Binomo’s main enemy is emotion. Toni Turner – a successful trader – has highlighted the five emotions that often lead to the most losses:
When you first enter the market, you will feel the market and the indicators are difficult to understand, so it is difficult to give accurate predictions. It seems the list price moves for no reason at all. You feel that your ability to trade is bad and have thought to abandon the transaction.
Desire to act properly
This is the time when you close a deal and you find that the quotation is not moving in the direction you want, but you still do not take any action to improve the situation (for example, by neutralizing the transaction). . You think, “I’m wrong, the chart will reverse soon!”
The goal is to get as many profits as possible
This makes your mind less clear and you just sit and calculate the losses in the transaction, causing you to disperse your mind when analyzing the situation. We have heard a lot of stories about people who run out of capital into trading, so that trading fails on their entire account!
Traders, especially beginners, are afraid of many things: losing money, having Internet problems while trading and the unpredictability of prices. Naturally, fear will help us to keep and keep what we have. But in trading the opposite: it makes us neglect and loss.
Faith and hope
You see that the situation is getting worse, but your mind does not want to do anything, because you think, “No, wait 2 minutes for the price to move in the direction you want.” ) or “Please, I have just traded against all the rules and not following the strategy, but the chart is reversed in the right direction! I will not do that anymore, really! “(Hopefully). Often, these emotions end in frustration.
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Wish you are a successful investor!