Character Traits of a Successful Binary Trader

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Character Traits of a Successful Binary Trader

Binary options trading is an activity which requires the development of a few peculiar character traits in every trader who trades the markets. The market has some unique features which can only be exploited to the trader’s favour when these traits are developed.

The successful trading of binary options is partly technical and partly psychological, and it is a mix of various character traits which binary options traders need to have in order to succeed. Let us look at these character traits one by one.

Technical abilities of a good binary trader

To illustrate this point, let us use a popular game: soccer. To be good at soccer, you must have the following skills: speed, dribbling ability, awareness, balance, ability to hold the ball, passing, etc. Without these skills, an individual cannot play soccer.

Some players will have more of a particular skill than others, and some playing positions will have a demand for one or two skills more than others. Then there are some basic skills that every soccer player is expected to have.

Lionel Messi is a better dribbler than Tim Howard, a midfielder requires more of dribbling skills than a defender, and every footballer is expected to know how to pass the ball.

It is the same way with binary options trading. No two traders have the same trading styles or profit goals, but all binary options traders have a common goal: to make profit. Some traders will have more capital than other traders. Some traders will have more technical knowledge than others.

What separates one binary options trader from another in terms of technicality and skill in trading are the following character traits:

  • Inquisitiveness
  • Ability and willingness to learn
  • Attention to detail
  • Practice

A trader who is inquisitive is one who asks questions. Such a trader is not just satisfied with seeing something happen in the market. The inquisitive trader wants to know WHY and HOW that event occurred. For instance, I have met lots of traders who never bother to find out why they suffer losses in trades. Many attribute losses to the use of a defective strategy and simply discard one strategy in favour of another. This is wrong practice. There are several occasions where a perfectly good strategy is used wrongly and so does not produce the desired result.

Inquisitiveness goes a long way

Binary option trading is unique in the sense that trades do not have forever to recover from bad entries or poorly timed exits. A trade made with a good strategy but with an expiry time set all wrong will end badly. Rather than set aside a strategy simply because losses are being sustained, the inquisitive trader will step back and go through each trade to identify whether there are areas where things could have been done differently. As Thomas Edison once said after so many failed experiments, he had discovered thousands of ways not to make an electric bulb. We all know how the story ended. The world would still have relied on candles for lighting if Edison had quit.

Ability to learn new things quickly

Hand in hand with inquisitiveness goes the ability to want to learn. There is always something to learn in the binary options market and indeed in all financial markets. There have been occasions when something new has always come up in the last few years which have impacted the market: the various quantitative easing programs, setting of negative exchange rates (ECB and SNB), minimum peg in the EURCHF, etc. These are all events which were quite novel in the market and are market movers which create trading opportunities.

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Attention to details

Attention to detail is another character trait of successful binary options traders. Just before a trade is initiated, several parameters are shown: expiry time, trade amount, market price, type of trade, asset to be traded, etc. A trader should check all parameters to see that they reflect the trade to be made and that there are no errors. So many traders make wrong entries due to lack of attention to detail. Attention to detail will also enable the trader implement strategies according to the parameters and rules on which they have been built. This is also a necessary trait to develop if you are following a signals service.

Practice makes perfect

In order to succeed in trading one must practice as much as possible. Similar to professional footballers if a trader stops practicing and honing his skills he will eventually lose them. There are thousands of strategies that can be used but it’s best to pick a few that work well and practice them relentlessly on a demo account or paper trade (noting entries and their expiry times in a notebook) until they become profitable. Needless to say, practicing requires time and a certain degree of psychological and physical devotion.

Psychological traits of a successful trader

We know that good strategies that can predict the behavior of currency pairs to some degree of accuracy are required to profitably trade binary options. However, strategies are not marionettes. They must be applied by human beings, and errors can come from the human aspect. There could be errors of judgement and errors of implementation. These are all psychological factors.

Trading is highly psychological because it is all tied to money, the very center of human existence.

