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Lust — Uncontrollable Passion or Longing The first deadly sin of trading is lust. You are driven by an uncontrollable need and longing to trade! Even on the weekends when the markets are closed — you rather trade a computer generated market on any broker that offers it rather than resting and waiting for the real market to open.
I have seen this behavior in many inexperienced traders.
Seven Deadly Sins of Trading
Set strict rules for your trading, choose a trading period during which you really have time, energy and a clear mind. Most importantly, see if those market conditions fit your trading strategy and knowledge. The best results however will come if you are able to wait for the perfect times to trade, when the market is really moving, and only trade then.
Gluttony — Excessive ongoing Consumption The second deadly sin of trading is Gluttony — closely related to Lust. Simply put, your desires and goals are excessive when it comes to trading and money.
You are over-trading and you often trade too many assets simultaneously and use too many indicators, thus confusing yourself.
Common Misconceptions About Binary Options
Why not trade after the news when it is safe to trade again? I have also witnessed that they often switch from one trading strategy to another because they think the new strategy will result in more trading opportunities and a higher win rate.
In conclusion, nothing can glut their need for more money and more trading signals. The solution? Stick to your working strategy and hone those skills until they are razor sharp! Remember, pigs get fat and hogs get slaughtered! Every trader is familiar with greed.
For example, taking too much risks, bad money management like using Martingale systems. There is never a limit to what is a good turnover on your investment.
You start trading too early with lack of knowledge and use poor risk management. Normally, you also tend to listen to advice from account managers or harmful scam artists.
In conclusion: Greed makes novice investors fall for the most ridiculous and obvious where you can make money really where they are lured in with too-good-to-be-true stories that always end up in losses. Gaining knowledge through proper trading education can put the lid on your greed and guide you in the right direction.
Sloth — Excessive Laziness or the Failure to Act The fourth sin is binary options is a sin being too lazy to try learning and taking action! The desire to be spoon-fed or achieve success without making an effort is a big part of the issue here.
All they want is a get rich quick scheme that really works, and they never do. But you can always find good mentors and valuable tips in our CommuniTraders forum.
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Wrath — Uncontrollable Anger The fifth sin is wrath and it does not take much imagination to relate this to trading. Most inexperienced traders lose their cool after facing a few losses.
You tend to revenge trade and act as if the market is your personal enemy. But revenge trading in anger will most likely increase your losses and a couple of losses in a row can easily turn into ten losses in a row.
Rage is your worse enemy in trading because it leads to dumb decisions, get rid of it!
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Patience is virtue — You can cure wrath by taking time to cool down and understand what mistakes you made. Keep notes in a trading diary so fellow traders can help you analyze what you can do to improve your skills! Especially if none of them is interested in helping you? Just like wrath, envy can also lead you into making bad decisions. Luckily, we have the solution — our experienced traders are always here and helping newcomers in the CommuniTraders forum!
Forex Trading and the Bible, is trading a sin?
Pride is closely related to your ego and in this case, we are talking about selfishness and understanding your own limits — the bad kind of pride. In the trading world, thinking that as a beginner with just a few weeks of demo trading you gonna be the next George Soros of trading is one example of pride gone wrong. Or how about borrowing that big pile of cash from your friend because you think you will triple it on Binary Options trading and pay him back within a week.
We all know how those stories usually end — yeah, broken friendships and empty wallets. Only take pride in deeds that also help others succeed.
The feeling of pleasure should be a result of helping someone else succeed — not because you won a few trades in a row. But why just hope if you can simply avoid the 7 sins of trading we discussed? There is often a solution for whatever the issue it is that is holding binary options is a sin back.
I guess, so long as you are not a sloth, you can educate yourself enough to glut your greed, show wrath towards envy and show lust for helping others so you can be a trader with self-respect who can hold their head up high!