If you are a binary options trader, frustrations will always be normal for you because losses can happen all the time. When you are frustrated with the results, you may doubt your capabilities and eventually, lose confidence with your own trading plan. This can then lead you to overtrade and bad decisions making in order to prove that your plan really works.
Assess your personal trading experience for a second and think about a time when you were frustrated because of your decisions. Did you think about your succeeding trades much clearer? Did you personally take your loss and begun asking yourself if trading is your trade?
Naturally, traders love to compete and it is exactly this attitude that will make you susceptible to frustration with your losing trades. The great news is that even though is that it is likely to handle such bad emotion and stop it from disturbing trading decisions.
Bouncing back from losing or climbing from your losing streak is quite easy to say than doing it. For some traders, it is simpler to aim the frustration to themselves and then have some pessimistic self talk. When you will realize that you are doing this, you have to take things slow! Blaming yourself will just make you a sour loser and what’s the point of doing so when you already know that the market is unpredictable? No one, not even the best economists will know when or what the next move will be. You have to learn how to accept your loss, tap your shoulder and congratulate yourself for taking and managing your risks. You just have to take note of lessons learned and then you can simply move on.
If you believe than losing trades can be blamed to your lack of proper preparation, then you need to tell yourself to make your assignments. As the famous quote says, “Prevention is better than cure.” In trading this means that you will not be too frustrated if you spend much effort and time in doing the basic analysis and process. Beside this, you should not forget about planning trades and determining actions steps for certain probably market scenes. Never open your arms for frustration and make rush decisions.
Some traders focus their frustrations towards their own trading strategies. You have to put in mind that there is no point in being frustrated when you know that you there are random market moves.
Yes, there may be constant shifts in the market environment but you have to put in mind that steady and reliable profitability may be gained when you stay disciplined and when you follow your proven trading plan. If you are persuaded that your personal strategy no longer works, you can try doing back tests or even changing your approach, rather than being frustrated and ending it all.
You have to keep in mind that trading is not a quick race but a marathon. There shall be moments when it will be hard for you to deal with the market and that is alright. However, just remember to know the right timing and focus.