The First Difficulties for Beginner in Binary Options

Inflated hopes for Binary Options: is it so simple?

Many beginners think that the sphere of binary options is a magic castle, where you can get millions from nothing. But there comes a natural disappointment and bewilderment after the first minimal effort that has not resulted in the expected result and has ended in losses. How it happened? They said that people on Forex are rich, make real money literally out of nothing. Is it a deception? No, experienced traders really make a lot of money on binary options, but not without effort. Perhaps this is the most important obstacle. However, there is no magic button "money" and you should understand it won’t be easy.

Underestimating the need for quality learning

A lot of people think it 's going to be enough for them to read a couple of books or even articles on tech analysis and then cash rain will come to them. Would you trust a doctor who learned to treat by reading a couple of books? Or a the teacher? Trading is a complex profession, you need serious training with an experienced mentor. It is also possible to learn on your own, but time and effort will take many times more before any results are achieved.

Attempts to shift responsibility to machine algorithms

You are offered robots that will make a lot of money themselves. It is enough to include such a program in your terminal, give all the necessary powers, and in a short time on deposit will draw a huge deposit. To some extent it is so, robots know how to make money, but only for some certain length of time. Sooner or later they start to lose, and not every trader can notice it on time and respond adequately before they lose all their investments.

What do I need to earn on binary options actually

What does a beginner need to avoid these mistakes and enter those 5% of successful traders who take decent amounts off the market every day?

1. 1. Serious theoretical base.
2. 2. Ability to apply that theory in practice.
3. 3. Powerful psychological training, patience.

Many people sure that the hardest thing is to understand charts and study the basics of money management, and psychology is not important for binaries. In fact, psychology and inability to apply the acquired knowledge in practice often break beginners in the market of binary deals. Psychological mood becomes the stumbling block. Emotions run high, excitement takes over, and the trader loses the ability to make the right weighted decisions on each of his options.

For trade in any financial markets, and on binary options especially, objectivity and cold mind are necessary. This is a double-quick market with increased risks. Deals here should be concluded in a deliberate and rational manner, after market analysis, not by guess. Unfortunately, understanding the importance of the psychological aspect usually comes too late or trained in a special center by an experienced trader.

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Damian

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I have been trading Forex for more than 5 years, mostly with manual and automatic trading. I set up advisors for round-the-clock automated trading. I'm sure I can help to establish your trading skills....