When new traders think about binary options trading, they probably think “complex.” This is ironic, because brokers go out of their way to make things as simple as possible in terms of execution. Planning is a different story, though. Assuming you are not ignoring planning altogether as many new traders do, you may be struggling with the feeling that a trading system is something which has numerous different elements and complications. You may be trying to put a dozen different indicators on your charts, because more is better, right? And then you may wonder what to do with all the conflicting signals you are getting. And then there is the mess your emotions are creating. And how do you decide what to wager on each of your trades?
Any time you find yourself getting into a loop where you are confused, and your confusion is paralyzing you, ask yourself if there is anything you can do to make your trading less complex. In binary options trading and other types of trading, less is often more.
Here are 3 ways you can simplify your trading and become more effective right now.
1. Clean up your charts
How many indicators are on your charts right now? One or two? Five or six? Ten or more? Do you really need or want all those indicators? There is nothing wrong with looking for confluence. Confluence is a good thing. But the more indicators you put on your charts, the more mixed signals you will receive. Furthermore, the harder it can be to actually read your charts accurately in the first place.
Getting rid of that clutter can be a really liberating feeling, and it can make your trading decisions a lot simpler. Consider putting no more than 2-3 indicators on your chart at any one time. Try out some simpler systems to see if they make any difference for you. Are there people who succeed with a dozen indicators on their charts? Yes. But are they the majority? No.
2. Be consistent
Consistency is the key to achieving predictable, measurable success. When you are inconsistent, you introduce randomness into a trading situation. Not only does this chaos make your results less predictable, but it also increases your risk. You cannot demand complete consistency from the market, but if you behave in a consistent manner, you can at least remove randomness from your end. Not all risk in trading comes from chaos in the market. Chaos in your own decisions can cause you to crash and burn as surely as factors which are truly out of your control. Click here for rules on consistency
3. Deal with your emotions
You can never completely stop feeling emotions like stress, fear, anxiety, or excitement, and you shouldn’t. You are not a robot. But these emotions can really complicate your trading and interfere with your decision making process. They can sway you away from your consistency, which can introduce complexity. How do you deal with these emotions? If you feel yourself getting worked up, step away from the computer. Maybe take a short break or some time off. Come back to your trading when you feel fresh.
Trading does not have to be as complicated as you might think. In fact, trading usually has the best results when it is as simple as you can make it while keeping it smart. Take time off to deal with stress, get rid of useless or contradictory indicators on your charts, and make consistent, solid trading decisions. Make sure you test all changes before going live. You should see improvements!
http://binaryoptionsbrokers.ca/good-traits-of-binary-options-brokers/ will help you find a binary options broker to simplify your trades with now!