We must note that this question is incorrect as financial trading goes hand in hand with both successful and failure trades. The sooner a trader understands it and gets the ability to stay calm even in very long dark times, the sooner he achieves his first good results.
The Binomo training program has 7 rules that are the formula for successful trading.
- One should align with his trading strategy and trading plan without any questions. As incorrect interpretations of signals and risks can deliver deplorable results.
- The deposit amount matters. The higher it is, the better. The set aims determine everything. Yet, it’s easier to earn 100 dollars if you have 100 or better 10000 dollars on your account. The more money you have on your account, the less miscarried trades affect your emotional state.
- Regarding the above-mentioned paragraph, money-management is worth mentioning. If the total risk is 10% per trade, a series of failed options halves the money on your account. So, you should double the remaining balance to restore the first deposit. With the recommended risk of 2-5%, you will not face these problems. Even if you lose 10%, you won’t have to change your trading strategy.
Speaking about money-management, Martingale principle and other averaging grids are worth discussing. In this way, unsuccessful deals are covered by the following positive ones opened in the double amount. You should understand that Martingale trading scales up the risk. Keep in mind, that the table stake should not exceed 1% of the deposit. The lower this stake is, the better.
- Limiting the largest loses for a day or other period is an effective practice. Its aim is to avoid Tilt state and prevent mistakes in case of significant losses. Having reached the largest costs, you should relax a little bit. You should continue only when you can keep your head again.
- The trades made should be analyzed. This refers both to negative and positive orders. Market analysis before and after expiration can give very vital information to modify the trading strategy.
- Emotions have already been mentioned several times. Indeed, both negative emotions and rejoicing together with a sense of invulnerability can lead to heavy losses. That is why the technical fundamental analysis is not enough. You should control your feelings and emotions perfectly well.
- Ongoing training. You can learn and use one indicator successfully. However, it reduces the profit you can get. The financial markets, as well as opportunities of their analysis, are multifaceted. Ongoing training will certainly drive a trader to success. You can use the renewable Binomo demo account. Here you can test new trading strategies and training manuals posted on the Broker’s website.
In conclusion, one additional point merits mention. Practically not one trader shows high- efficiency right from the beginning. Experience is a synonym for success in this case.