By Darrell Martin
There are no guarantees in trading. However, you have to get out of the mentality that in trading you have to buy something every time there is something offered. Trading binary options is not any different from trading anything else.
Change your mentality:
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You don’t have to trade.
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You don’t have to press buttons.
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You don’t have to make something happen.
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You don’t have to find a trade before expiration.
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You don’t have to make back the money you lost.
Stop spinning your wheels all day and learn to trade. Learn patience.
In a previous article, different aspects about trading with Nadex were discussed. Please see Trading On Nadex Requires A Change Of Mentality. Remember, the rules don’t change just because you are trading a lower risk instrument. You’re trading on Nadex.
A “Power” Play is taking the best of the best. It is waiting for the right set up. It is having patience and not pushing a trade. You don’t really want to take 20 trades every day. Take the good ones. Take the right set ups to be successful. It isn’t about trading more. What if you were limited to three trades per day? Would this potential trade be worth one of the three? It’s a good thing to think about. This is a good mentality.
Trading is not about pushing buttons all day. It is more about knowing when not to trade. Be sure to invest in the time to educate yourself. Participate in the Elite room. Ask questions. Answer questions when you know the answers. Be able to teach others; this is an important step in learning to trade, too.
An example of the power of successful trading may not look like much at first glance. Suppose you start out with three trades each day making $40 per trade. That is $120 a day. You may think that’s not much! You want to be making thousands! Nevertheless, if you continue to do this every day for a couple of weeks, then change your contracts to two instead of one.
You still have the same three trades a day, but now each trade is making $80 for a total of $240 per day. You are successful with this for a couple of weeks and you increase it to three contracts. It’s still the same three trades a day, but now each trade brings in $120 and you’re now making $360 per day.
After a couple more successful trading weeks pass by and you increase your contracts to four, then five. Within a short time, you are making $3000 a week, $12,000 a month. (Fees not included in example.) This isn’t what the YouTube video promised that you’d make a million by pressing a button. However, if you do it right and do it disciplined, you slowly build your account. You slowly add a contract and by doing so, it doesn’t take many weeks for $120 a day to become $500 a day.
Trading is not a sprint. It is a marathon. It’s getting out there, learning and investing in yourself in order to do it right. If you do it right, it doesn’t take too long to build it up to something exciting and life changing.
Take a look at the numbers. Don’t base your trades on feelings. Look at the end product. If you look at it that way, you can easily see what is more profitable. Nadex give you so many options to allow your strategies to work.
Don’t try to make the market work into your contracts. Study your charts and the different contracts to find what works in the market. Don’t make the market work around your Nadex expiration. Find a Nadex expiration that works around the market. Change your mentality. Change the way you think about trading Nadex. In order to succeed, you have to get the mental change now.
Without the trading education, the change in mentality and the discipline, you might as well go to Vegas and gamble. It’s more fun to throw your money away there. If you want to learn a way to make money instead of throwing it away, invest the time it takes to learn to trade.
For more information on this topic, see Webinar: Successful Nadex Trading and Top Mistakes