- Patience – a good trader waits for a sure thing instead of taking options on a hunch.
- Homework – a good trader does their homework and focuses on a manageable number of assets that they know deeply, instead of having a superficial knowledge of a wider set of assets.
- Unemotional – this is quite a difficult habit to cultivate since nothing inspires quite as much drama and attachment in us than our money being on the line, but good traders will put those emotions away and not be affected by either greed or stinginess. They have distancing techniques such as pretending they’re dealing with someone else’s money, or that the trade is an assignment from work rather than something they’re doing in their free time with their own money.
- Balance – while keeping up with financial news and doing your homework is important, it’s crucial to have some time away from the computer and have hobbies that take you away from obsessing about money.
- Hunger to learn – a good trader may find a strategy that works for them, but it never stops them trying to discover ways to fine tune their money making skills. They ask better traders for advice, and, most importantly – actually take that advice.
If you cultivate these five skills, you’ll doubtlessly improve your binary options trading skills and make more money in the long run.