So you wanna be a trader? Be prepared!

This guest blog was provided to us by Bogdan Giulvezan (BinaryOptions.com), who has been trading both Forex and binary options for the last few years.

I don’t want to sound pessimistic, in fact I’m one of the most optimistic guys I know, but I’ll tell you right from the start: it’s gonna get rough out there and no matter who you are, no matter how well trained you are, the market is going to bring you to your knees…and that’s when winners will choose to get up and losers will walk away. Who am I and what’s my right to talk? Just a guy who weathered the storm and chose to keep on going.

Losing…That’s the first step forward.

I had my share of losing and I learned the hard way that success in trading is not achieved overnight. Like a fool I failed to see the difference between luck and skill and I thought I am good…in fact I was just wrong. One of the things I didn’t realize in my early trading days was that I will lose some and win some. I naively thought I will enter the trading game and hit it big, without ever losing…then the first loss came along; and the second… and they kept on coming. My confidence started to shake and I wasn’t sure of myself anymore. I couldn’t make a sound decision anymore and probably a deer in the lights of a speeding car was more determined than I was…all because I wasn’t prepared and I didn’t know how to deal with defeat. Or rather, I didn’t understand at the time that loss does not equal defeat; it’s just a part of trading and a step forward because it will make you see things you were too blinded to see before.

Give me your best shot!

It is no secret that the psychological aspect of trading plays a big role but maybe sometimes we fail to see just how big that role is. I often compare a great trader with a great boxer. Bear with me and you will see where I’m getting at: no matter how good a boxer is, he knows for a fact when he gets in the ring that he will be punched in the face. He will take some and give some, but after the first couple of punches he takes, he doesn’t start to question his skills or his strategy, he keeps on fighting because the punch he just received is no surprise to him…he knew this will happen even before he stepped inside the arena. In other words, when you see something as a distinct possibility and prepare for it, you are never caught off guard and you carry on with your plan. Just how the great boxer knows he will have his hand raised when the final bell rings if he follows his plan, a great trader must have the same mentality: ok, I will lose some, but my overall balance will be positive if I keep on track. And if I think of it, we have a major advantage over the boxer: he cannot control how hard his opponent will hit him, but we can control how much we want to lose on a trade. Cool advantage to have!

Wrapping it up

To be honest, I started writing this article because I read Jason’s article “How I blew up my account” which made me remember some of my mistakes (yes, I have plenty) but it also gave me a feeling of confidence because I saw how somebody can overcome adversity and still manage to move forward. The ability to do that lies within us; losses don’t have to make us stop and just like George Soros said, “It doesn't matter how often you are right or wrong - it only matters how much you make when you are right, versus how much you lose when you are wrong."

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