The ability to function as a human being depends of stuff which are bought with money. Loss of money will therefore produce bad psychological feelings, while addition of money to the individual will stir up great emotions. These emotions can produce good and bad outcomes. It is not all the time that good emotions will produce good outcomes, just as failure in the markets is not always a bad thing. It is all about acquiring the following traits:

  • Self-control
  • Caution
  • Boldness
  • Patience

Self-control is necessary to succeed

Self-control is that trait which allows good emotions to produce good outcomes. A trader who is on a winning streak can easily get tempted to scale up trade volumes beyond acceptable risk levels in order to land that one big payday. Many accounts with several winning trades have been taken out by one huge trade gone amiss. Self-control keeps the trader in check; using only acceptable risk levels to compound profits.

Caution, well balanced

Caution can be a good thing. Here, we are not talking about the kind of caution which paralyses traders from taking clear opportunities. Caution here is all about taking care to filter out the best trades.

Boldness when needed

Rather than get paralyzed by several losses, a bold trader is one who is not afraid to make the trade when the opportunity presents itself to profit. It also takes boldness to recognize a failing trade and use the Early Closure function to kill the trade off and conserve capital.

Patience is a virtue

Patience is one of the best character traits a trader can develop. Many bad trades are screened out by patient traders, who prefer to wait for clear opportunities rather than nebulous ones. Some of the strategies described on this blog are those which require patience for them to setup properly for the trader. Trading is a lifetime event. Once trading skills are picked up, they stay with the trader for life. There will always be a profitable opportunity in the binary options market, so if no opportunities are seen for several days at a stretch, do not worry. Patient dogs will always get the fattest bones.

8 Traits Of A Successful Trader

Do you want to be a successful trader, but just don’t have what it takes right now? Well, there are certain traits which every successful trader needs to have. Fear not though, because even though you might not have these traits right now, they can be practiced, developed, and fine-tuned. The successful trader does not just wake up one morning and dive head first into a pile of winnings. It takes practice and perseverance to make it in the world of day trading. Let’s get right to it and talk about the 8 traits of a successful trader, the traits you need to win big in this game.

Patience

One trait of a successful trader is patience. You should never trade right now just because you feel like trading. You need to wait for the right market conditions and the right signals. You have exhibit a lot of patience to be a successful trader. This is not a process that you can rush and there is no way for you to influence any kind of outcome or price changes. Waiting for the opportune moment to execute a trade is a really important trait that you have to master.

Independence

The next trait of a successful trader is that of independence. Sure, you can join a day trading school like the Income Mentor Box Day Trading Academy, you can use autotraders, and you can rely on signal provision services too. However, at the end of the day, being independent is really important. Yes, joining a trading academy is recommended, as it will teach you the skills, tools, and traits you need to be a successful day trader. However, at the end of the day, your own success as a trader is solely up to you.

Some Caution

The fact of the matter is that successful traders do need to exercise some caution. You cannot just jump head first into risky trades and expect to win. Yes, sometimes big risk pays off, but more often than not, it will lead to big losses. You do want to be a little cautious when making trades. Check market conditions, do your research, and perform analysis as needed. It is better to be a bit cautious than to throw caution into the wind. A trader that is not cautious has a slim chance of placing winning trades.

A Bit Of A Risk Taker

With that being said in regards to caution, you also cannot be overly cautious. This is a trait which many beginner traders have, a bad trait. People are scared to take a risk and to place trades due to a fear of loss. Yes, a bit of caution is fine, but way too much of it can hold you back. If you want to win big, or at least make moderate profits, as a successful trader, you need to be willing to take the occasional risk.

Mental Toughness

One thing that is for sure is that to be a successful trader, you need to be mentally tough. A trader that is not tough and is in a fragile state of mind is not going to do well. You cannot just collapse and give up if you happen to lose some trades. You also cannot just throw in the towel if you get tired of doing research. You need to be tough to be a successful trader and you heed to exhibit a certain amount of perseverance. Guys, people do not become profitable day traders overnight. It takes a tough person with dedication and perseverance to make it in this world.

