As beginners, it is probable that we make any mistake when we start learning how to trade. Today we’ll show you what you need to stop doing to become a profitable trader.
Never give up on your dreams!
Let’s start with mistake number one. The first mistake of a beginner is wanting to give up the dream of being a Forex and Binary Options trader. This type of error is due to not being able to control emotions. Remember, if you don’t control your emotions, you will be at a job from 9am to 5pm following instructions, and it’s terrible.
Not getting enough education is a huge mistake!
Error number two is based on Binary options. Cristian tells us that at the beginning he got a lot of education, when a couple of friends told him that if he had already heard about binary options. So, he decided to look for videos related to it. The firs he found was a topic that said how to turn a $50 account up to $10K in just 7 minutes.
So, he was very surprised thinking that it was very cool. He took his computer, put money and lost it. Why did this happen? This happened because he didn’t really get enough information or education, this is one of the mistakes.
Many people sell education for thousands of dollars online, but we offer it for FREE. We will leave you the link of the BLW academy that is totally free. We are not telling you that it will be the definitive training, but it is a good start to obtain a good quality education. https://blwtradingacademy.com/
Another mistake is investing too fast!
The mistake three that a beginner makes is investing early. And the problem with that is that it goes hand in hand with not getting an education!
The problem with investing too soon is that you are going to risk money without having knowledge, without knowing what you are doing. It is understandable, since there is a lot of emotion when you know the great opportunity, you must earn money. There are billions of dollars in this industry, and they can wait for you!
So, don’t contribute your losses to this industry. If you don’t get educated first you will easily lose your money. The bottom line is that you should invest when you really get enough practice, which can take time.
If you’re not disciplined, you’re making a mistake!
Mistake number four is not being disciplined. One of the biggest obstacles you encounter when becoming a day trader is that you don’t have a boss and you might think that’s a good thing. It is a certain part, not having a boss is good. But it is also bad, since you will not have someone to tell you a schedule or how to do things.
A boss gives you objectives, requirements for your tasks. So, if you’re not disciplined enough you won’t be able to stick to a schedule, you won’t set goals for yourself. If you want to become a day trader, you must have a schedule, goals for the week. Place 3 trades per day, remember that when you become a day trader you are going to become your own boss. Be insistent with yourself, be strict with yourself and above all be motivating with yourself.
Choose the right broker
Mistake number five when you are a beginner is choosing the wrong broker. We do not want to talk about if it is regulated or not. If you are going to trade 1-minute trades, really make sure you choose a broker that has one minute to trade.
Make sure that the broker you chose has an application for your cell phone. Choose the broker with the best payment, not with a low payment. So choose the broker for yourself, not because someone else recommends it to you. Before there were not many options, but today there is a wide variety. Don’t choose the wrong broker.!
Ask for advice!
Mistake numbered six and that is asking too many people for advice. This is not just for Binary Options, this is for everything in life. We all have that tendency to ask 2 or 3 people for advice. Two mistakes are made in this phase, the first is to ask for advice from people who have not achieved the objective. So, you have to ask for advice from people with higher levels, a boss of any kind, or someone you admire. But choose only one person and this way you won’t be confused by several tips.
You must be patient
The mistake number seven that Binary Options beginners make is not being patient. Being patient is a virtue, it is a characteristic of a great quality of person. This is not only to help you with Binary Options, but also to help you in life.
Applying this to Binary Options, a patient person is not going to want to earn or make $1000 in the first ten minutes after signing up with a broker. You will see some scams where they say that in 24 hours you will get $24,000. That is a lie, it does not exist, what you have to do is be patient enough to earn some money. For this to happen, you will have to wait a while. Your profits can increase from 25 to 50% if you are patient.
Don’t deposit more than you can’t
Mistake number eight is depositing more than you can afford to lose. Many people have other expenses and decide to invest in Binary Options or Forex first and it is not this way. This too if you realize is manipulated by the same emotions. If you only have $100, you can afford to lose at least $10, not more.
You must be patient and work from minor to minor. So, what you should do is just invest what you can afford.
Another mistake is wanting to get rich quick
Mistake number nine is wanting to get rich too quickly. The truth is that if you can get rich or have a lot of money, but immediately or by taking shortcuts in Binary Options you can’t. So, it is better to go slowly, go to your goals with confidence, with education and without your emotions.
If you follow all the tips that we have mentioned, you will become rich without a doubt.
Don’t withdraw money early!
Mistake number ten is that you want to withdraw money every time you have won. It doesn’t make sense that you have $100 and win and you have $300 and then withdraw $200. You stay the same!
Cristian tells us how he grew his account. He started with $250 and reached $10,000. He made a withdrawal of $5000 and he had $5000 left to keep trading. I managed to get these $5,000 up to $100,000 and withdraw half of it. It’s a big difference, right?
Then don’t withdraw your money from your account until you reach at least 10 times more than what you deposited. In this way you will see significant increases.
We hope that these mistakes really help you with your trading career! And, of course, you don’t make them. If you follow each of the tips, we are very sure that you will be a very successful person. We hope and take note of these 10 mistakes.