levels and candlesticks have to be below 50 and 200 EMA. It also needs to have overbought levels on RIS and Stochastic.

okane15-30 binary options strategy

PICKING AN ENTRY AFTER CONFIRMING A TREND DIRECTION

The approach may differ depending on your experience.

Approach 1

The first method is for amateur traders who wish to trade mechanically until becoming skillful with it. for example, you are looking at candles forming a lower high and RIS and Stochastic levels are almost touching overbought levels. You have to allow current bullish market fifteen minute candle to close and then confirm the retracement’s end. To make sure that the bullish move is done, you have to change to the five minute chart and observe if a five minute bearish candle is forming.

Approach 2

The second approach can be used by experienced trader who have fundamental candlestick knowledge and knows how to make use of price actions. You can also use this if you are great at drawing S/R lines and you are familiar with market volatility. Thus, despite of waiting for a five minute bearish candle to be formed, you can have more accurate entries by shifting to the one minute time frame and then drawing the S/R lines. Put in mind that the M5 and M15 needs to be overbought.

WHY THIS STRATEGY IS BAD

It is not very surprising that this strategy will not work at any market set up. But no strategy actually works in just any condition. The issue here is patiently waiting for the right market conditions to straighten up. This may take some time and there are days when you cannot trade anything. This is because the market is not stepping into any direction but it volatilely jumps in various resistance support areas. Moreover, it can be rather hard for novice traders to have promising entries.

WHY IS THIS STRATEGY GOOD

The strategy does not suck because it offers the right amount of confirmation to encourage the trader to make a trade. Additionally, the rules are so easy to follow and it can even teach you trend identification techniques. With it, you can practice on your skills of price action.


Can you be Taught how to Trade?

A lot of aspirants out there believe that anyone can trade and that it does need education in order to master it. Many also think otherwise. They believe that trading needs to be taught either by a second party or on their own but it needs a huge amount of work, knowledge, and discipline in order to gain consistent annual profits. Here are points that can help you towards becoming a consistent and lucrative trader.

trading education binary options

Learn to accept losses and be humble when you win. In trading, losing is a natural phenomenon. This can happen all the time which is why you have to practice controlling yourself and not dwell on it when it happens. Most traders who cannot get over with their losses end up failing. On the other hand, those who know how to embrace failure end up learning from their mistakes and succeed with their trading goals. Now, how do your losses help you achieve your goals? When you look at your journal and you will see that you have been successful in most of your trades thereby allowing you to have a promising trading income, then for you to get that income you may also lose. Trading is balance of winning and losing.

Analysis and trading have huge differences. It doesn’t that some trader can call the market’s direction with higher success levels that you can already trade well. It’s all about timing, then strength of moves, risk and reward, capital, greed, fear. All of these elements are activated when you trade. But they are not so vital when you make market calls.

Get ready for success and embrace it. Just like in any profession, you have to gear your moves towards success and when it comes, embrace it well. This can actually be taught. Put in mind that there is a great distinction between wanting and accepting something. A lot of traders crave for success but they are lack the acceptance of their responsibilities that includes mastering emotions and using strategies efficiently to extract its utmost market possibilities.

Teach a man to fish and you can feed him for a lifetime. This is a part of a famous quote that can be very much applicable to learning in trading. It is basically possible to teach anyone how to become traders. Although not everyone may succeed after learning trading but knowledge is already there. The understanding of a fund manager may be different to that of the understanding of a medical doctor who wishes to trade.

Never compare yourself to other traders. Telling yourself that you are less bad or good is not so helpful. Taking pride or bragging over a successful is not also that helpful for your future trading schemes. When you trade, make sure that you do it with conviction. The results you get are specific to you. Being happy with your results is what matters most. Never let another trader set the bar for you.

Trading is greatly psychological. You may have followed many strategies online and they may have worked well. However, this is not the case with novice traders because they have too much to lose and they would always presume that one strategy after another does not work. They practically look for another strategy or system that may work well with them. A huge part of trading psychology is understanding the fact that winning almost always comes with losing.

Finding the right tool. Your skills and even attitudes can be enhanced with tools that can enhance your focus on trading. These tools include neuro-linguistic programming, meditation and many others. This actually means that anyone can become a good trader but at a certain point trader have to look out of the market to look for tools that they need for success.

Two moments are never the same. As a trader, you may have learned how spotting trade patterns and set ups and then act on the, the sad thing is that a single set up never looks the same as another one. Moves can be smaller or bigger and contexts are very different. Good traders know these facts and they act regardless of such differences. New traders sometimes freeze and do not know their next moves. Novice traders also think that they can just have random trades at any time since they are the same. Good traders accept uncertainties. On another note, unsuccessful traders look for certainty almost all the time which is not actually there at all times thereby squandering opportunities provided by uncertainties.

Learn how to implement your trades. Implementation is execution and the evaluation of how much you learned from your trading education. Besides having a good mind set, self awareness, and knowledge for successful trading, you also need some physical concepts. You have to know how to implement trades the right way. A recommendation would be, not risking more than one percent of your capital on your trades. This shows that you need the right amount of capital for a minimum of a hundred trades with your personal risk level. A lot of aspiring trader trade with very little capital and too little time to give trading a chance to prove itself worthy.

FINALE

Confidence is the key. When you are confident about the tricks and strategies that you have learned and devised then you can overcome adversities and trade well. Although it will not immediately surface but it will come and all you have to do is have the patience and keep going.


New Lows and Highs: Are you Obsessed?

A lot of trading books talk about how appealing trading new highs or new lows could be. Many traders out there are trained along with free trading guides or basic strategies in order for them to have an uptrend trade through shorting once the prices surpass old highs since this sort of confirms trends. This may lead to profit sometimes however; this is not always the case. When you review your charts you will notice that prices frequently eclipses an old low or high and then suddenly moves back the opposite way. This basically lets you feel like you traded at the most disastrous time.

obsessive trading of binary options

THE MYTH ABOUT NEW LOW AND NEW HIGH

The previous paragraph does not necessarily mean that buying new highs and selling new lows do not actually work. Sometimes this can be profitable. There are ways for you to have your odds increased when you are selling new lows and buying new highs.

If you are trading traditional markets, you can use S&P target or stop and profit target. In an uptrend you can typically place your target on the former high’s top. This means that you are getting away from your trades. This is what a lot of amateur traders do and are getting into. It would also be a fact that most trading professionals are also doing a similar thing which goes to show that as prices make new lows or highs, professionals move away with nothing left for pushing prices way higher. This usually results in a backward more in the opposite way and losses for amateurs.

INCREASING TRADING NEW LOWS AND HIGHS ODDS

Jesse Livermore is the trading who made buying new highs or short at new low strategy quite popular. It was in the early nineteen hundreds when he became a very successful trader. In fact he was deemed as the most successful trader of all time. He was really brilliant when it comes to selecting and trading only very powerful stocks. After trading such stocks he would then get out of that trade if it didn’t go up way over its previous high.

Today, his strategy still applies. You can buy once the price goes through a new high if such price has an extreme and aggressive movement. It is also best to buy when the price seems like it will still be running. However, when the prices approaches a former high slowly then do not even bother buying. You have to keep in mind that buying on new highs and be short on new lows can be advisable.

FINALE

Sometimes buying new highs and selling new lows can work. There may be even times when you have done it and didn’t even realize it. however, a huge amount of trades which used this strategy are not likely to generate success. When you trade in this manner, make sure that you only do so when price action is strong and prices are most likely to proceed running way beyond its previous low or high. If not, you may look for alternative entries just like what professionals do.


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