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bsbZen

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bsbZen
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  • Re: Easy Money Management Rule To Follow

    Hello Zen,

    Thank you for the nugget!
    May I ask if a professional trader would do the same as you say?
    One can picture a trader guru seating in front of the monitors and making lots of money from morning till evening then driving home in a Porsche.
    ;-)


    Hi Gihon,

    This is most likely more for peope who are start trading with binary options. Some professionals are using this money management rule as well, but some other professionals are trading for example in the morning and they have already a winning streak, then they take a break and come back later in around 2-3 hours or so to continue trading so your mind is clean again and ready to proceed trading. (This is in mine experience, maybe others are trading all day long, i think its up to the trader itself, but i prefer this)

    You need to be aware to dont sit all day long behind the computer and trading too many hours, as you will get less concentrated and not focust at all anymore. So in mine opinion taking a break while trading is extremely important to keep your mind sharp :).

    Also please note that too much confident (when you are on a winning streak and you want more) could causes ''over trading''. Same with too many losses (when you are on a losing streak and you want more) could also causes ''over trading''. So you need to find a balance with that.

    Kind Regards,

    BSB Zen

    blueskybinary.com

  • What Are The Problems Of ''Over Trading?''

    Hello all,

    Most of the traders couldnt handle their emotions. So they are going to martingale or taking too much trades till it goes in the righy way also called as ''over trading''.

    Why are people attracted to this?

    The answer is simple, it is in our mind and brains.

    - Winning trades releases Adrenaline and Dopamine.. This gives you extra confidence. This is a feeling you like and your body gets addicted to so you fight next time to win again and again. But the market will defeat you sometimes and this is where it gets dangerous. So be aware of that please.

    - Losing trades releases Cortisol. Especially in situations with high stress. Executive functions that help you with advanced thought processes like strategies, shut down. And the Amygdala, our instinctive brain, takes over. This is known as a ‘’Amygdala Hijack’’ The body makes a chemical choice about how best to protect itself. In this case from the shame and loss of power associated with being wrong and as a result is unable to regulate its emotions or handle the gaps between expectations and reality. This makes you over trade or martingale and destroy your account. So you have to stop yourself from an ‘’Amygdala Hijack’’.

    Mine advise would be: Set your manual stoploss at around 2 per day or session. Understand that if you hit your stoploss early, the market are not conducive to your strategy and you will lose more if you continue. Your emotions paralyze you and your biggest enemy. The goal is to slowly desensitize yourself to wins and losses.

    For example: 1 win per day is 22 wins per month. So focus at first on 1-2 trades per day and by end of month its many wins. Low volume, high itm trading.

    Hopefully this will helps you more with trading.

    Greetings,

    BSB Zen.

    Blueskybinary.com


  • Re: Is anyone making a living from Binary Options?

    Hello all,

    You could make a living from Binary Options, but in mine opinion to make a living from it you will need to have a good money management and risk management rule. Also keep your emotion under control is very usefull while trading Binary Options.

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