Adaptability

Another big time trait that any successful trader has is that of adaptability. You can’t always place the same trades, market conditions change, and so should the way in which you trade. The market changes, but it has no need to adapt, but you do need to adapt, so much is certain. If you cannot adapt to a changing world and to changing market conditions, your chances of making it as a successful trader are slim to none.

Speed & Timing

Yes, as a successful trader, you do need to have great timing and be lighting quick when it comes to placing trades. If you receive signals, such as from a free signals service, or even if you are analyzing charts, if you notice a good trading signal, you need to strike while the iron is hot. Just a few seconds can make all of the difference between a trade being won or lost. Trading Forex, crypto or anything else is all about being able to think on your feet and to be able to act at a moment’s notice. The market is not going to wait for you.

Emotional Stability

Something else which you need to be a successful trader is emotional stability. You need to be in control of your emotions, and when it comes to trading, this means being emotionless. Day trading, whether Forex or otherwise, is all about timing, rational thought, research, and analysis. Whether you are happy, sad, or angry has nothing to do with how a market will react or act to anything at all. Emotions just do not have a place in the world of the successful trader. If you trade blindly based on instinct and emotion, chances are you won’t last very long. A part of this also has to do with your ego. Sure, some successful traders have a big ego, but the bottom line is that thinking too highly of yourself will quickly lead to your downfall.

The Successful Trader’s Traits – Final Thoughts

Folks, these are by far the most important traits of the successful trader. If you have all of these traits, and you know what you are doing, trading Forex, commodities, crypto, or anything in between should flow naturally for you. Of course, nobody wakes up one morning with these skills or traits. If you want to become a successful trader, joining a trading school like the Income Mentor Box Day Trading Academy is highly recommended.

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Character Traits For Successful Traders

One of the most overlooked aspects of trading binary options is psychology. You’ll find fewer resources dedicated to this at this point in time than pretty much anything else, which should tell you something about the mindset that a lot of people approach binary options with. Most people who trade binary options are gamblers who are going to blow their bankrolls overnight and be out in the cold the next day. If you’re serious about succeeding as a trader, however, you’re going to have to start by examining your own personality and traits.

Consistency Is Key

One of the most important traits you can develop as a trader is consistency. If you’re not consistent in your actions and choices and the basis for those choices, you’re not going to achieve consistent success. You might achieve intermittent success, but eventually you will lose everything since you’re relying too much on luck. Consistency requires that you come up with trade rules that have some specific basis; that you test those trade rules and see how they work before going live; and that you then continue to use those trade rules when you trade in real life. Making arbitrary decisions only results in arbitrary profits and losses. Adjust your methodology as needed when the market changes, but do so with specific reasons and testing behind your decision, not because you’re arbitrarily changing things.

Discipline And Motivation

In order to trade consistently, you’ll need to be disciplined and motivated to do a lot of hard work. No one becomes a successful trader overnight—not for the long term. Would you rather have one huge win and then blow all your money, or would you rather have a lot of small wins which eventually add up to something huge you can hold onto? This will also take a lot of patience. Most people who trade successfully in any market take years to get there—that’s right, years. When you see advertisements which say, “Turn $500 into $50,000 in 1 week,” those advertisements are aimed at people who are not going to succeed.

Honesty Is #1

The most important quality in a trader is probably honesty. If you can’t be honest with yourself about your strengths and weaknesses, you have no way to improve. There is nothing wrong with gambling purely for the sake of entertainment, and budgeting your gambling money as entertainment money. There’s also nothing wrong with deciding to trade seriously and professionally with plans to do so over the long term.

There is a problem when you’re a gambler but you’re telling yourself that you’re a pro. That’s the kind of thing that leads to foolish financial decisions, like spending money which you need to get by on something which for you is ultimately a form of entertainment. There is a problem when you tell yourself you’re a market expert and you’re not. So start out by asking yourself why you really want to trade, and if you have realistic expectations. Always know what you want and what your real strengths and assets are before you start investing your money.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Broker!
    Perfect for beginners!
    Free Demo Account! Free Trading Education!

  • Binomo
    Binomo

    Only for experienced traders!

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